FNGD vs RTX: Correlation
Measured on weekly returns over the past three years, MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and RTX Corporation (RTX) carry a correlation of -0.18, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and RTX?
Across a 3-year window, the weekly returns of FNGD and RTX correlate at -0.18, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.17) sits close to the 3-year figure. Stretching to 5 years gives -0.22, with an annualized covariance of -340.2 %².
By 3-year correlation, RTX places #33 of the 1743 assets tracked against FNGD. Their recent paths diverged sharply: over the last 12 months RTX outperformed by 90.4 percentage points (-55.7% for FNGD against +34.7% for RTX). One caveat on sizing: FNGD is 3.0 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 RTX: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | RTX (RTX Corporation) | |
|---|---|---|
| 1-year return | -55.7% | +34.7% |
| 5-year return | -99.4% | +178.4% |
| Volatility (ann.) | 75.7% | 25.1% |
| Beta vs S&P 500 | -4.54 | 0.57 |
| Max drawdown (3Y) | -97.6% | -19.7% |
| Market cap | – | $285.8B |
| P/E (trailing) | 20.6 | 37.3 |
| Dividend yield | 0.00% | 1.31% |
| Sector / category | US Listed | Industrials |
Year-by-year returns
| Year | FNGD | RTX |
|---|---|---|
| 2022 | +52.2% | +20.0% |
| 2023 | -90.1% | -14.4% |
| 2024 | -76.6% | +40.8% |
| 2025 | -61.4% | +61.4% |
| 2026 | -49.5% | +16.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and RTX good diversifiers for each other?
Yes. With a correlation of -0.18, FNGD and RTX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between FNGD and RTX?
Using weekly returns as of 2026-08-27: -0.18 over 3 years, with -0.17 over the last year and -0.22 over 5 years.
Is RTX a good diversifier for FNGD?
Yes. With a correlation of -0.18, FNGD and RTX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.18 mean?
On the −1 to +1 scale, -0.18 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-rtx.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/fngd-vs-rtx/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: FNGD correlations · RTX correlations
