FNGD vs MCN: Correlation
MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and XAI Madison Equity Premium Income Fund (MCN) show a negative relationship: their 3-year correlation of weekly returns is -0.28.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and MCN?
Over the past 3 years, FNGD and MCN moved with a correlation of -0.28, which is negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.26) sits close to the 3-year figure. Over 5 years the correlation is -0.35, and the annualized covariance of weekly returns is -290.8 %².
Among the 1743 assets we track against FNGD, MCN ranks #706 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months MCN outperformed by 57.5 percentage points (-55.7% for FNGD against +1.8% for MCN). Risk is not evenly split, since FNGD carries 5.4 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 MCN: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | MCN (XAI Madison Equity Premium Income Fund) | |
|---|---|---|
| 1-year return | -55.7% | +1.8% |
| 5-year return | -99.4% | +17.0% |
| Volatility (ann.) | 75.7% | 13.9% |
| Beta vs S&P 500 | -4.54 | 0.46 |
| Max drawdown (3Y) | -97.6% | -24.5% |
| Market cap | – | $0.1B |
| P/E (trailing) | 20.6 | 18.2 |
| Dividend yield | 0.00% | 12.74% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | MCN |
|---|---|---|
| 2022 | +52.2% | +6.3% |
| 2023 | -90.1% | +7.0% |
| 2024 | -76.6% | -1.5% |
| 2025 | -61.4% | +0.7% |
| 2026 | -49.5% | +2.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and MCN good diversifiers for each other?
Yes. With a correlation of -0.28, FNGD and MCN have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between FNGD and MCN?
The FNGD/MCN correlation stands at -0.28 on a 3-year window (1 year: -0.26, 5 years: -0.35), computed from weekly returns as of 2026-08-27.
Is MCN a good diversifier for FNGD?
Yes. With a correlation of -0.28, FNGD and MCN have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.28 mean?
On the −1 to +1 scale, -0.28 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
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Related comparisons
Hubs: FNGD correlations · MCN correlations
