FNGD vs RRGB: Correlation
How closely do MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Red Robin Gourmet Burgers, Inc. (RRGB) trade together? Their weekly returns over three years give a correlation of -0.25, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and RRGB?
Across a 3-year window, the weekly returns of FNGD and RRGB correlate at -0.25, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.29 over 1 year against -0.25 over 3. Stretching to 5 years gives -0.34, with an annualized covariance of -1601.6 %².
Among the 1743 assets we track against FNGD, RRGB ranks #457 by 3-year correlation. Correlation aside, the last 12 months split them widely, with RRGB ahead by 101.1 points (-55.7% versus +45.4%).
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 RRGB: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | RRGB (Red Robin Gourmet Burgers, Inc.) | |
|---|---|---|
| 1-year return | -55.7% | +45.4% |
| 5-year return | -99.4% | -61.2% |
| Volatility (ann.) | 75.7% | 86.0% |
| Beta vs S&P 500 | -4.54 | 1.99 |
| Max drawdown (3Y) | -97.6% | -79.7% |
| Market cap | – | $0.2B |
| P/E (trailing) | 20.6 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | RRGB |
|---|---|---|
| 2022 | +52.2% | -66.2% |
| 2023 | -90.1% | +123.5% |
| 2024 | -76.6% | -56.0% |
| 2025 | -61.4% | -26.2% |
| 2026 | -49.5% | +132.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and RRGB good diversifiers for each other?
Yes: at -0.25, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between FNGD and RRGB?
The FNGD/RRGB correlation stands at -0.25 on a 3-year window (1 year: -0.29, 5 years: -0.34), computed from weekly returns as of 2026-08-27.
Is RRGB a good diversifier for FNGD?
Yes: at -0.25, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.25 mean?
On the −1 to +1 scale, -0.25 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-rrgb.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fngd-vs-rrgb/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: FNGD correlations · RRGB correlations
