FNGD vs RNST: Correlation
How closely do MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Renasant Corporation (RNST) trade together? Their weekly returns over three years give a correlation of -0.21, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and RNST?
Across a 3-year window, the weekly returns of FNGD and RNST correlate at -0.21, negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (0.05) than the 3-year average (-0.21). Stretching to 5 years gives -0.21, with an annualized covariance of -476.6 %².
Among the 1743 assets we track against FNGD, RNST ranks #134 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months RNST outperformed by 62.8 percentage points (-55.7% for FNGD against +7.1% for RNST). Note the risk asymmetry: FNGD runs 2.5 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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 RNST: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | RNST (Renasant Corporation) | |
|---|---|---|
| 1-year return | -55.7% | +7.1% |
| 5-year return | -99.4% | +34.8% |
| Volatility (ann.) | 75.7% | 30.4% |
| Beta vs S&P 500 | -4.54 | 0.95 |
| Max drawdown (3Y) | -97.6% | -29.3% |
| Market cap | – | $3.8B |
| P/E (trailing) | 20.6 | 12.1 |
| Dividend yield | 0.00% | 2.24% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | RNST |
|---|---|---|
| 2022 | +52.2% | +1.7% |
| 2023 | -90.1% | -7.7% |
| 2024 | -76.6% | +9.1% |
| 2025 | -61.4% | +1.0% |
| 2026 | -49.5% | +18.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and RNST good diversifiers for each other?
Yes: at -0.21, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between FNGD and RNST?
Using weekly returns as of 2026-08-27: -0.21 over 3 years, with 0.05 over the last year and -0.21 over 5 years.
Is RNST a good diversifier for FNGD?
Yes: at -0.21, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.21 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
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Related comparisons
Hubs: FNGD correlations · RNST correlations
