FNGD vs RNG: Correlation
Measured on weekly returns over the past three years, MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and RingCentral, Inc. (RNG) carry a correlation of -0.34, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and RNG?
Across a 3-year window, the weekly returns of FNGD and RNG correlate at -0.34, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.27 over 1 year against -0.34 over 3. Stretching to 5 years gives -0.49, with an annualized covariance of -1334.9 %².
By 3-year correlation, RNG places #1103 of the 1743 assets tracked against FNGD. Their recent paths diverged sharply: over the last 12 months RNG outperformed by 180.0 percentage points (-55.7% for FNGD against +124.3% for RNG).
How is this computed?
Pearson correlation on weekly returns: ρ(A,B) = cov(rA, rB) / (σA · σB), over windows of 52, 156 and 260 weeks. Covariance is annualized (×52) and expressed in %². Full definitions on the methodology page.
FNGD vs RNG: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | RNG (RingCentral, Inc.) | |
|---|---|---|
| 1-year return | -55.7% | +124.3% |
| 5-year return | -99.4% | -73.1% |
| Volatility (ann.) | 75.7% | 52.2% |
| Beta vs S&P 500 | -4.54 | 1.54 |
| Max drawdown (3Y) | -97.6% | -48.6% |
| Market cap | – | $5.7B |
| P/E (trailing) | 20.6 | 52.7 |
| Dividend yield | 0.00% | 0.23% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | RNG |
|---|---|---|
| 2022 | +52.2% | -81.1% |
| 2023 | -90.1% | -4.1% |
| 2024 | -76.6% | +3.1% |
| 2025 | -61.4% | -17.5% |
| 2026 | -49.5% | +138.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and RNG good diversifiers for each other?
Yes. With a correlation of -0.34, FNGD and RNG have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between FNGD and RNG?
Using weekly returns as of 2026-08-27: -0.34 over 3 years, with -0.27 over the last year and -0.49 over 5 years.
Is RNG a good diversifier for FNGD?
Yes. With a correlation of -0.34, FNGD and RNG have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.34 mean?
On the −1 to +1 scale, -0.34 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
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Related comparisons
Hubs: FNGD correlations · RNG correlations
