FNGD vs RYTM: Correlation
MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Rhythm Pharmaceuticals, Inc. (RYTM) show a negative relationship: their 3-year correlation of weekly returns is -0.40.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and RYTM?
Over the past 3 years, FNGD and RYTM moved with a correlation of -0.40, which is negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.38 over 1 year against -0.40 over 3. Over 5 years the correlation is -0.21, and the annualized covariance of weekly returns is -1775.1 %².
Among the 1743 assets we track against FNGD, RYTM ranks #1369 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months RYTM outperformed by 65.7 percentage points (-55.7% for FNGD against +10.0% for RYTM).
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 RYTM: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | RYTM (Rhythm Pharmaceuticals, Inc.) | |
|---|---|---|
| 1-year return | -55.7% | +10.0% |
| 5-year return | -99.4% | +785.4% |
| Volatility (ann.) | 75.7% | 58.4% |
| Beta vs S&P 500 | -4.54 | 1.92 |
| Max drawdown (3Y) | -97.6% | -35.5% |
| Market cap | – | $7.7B |
| P/E (trailing) | 20.6 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | RYTM |
|---|---|---|
| 2022 | +52.2% | +191.8% |
| 2023 | -90.1% | +57.9% |
| 2024 | -76.6% | +21.8% |
| 2025 | -61.4% | +91.2% |
| 2026 | -49.5% | +5.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and RYTM good diversifiers for each other?
Yes: at -0.40, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between FNGD and RYTM?
The FNGD/RYTM correlation stands at -0.40 on a 3-year window (1 year: -0.38, 5 years: -0.21), computed from weekly returns as of 2026-08-27.
Is RYTM a good diversifier for FNGD?
Yes: at -0.40, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.40 mean?
A reading of -0.40 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: FNGD correlations · RYTM correlations
