FNGD vs RSP: Correlation
Measured on weekly returns over the past three years, MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Invesco S&P 500 Equal Weight ETF (RSP) carry a correlation of -0.53, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and RSP?
Across a 3-year window, the weekly returns of FNGD and RSP correlate at -0.53, negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.38) than the 3-year average (-0.53). Stretching to 5 years gives -0.62, with an annualized covariance of -533.2 %².
Among the 1743 assets we track against FNGD, RSP ranks #1626 by 3-year correlation. Correlation aside, the last 12 months split them widely, with RSP ahead by 74.9 points (-55.7% versus +19.2%). Risk is not evenly split, since FNGD carries 5.7 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 RSP: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | RSP (Invesco S&P 500 Equal Weight ETF) | |
|---|---|---|
| 1-year return | -55.7% | +19.2% |
| 5-year return | -99.4% | +53.9% |
| Volatility (ann.) | 75.7% | 13.2% |
| Beta vs S&P 500 | -4.54 | 0.77 |
| Max drawdown (3Y) | -97.6% | -17.8% |
| Market cap | – | – |
| P/E (trailing) | 20.6 | – |
| Dividend yield | 0.00% | 1.49% |
| Expense ratio | – | 0.20% |
| Assets under management | – | $97.3B |
| Sector / category | US Listed | ETF · US Large Cap |
On the fund side, RSP sits in the Large Blend category at Invesco, with $97.3B under management, 505 holdings, a 0.20% expense ratio, a 1.49% trailing dividend yield.
Year-by-year returns
| Year | FNGD | RSP |
|---|---|---|
| 2022 | +52.2% | -11.6% |
| 2023 | -90.1% | +13.7% |
| 2024 | -76.6% | +12.8% |
| 2025 | -61.4% | +11.2% |
| 2026 | -49.5% | +16.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and RSP good diversifiers for each other?
By historical standards, yes. A correlation of -0.53 means the two rarely move for the same reasons.
FAQ
What is the correlation between FNGD and RSP?
As of 2026-08-27, the correlation of weekly returns between FNGD and RSP is -0.53 over 3 years, -0.38 over 1 year and -0.62 over 5 years.
Is RSP a good diversifier for FNGD?
By historical standards, yes. A correlation of -0.53 means the two rarely move for the same reasons.
What does a correlation of -0.53 mean?
On the −1 to +1 scale, -0.53 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.
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Related comparisons
Hubs: FNGD correlations · RSP correlations
