FNGD vs MCHP: Correlation
Measured on weekly returns over the past three years, MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Microchip Technology (MCHP) carry a correlation of -0.47, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and MCHP?
Over the past 3 years, FNGD and MCHP moved with a correlation of -0.47, which is negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.46 over 1 year against -0.47 over 3. Over 5 years the correlation is -0.52, and the annualized covariance of weekly returns is -1658.4 %².
Within FNGD's tracked universe of 1743 assets, MCHP comes in at #1539 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months MCHP outperformed by 71.9 percentage points (-55.7% for FNGD against +16.2% for MCHP). Risk is not evenly split, since FNGD carries 1.6 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 MCHP: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | MCHP (Microchip Technology) | |
|---|---|---|
| 1-year return | -55.7% | +16.2% |
| 5-year return | -99.4% | +5.9% |
| Volatility (ann.) | 75.7% | 46.7% |
| Beta vs S&P 500 | -4.54 | 1.97 |
| Max drawdown (3Y) | -97.6% | -63.8% |
| Market cap | – | $41.0B |
| P/E (trailing) | 20.6 | 109.4 |
| Dividend yield | 0.00% | 2.46% |
| Sector / category | US Listed | Information Technology |
Year-by-year returns
| Year | FNGD | MCHP |
|---|---|---|
| 2022 | +52.2% | -18.0% |
| 2023 | -90.1% | +30.9% |
| 2024 | -76.6% | -35.0% |
| 2025 | -61.4% | +14.6% |
| 2026 | -49.5% | +20.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and MCHP good diversifiers for each other?
Yes: at -0.47, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between FNGD and MCHP?
As of 2026-08-27, the correlation of weekly returns between FNGD and MCHP is -0.47 over 3 years, -0.46 over 1 year and -0.52 over 5 years.
Is MCHP a good diversifier for FNGD?
Yes: at -0.47, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.47 mean?
A reading of -0.47 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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[](https://www.pairbook.io/pair/fngd-vs-mchp/)
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Related comparisons
Hubs: FNGD correlations · MCHP correlations
