FNGD vs ROCK: Correlation
MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Gibraltar Industries, Inc. (ROCK) show a negative relationship: their 3-year correlation of weekly returns is -0.24.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and ROCK?
On 3 years of weekly data the FNGD/ROCK correlation comes out at -0.24, negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.12) than the 3-year average (-0.24). The 5-year figure is -0.31, and annualized covariance runs at -701.5 %².
Within FNGD's tracked universe of 1743 assets, ROCK comes in at #364 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months ROCK outperformed by 26.7 percentage points (-55.7% for FNGD against -29.0% for ROCK). One caveat on sizing: FNGD is 1.9 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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 ROCK: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | ROCK (Gibraltar Industries, Inc.) | |
|---|---|---|
| 1-year return | -55.7% | -29.0% |
| 5-year return | -99.4% | -39.2% |
| Volatility (ann.) | 75.7% | 39.2% |
| Beta vs S&P 500 | -4.54 | 1.19 |
| Max drawdown (3Y) | -97.6% | -61.2% |
| Market cap | – | $1.4B |
| P/E (trailing) | 20.6 | 22.9 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | ROCK |
|---|---|---|
| 2022 | +52.2% | -31.2% |
| 2023 | -90.1% | +72.1% |
| 2024 | -76.6% | -25.4% |
| 2025 | -61.4% | -16.1% |
| 2026 | -49.5% | -7.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and ROCK good diversifiers for each other?
Yes: at -0.24, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between FNGD and ROCK?
Using weekly returns as of 2026-08-27: -0.24 over 3 years, with -0.12 over the last year and -0.31 over 5 years.
Is ROCK a good diversifier for FNGD?
Yes: at -0.24, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.24 mean?
On the −1 to +1 scale, -0.24 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
$ curl https://www.pairbook.io/api/v1/pairs/fngd-vs-rock.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/fngd-vs-rock/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: FNGD correlations · ROCK correlations
