FNGD vs MC: Correlation
Measured on weekly returns over the past three years, MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Moelis & Company (MC) carry a correlation of -0.37, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and MC?
On 3 years of weekly data the FNGD/MC correlation comes out at -0.37, negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at -0.23 versus -0.37 over 3 years. The 5-year figure is -0.43, and annualized covariance runs at -985.4 %².
Among the 1743 assets we track against FNGD, MC ranks #1232 by 3-year correlation. The last year tells two different stories: MC led by 54.2 percentage points, -55.7% for FNGD against -1.5% for MC. One caveat on sizing: FNGD is 2.2 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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 MC: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | MC (Moelis & Company) | |
|---|---|---|
| 1-year return | -55.7% | -1.5% |
| 5-year return | -99.4% | +42.5% |
| Volatility (ann.) | 75.7% | 35.1% |
| Beta vs S&P 500 | -4.54 | 1.41 |
| Max drawdown (3Y) | -97.6% | -39.3% |
| Market cap | – | $5.1B |
| P/E (trailing) | 20.6 | 23.4 |
| Dividend yield | 0.00% | 3.87% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | MC |
|---|---|---|
| 2022 | +52.2% | -35.2% |
| 2023 | -90.1% | +54.9% |
| 2024 | -76.6% | +37.1% |
| 2025 | -61.4% | -3.1% |
| 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 MC good diversifiers for each other?
By historical standards, yes. A correlation of -0.37 means the two rarely move for the same reasons.
FAQ
What is the correlation between FNGD and MC?
As of 2026-08-27, the correlation of weekly returns between FNGD and MC is -0.37 over 3 years, -0.23 over 1 year and -0.43 over 5 years.
Is MC a good diversifier for FNGD?
By historical standards, yes. A correlation of -0.37 means the two rarely move for the same reasons.
What does a correlation of -0.37 mean?
On the −1 to +1 scale, -0.37 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-mc.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/fngd-vs-mc/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: FNGD correlations · MC correlations
