FNGD vs MBLY: Correlation
Measured on weekly returns over the past three years, MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Mobileye Global Inc. (MBLY) carry a correlation of -0.38, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and MBLY?
On 3 years of weekly data the FNGD/MBLY correlation comes out at -0.38, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.48 over 1 year against -0.38 over 3. The 5-year figure is -0.41, and annualized covariance runs at -1851.4 %².
Among the 1743 assets we track against FNGD, MBLY ranks #1278 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months MBLY outperformed by 17.2 percentage points (-55.7% for FNGD against -38.5% for MBLY).
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 MBLY: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | MBLY (Mobileye Global Inc.) | |
|---|---|---|
| 1-year return | -55.7% | -38.5% |
| 5-year return | -99.4% | n/a |
| Volatility (ann.) | 75.7% | 64.4% |
| Beta vs S&P 500 | -4.54 | 1.71 |
| Max drawdown (3Y) | -97.6% | -85.1% |
| Market cap | – | $7.3B |
| P/E (trailing) | 20.6 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | MBLY |
|---|---|---|
| 2022 | +52.2% | – |
| 2023 | -90.1% | +23.6% |
| 2024 | -76.6% | -54.0% |
| 2025 | -61.4% | -47.6% |
| 2026 | -49.5% | -17.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and MBLY good diversifiers for each other?
By historical standards, yes. A correlation of -0.38 means the two rarely move for the same reasons.
FAQ
What is the correlation between FNGD and MBLY?
As of 2026-08-27, the correlation of weekly returns between FNGD and MBLY is -0.38 over 3 years, -0.48 over 1 year and -0.41 over 5 years.
Is MBLY a good diversifier for FNGD?
By historical standards, yes. A correlation of -0.38 means the two rarely move for the same reasons.
What does a correlation of -0.38 mean?
A reading of -0.38 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-mbly.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/fngd-vs-mbly/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: FNGD correlations · MBLY correlations
