FNGD vs RY: Correlation
How closely do MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Royal Bank Of Canada (RY) trade together? Their weekly returns over three years give a correlation of -0.28, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and RY?
Over the past 3 years, FNGD and RY moved with a correlation of -0.28, which is negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.21 over 1 year against -0.28 over 3. Over 5 years the correlation is -0.38, and the annualized covariance of weekly returns is -339.5 %².
Among the 1743 assets we track against FNGD, RY ranks #726 by 3-year correlation. Correlation aside, the last 12 months split them widely, with RY ahead by 98.3 points (-55.7% versus +42.6%). Risk is not evenly split, since FNGD carries 4.7 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 RY: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | RY (Royal Bank Of Canada) | |
|---|---|---|
| 1-year return | -55.7% | +42.6% |
| 5-year return | -99.4% | +132.0% |
| Volatility (ann.) | 75.7% | 16.1% |
| Beta vs S&P 500 | -4.54 | 0.57 |
| Max drawdown (3Y) | -97.6% | -14.6% |
| Market cap | – | $283.2B |
| P/E (trailing) | 20.6 | 18.7 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | RY |
|---|---|---|
| 2022 | +52.2% | -8.0% |
| 2023 | -90.1% | +12.2% |
| 2024 | -76.6% | +23.8% |
| 2025 | -61.4% | +45.2% |
| 2026 | -49.5% | +21.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and RY 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 RY?
Using weekly returns as of 2026-08-27: -0.28 over 3 years, with -0.21 over the last year and -0.38 over 5 years.
Is RY 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-ry.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/fngd-vs-ry/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: FNGD correlations · RY correlations
