FNGD vs MAKO: Correlation
How closely do MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Mako Mining Corp (MAKO) trade together? Their weekly returns over three years give a correlation of -0.31, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and MAKO?
On 3 years of weekly data the FNGD/MAKO correlation comes out at -0.31, negative, meaning they tend to move in opposite directions. The link has loosened recently: the 1-year correlation (-0.52) runs below the 3-year figure (-0.31). The 5-year figure is -0.30, and annualized covariance runs at -1357.5 %².
Among the 1743 assets we track against FNGD, MAKO ranks #903 by 3-year correlation. Correlation aside, the last 12 months split them widely, with MAKO ahead by 203.3 points (-55.7% versus +147.6%).
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 MAKO: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | MAKO (Mako Mining Corp) | |
|---|---|---|
| 1-year return | -55.7% | +147.6% |
| 5-year return | -99.4% | +320.0% |
| Volatility (ann.) | 75.7% | 57.6% |
| Beta vs S&P 500 | -4.54 | 1.23 |
| Max drawdown (3Y) | -97.6% | -31.9% |
| Market cap | – | $1.0B |
| P/E (trailing) | 20.6 | 18.5 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | MAKO |
|---|---|---|
| 2022 | +52.2% | -67.7% |
| 2023 | -90.1% | +105.0% |
| 2024 | -76.6% | +7.8% |
| 2025 | -61.4% | +162.4% |
| 2026 | -49.5% | +88.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and MAKO good diversifiers for each other?
By historical standards, yes. A correlation of -0.31 means the two rarely move for the same reasons.
FAQ
What is the correlation between FNGD and MAKO?
The FNGD/MAKO correlation stands at -0.31 on a 3-year window (1 year: -0.52, 5 years: -0.30), computed from weekly returns as of 2026-08-27.
Is MAKO a good diversifier for FNGD?
By historical standards, yes. A correlation of -0.31 means the two rarely move for the same reasons.
What does a correlation of -0.31 mean?
A reading of -0.31 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-mako.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/fngd-vs-mako/)
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Related comparisons
Hubs: FNGD correlations · MAKO correlations
