FNGD vs ROP: Correlation
How closely do MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Roper Technologies (ROP) trade together? Their weekly returns over three years give a correlation of -0.29, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and ROP?
On 3 years of weekly data the FNGD/ROP correlation comes out at -0.29, negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at -0.17 versus -0.29 over 3 years. The 5-year figure is -0.40, and annualized covariance runs at -449.7 %².
By 3-year correlation, ROP places #795 of the 1743 assets tracked against FNGD. Correlation aside, the last 12 months split them widely, with ROP ahead by 36.4 points (-55.7% versus -19.3%). One caveat on sizing: FNGD is 3.7 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 ROP: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | ROP (Roper Technologies) | |
|---|---|---|
| 1-year return | -55.7% | -19.3% |
| 5-year return | -99.4% | -9.6% |
| Volatility (ann.) | 75.7% | 20.5% |
| Beta vs S&P 500 | -4.54 | 0.55 |
| Max drawdown (3Y) | -97.6% | -46.5% |
| Market cap | – | $41.8B |
| P/E (trailing) | 20.6 | 17.6 |
| Dividend yield | 0.00% | 0.86% |
| Sector / category | US Listed | Information Technology |
Year-by-year returns
| Year | FNGD | ROP |
|---|---|---|
| 2022 | +52.2% | -11.6% |
| 2023 | -90.1% | +26.9% |
| 2024 | -76.6% | -4.1% |
| 2025 | -61.4% | -13.8% |
| 2026 | -49.5% | -4.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and ROP good diversifiers for each other?
By historical standards, yes. A correlation of -0.29 means the two rarely move for the same reasons.
FAQ
What is the correlation between FNGD and ROP?
As of 2026-08-27, the correlation of weekly returns between FNGD and ROP is -0.29 over 3 years, -0.17 over 1 year and -0.40 over 5 years.
Is ROP a good diversifier for FNGD?
By historical standards, yes. A correlation of -0.29 means the two rarely move for the same reasons.
What does a correlation of -0.29 mean?
A reading of -0.29 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/fngd-vs-rop.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/fngd-vs-rop/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: FNGD correlations · ROP correlations
