FNGD vs RVT: Correlation
How closely do MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Royce Small-Cap Trust, Inc. (RVT) trade together? Their weekly returns over three years give a correlation of -0.51, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and RVT?
Across a 3-year window, the weekly returns of FNGD and RVT correlate at -0.51, negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at -0.38 versus -0.51 over 3 years. Stretching to 5 years gives -0.61, with an annualized covariance of -733.8 %².
By 3-year correlation, RVT places #1608 of the 1743 assets tracked against FNGD. Correlation aside, the last 12 months split them widely, with RVT ahead by 83.1 points (-55.7% versus +27.4%). Note the risk asymmetry: FNGD runs 4.0 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 RVT: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | RVT (Royce Small-Cap Trust, Inc.) | |
|---|---|---|
| 1-year return | -55.7% | +27.4% |
| 5-year return | -99.4% | +53.9% |
| Volatility (ann.) | 75.7% | 19.1% |
| Beta vs S&P 500 | -4.54 | 0.99 |
| Max drawdown (3Y) | -97.6% | -23.5% |
| Market cap | – | $2.3B |
| P/E (trailing) | 20.6 | 6.5 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | RVT |
|---|---|---|
| 2022 | +52.2% | -26.3% |
| 2023 | -90.1% | +18.8% |
| 2024 | -76.6% | +17.9% |
| 2025 | -61.4% | +11.5% |
| 2026 | -49.5% | +21.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and RVT good diversifiers for each other?
Yes. With a correlation of -0.51, FNGD and RVT have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between FNGD and RVT?
As of 2026-08-27, the correlation of weekly returns between FNGD and RVT is -0.51 over 3 years, -0.38 over 1 year and -0.61 over 5 years.
Is RVT a good diversifier for FNGD?
Yes. With a correlation of -0.51, FNGD and RVT have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.51 mean?
On the −1 to +1 scale, -0.51 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-rvt.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/fngd-vs-rvt/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: FNGD correlations · RVT correlations
