FNGD vs MAX: Correlation
MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and MediaAlpha, Inc. (MAX) show a negative relationship: their 3-year correlation of weekly returns is -0.22.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and MAX?
Across a 3-year window, the weekly returns of FNGD and MAX correlate at -0.22, negative, meaning they tend to move in opposite directions. The past 12 months show a weaker link (-0.33) than the 3-year average (-0.22). Stretching to 5 years gives -0.23, with an annualized covariance of -973.5 %².
Within FNGD's tracked universe of 1743 assets, MAX comes in at #181 by 3-year correlation. Correlation aside, the last 12 months split them widely, with MAX ahead by 76.9 points (-55.7% versus +21.2%).
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 MAX: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | MAX (MediaAlpha, Inc.) | |
|---|---|---|
| 1-year return | -55.7% | +21.2% |
| 5-year return | -99.4% | -44.3% |
| Volatility (ann.) | 75.7% | 58.2% |
| Beta vs S&P 500 | -4.54 | 0.96 |
| Max drawdown (3Y) | -97.6% | -67.7% |
| Market cap | – | $0.7B |
| P/E (trailing) | 20.6 | 7.8 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | MAX |
|---|---|---|
| 2022 | +52.2% | -35.6% |
| 2023 | -90.1% | +12.1% |
| 2024 | -76.6% | +1.3% |
| 2025 | -61.4% | +14.7% |
| 2026 | -49.5% | -2.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and MAX good diversifiers for each other?
Yes. With a correlation of -0.22, FNGD and MAX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between FNGD and MAX?
As of 2026-08-27, the correlation of weekly returns between FNGD and MAX is -0.22 over 3 years, -0.33 over 1 year and -0.23 over 5 years.
Is MAX a good diversifier for FNGD?
Yes. With a correlation of -0.22, FNGD and MAX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.22 mean?
On the −1 to +1 scale, -0.22 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-max.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fngd-vs-max/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: FNGD correlations · MAX correlations
