FNGD vs MCHX: Correlation
MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Marchex, Inc. (MCHX) show a negative relationship: their 3-year correlation of weekly returns is -0.24.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and MCHX?
Across a 3-year window, the weekly returns of FNGD and MCHX correlate at -0.24, negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.07) than the 3-year average (-0.24). Stretching to 5 years gives -0.26, with an annualized covariance of -898.8 %².
Among the 1743 assets we track against FNGD, MCHX ranks #346 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months MCHX outperformed by 48.5 percentage points (-55.7% for FNGD against -7.2% for MCHX). One caveat on sizing: FNGD is 1.5 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 MCHX: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | MCHX (Marchex, Inc.) | |
|---|---|---|
| 1-year return | -55.7% | -7.2% |
| 5-year return | -99.4% | -45.3% |
| Volatility (ann.) | 75.7% | 50.3% |
| Beta vs S&P 500 | -4.54 | 1.07 |
| Max drawdown (3Y) | -97.6% | -40.5% |
| Market cap | – | $0.1B |
| P/E (trailing) | 20.6 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | MCHX |
|---|---|---|
| 2022 | +52.2% | -35.5% |
| 2023 | -90.1% | -15.0% |
| 2024 | -76.6% | +28.7% |
| 2025 | -61.4% | -5.1% |
| 2026 | -49.5% | +9.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and MCHX good diversifiers for each other?
Yes. With a correlation of -0.24, FNGD and MCHX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between FNGD and MCHX?
Using weekly returns as of 2026-08-27: -0.24 over 3 years, with -0.07 over the last year and -0.26 over 5 years.
Is MCHX a good diversifier for FNGD?
Yes. With a correlation of -0.24, FNGD and MCHX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.24 mean?
A reading of -0.24 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: FNGD correlations · MCHX correlations
