FNGD vs RWAY: Correlation
MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Runway Growth Finance Corp. (RWAY) show a negative relationship: their 3-year correlation of weekly returns is -0.28.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and RWAY?
Across a 3-year window, the weekly returns of FNGD and RWAY correlate at -0.28, negative, meaning they tend to move in opposite directions. The link has loosened recently: the 1-year correlation (-0.40) runs below the 3-year figure (-0.28). Stretching to 5 years gives -0.27, with an annualized covariance of -628.7 %².
Within FNGD's tracked universe of 1743 assets, RWAY comes in at #725 by 3-year correlation. Correlation aside, the last 12 months split them widely, with RWAY ahead by 28.5 points (-55.7% versus -27.2%). Risk is not evenly split, since FNGD carries 2.6 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 RWAY: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | RWAY (Runway Growth Finance Corp.) | |
|---|---|---|
| 1-year return | -55.7% | -27.2% |
| 5-year return | -99.4% | +2.3% |
| Volatility (ann.) | 75.7% | 29.4% |
| Beta vs S&P 500 | -4.54 | 0.69 |
| Max drawdown (3Y) | -97.6% | -45.3% |
| Market cap | – | $0.3B |
| P/E (trailing) | 20.6 | 27.4 |
| Dividend yield | 0.00% | 20.21% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | RWAY |
|---|---|---|
| 2022 | +52.2% | -0.6% |
| 2023 | -90.1% | +25.7% |
| 2024 | -76.6% | +1.7% |
| 2025 | -61.4% | -6.6% |
| 2026 | -49.5% | -15.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and RWAY good diversifiers for each other?
By historical standards, yes. A correlation of -0.28 means the two rarely move for the same reasons.
FAQ
What is the correlation between FNGD and RWAY?
The FNGD/RWAY correlation stands at -0.28 on a 3-year window (1 year: -0.40, 5 years: -0.27), computed from weekly returns as of 2026-08-27.
Is RWAY a good diversifier for FNGD?
By historical standards, yes. A correlation of -0.28 means the two rarely move for the same reasons.
What does a correlation of -0.28 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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/fngd-vs-rway.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/fngd-vs-rway/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: FNGD correlations · RWAY correlations
