FNGD vs RTB: Correlation
How closely do MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and RTB Digital, Inc. (RTB) trade together? Their weekly returns over three years give a correlation of -0.26, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and RTB?
On 3 years of weekly data the FNGD/RTB correlation comes out at -0.26, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.32) sits close to the 3-year figure. The 5-year figure is -0.28, and annualized covariance runs at -2931.4 %².
Within FNGD's tracked universe of 1743 assets, RTB comes in at #535 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months RTB outperformed by 71.2 percentage points (-55.7% for FNGD against +15.5% for RTB). Note the risk asymmetry: RTB runs 2.0 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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 RTB: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | RTB (RTB Digital, Inc.) | |
|---|---|---|
| 1-year return | -55.7% | +15.5% |
| 5-year return | -99.4% | -99.6% |
| Volatility (ann.) | 75.7% | 150.2% |
| Beta vs S&P 500 | -4.54 | 2.93 |
| Max drawdown (3Y) | -97.6% | -99.2% |
| 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 | RTB |
|---|---|---|
| 2022 | +52.2% | -89.0% |
| 2023 | -90.1% | -9.6% |
| 2024 | -76.6% | -68.8% |
| 2025 | -61.4% | -87.7% |
| 2026 | -49.5% | +131.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and RTB good diversifiers for each other?
Yes. With a correlation of -0.26, FNGD and RTB have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between FNGD and RTB?
Using weekly returns as of 2026-08-27: -0.26 over 3 years, with -0.32 over the last year and -0.28 over 5 years.
Is RTB a good diversifier for FNGD?
Yes. With a correlation of -0.26, FNGD and RTB have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.26 mean?
On the −1 to +1 scale, -0.26 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-rtb.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/fngd-vs-rtb/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: FNGD correlations · RTB correlations
