FNGD vs RSKD: Correlation
Measured on weekly returns over the past three years, MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Riskified Ltd. Class A (RSKD) carry a correlation of -0.35, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and RSKD?
Across a 3-year window, the weekly returns of FNGD and RSKD correlate at -0.35, negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.30 lands near the 3-year figure. Stretching to 5 years gives -0.43, with an annualized covariance of -1015.3 %².
By 3-year correlation, RSKD places #1156 of the 1743 assets tracked against FNGD. Correlation aside, the last 12 months split them widely, with RSKD ahead by 87.3 points (-55.7% versus +31.6%). Risk is not evenly split, since FNGD carries 2.0 times the volatility of the other side.
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 RSKD: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | RSKD (Riskified Ltd. Class A) | |
|---|---|---|
| 1-year return | -55.7% | +31.6% |
| 5-year return | -99.4% | -81.3% |
| Volatility (ann.) | 75.7% | 38.0% |
| Beta vs S&P 500 | -4.54 | 1.09 |
| Max drawdown (3Y) | -97.6% | -42.2% |
| Market cap | – | $0.8B |
| P/E (trailing) | 20.6 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | RSKD |
|---|---|---|
| 2022 | +52.2% | -41.2% |
| 2023 | -90.1% | +1.3% |
| 2024 | -76.6% | +1.1% |
| 2025 | -61.4% | +5.1% |
| 2026 | -49.5% | +23.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and RSKD good diversifiers for each other?
Yes. With a correlation of -0.35, FNGD and RSKD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between FNGD and RSKD?
Using weekly returns as of 2026-08-27: -0.35 over 3 years, with -0.30 over the last year and -0.43 over 5 years.
Is RSKD a good diversifier for FNGD?
Yes. With a correlation of -0.35, FNGD and RSKD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.35 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 · RSKD correlations
