FNGD vs MAC: Correlation
How closely do MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Macerich Company (The) (MAC) trade together? Their weekly returns over three years give a correlation of -0.22, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and MAC?
On 3 years of weekly data the FNGD/MAC correlation comes out at -0.22, negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at 0.11 versus -0.22 over 3 years. The 5-year figure is -0.30, and annualized covariance runs at -619.1 %².
Among the 1743 assets we track against FNGD, MAC ranks #179 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months MAC outperformed by 90.2 percentage points (-55.7% for FNGD against +34.5% for MAC). Risk is not evenly split, since FNGD carries 2.1 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 MAC: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | MAC (Macerich Company (The)) | |
|---|---|---|
| 1-year return | -55.7% | +34.5% |
| 5-year return | -99.4% | +75.7% |
| Volatility (ann.) | 75.7% | 36.7% |
| Beta vs S&P 500 | -4.54 | 1.22 |
| Max drawdown (3Y) | -97.6% | -39.6% |
| Market cap | – | $7.1B |
| P/E (trailing) | 20.6 | – |
| Dividend yield | 0.00% | 2.81% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | MAC |
|---|---|---|
| 2022 | +52.2% | -31.6% |
| 2023 | -90.1% | +45.7% |
| 2024 | -76.6% | +34.5% |
| 2025 | -61.4% | -3.7% |
| 2026 | -49.5% | +31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and MAC good diversifiers for each other?
Yes. With a correlation of -0.22, FNGD and MAC have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between FNGD and MAC?
As of 2026-08-27, the correlation of weekly returns between FNGD and MAC is -0.22 over 3 years, 0.11 over 1 year and -0.30 over 5 years.
Is MAC a good diversifier for FNGD?
Yes. With a correlation of -0.22, FNGD and MAC have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.22 mean?
A reading of -0.22 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
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Related comparisons
Hubs: FNGD correlations · MAC correlations
