FNGD vs MA: Correlation
How closely do MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Mastercard (MA) trade together? Their weekly returns over three years give a correlation of -0.43, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and MA?
On 3 years of weekly data the FNGD/MA correlation comes out at -0.43, negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.23) than the 3-year average (-0.43). The 5-year figure is -0.46, and annualized covariance runs at -629.8 %².
Within FNGD's tracked universe of 1743 assets, MA comes in at #1453 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months MA outperformed by 56.5 percentage points (-55.7% for FNGD against +0.8% for MA). Note the risk asymmetry: FNGD runs 3.9 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 MA: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | MA (Mastercard) | |
|---|---|---|
| 1-year return | -55.7% | +0.8% |
| 5-year return | -99.4% | +72.6% |
| Volatility (ann.) | 75.7% | 19.3% |
| Beta vs S&P 500 | -4.54 | 0.77 |
| Max drawdown (3Y) | -97.6% | -20.9% |
| Market cap | – | $518.4B |
| P/E (trailing) | 20.6 | 32.9 |
| Dividend yield | 0.00% | 0.56% |
| Sector / category | US Listed | Financials |
Year-by-year returns
| Year | FNGD | MA |
|---|---|---|
| 2022 | +52.2% | -2.7% |
| 2023 | -90.1% | +23.4% |
| 2024 | -76.6% | +24.2% |
| 2025 | -61.4% | +9.0% |
| 2026 | -49.5% | +4.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and MA good diversifiers for each other?
Yes. With a correlation of -0.43, FNGD and MA have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between FNGD and MA?
As of 2026-08-27, the correlation of weekly returns between FNGD and MA is -0.43 over 3 years, -0.23 over 1 year and -0.46 over 5 years.
Is MA a good diversifier for FNGD?
Yes. With a correlation of -0.43, FNGD and MA have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.43 mean?
A reading of -0.43 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/fngd-vs-ma.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fngd-vs-ma/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: FNGD correlations · MA correlations
