FNGD vs TROW: Correlation
MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and T. Rowe Price (TROW) show a negative relationship: their 3-year correlation of weekly returns is -0.49.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and TROW?
Across a 3-year window, the weekly returns of FNGD and TROW correlate at -0.49, negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (-0.31) runs above the 3-year figure (-0.49). Stretching to 5 years gives -0.59, with an annualized covariance of -875.5 %².
Among the 1743 assets we track against FNGD, TROW ranks #1576 by 3-year correlation. Correlation aside, the last 12 months split them widely, with TROW ahead by 63.8 points (-55.7% versus +8.1%). Risk is not evenly split, since FNGD carries 3.2 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 TROW: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | TROW (T. Rowe Price) | |
|---|---|---|
| 1-year return | -55.7% | +8.1% |
| 5-year return | -99.4% | -37.0% |
| Volatility (ann.) | 75.7% | 23.5% |
| Beta vs S&P 500 | -4.54 | 1.10 |
| Max drawdown (3Y) | -97.6% | -34.0% |
| Market cap | – | $24.0B |
| P/E (trailing) | 20.6 | 11.3 |
| Dividend yield | 0.00% | 4.57% |
| Sector / category | US Listed | Financials |
Year-by-year returns
| Year | FNGD | TROW |
|---|---|---|
| 2022 | +52.2% | -42.2% |
| 2023 | -90.1% | +3.4% |
| 2024 | -76.6% | +9.7% |
| 2025 | -61.4% | -4.7% |
| 2026 | -49.5% | +12.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and TROW good diversifiers for each other?
By historical standards, yes. A correlation of -0.49 means the two rarely move for the same reasons.
FAQ
What is the correlation between FNGD and TROW?
The FNGD/TROW correlation stands at -0.49 on a 3-year window (1 year: -0.31, 5 years: -0.59), computed from weekly returns as of 2026-08-27.
Is TROW a good diversifier for FNGD?
By historical standards, yes. A correlation of -0.49 means the two rarely move for the same reasons.
What does a correlation of -0.49 mean?
On the −1 to +1 scale, -0.49 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-trow.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/fngd-vs-trow/)
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Related comparisons
Hubs: FNGD correlations · TROW correlations
