FNGD vs MCO: Correlation
MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Moody's Corporation (MCO) show a negative relationship: their 3-year correlation of weekly returns is -0.50.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and MCO?
Over the past 3 years, FNGD and MCO moved with a correlation of -0.50, which is negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at -0.30 versus -0.50 over 3 years. Over 5 years the correlation is -0.57, and the annualized covariance of weekly returns is -971.0 %².
Among the 1743 assets we track against FNGD, MCO ranks #1586 by 3-year correlation. Correlation aside, the last 12 months split them widely, with MCO ahead by 56.4 points (-55.7% versus +0.7%). Risk is not evenly split, since FNGD carries 2.9 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 MCO: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | MCO (Moody's Corporation) | |
|---|---|---|
| 1-year return | -55.7% | +0.7% |
| 5-year return | -99.4% | +39.4% |
| Volatility (ann.) | 75.7% | 25.8% |
| Beta vs S&P 500 | -4.54 | 1.08 |
| Max drawdown (3Y) | -97.6% | -24.7% |
| Market cap | – | $88.2B |
| P/E (trailing) | 20.6 | 32.7 |
| Dividend yield | 0.00% | 0.77% |
| Sector / category | US Listed | Financials |
Year-by-year returns
| Year | FNGD | MCO |
|---|---|---|
| 2022 | +52.2% | -28.0% |
| 2023 | -90.1% | +41.5% |
| 2024 | -76.6% | +22.2% |
| 2025 | -61.4% | +8.7% |
| 2026 | -49.5% | +0.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and MCO good diversifiers for each other?
Yes: at -0.50, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between FNGD and MCO?
As of 2026-08-27, the correlation of weekly returns between FNGD and MCO is -0.50 over 3 years, -0.30 over 1 year and -0.57 over 5 years.
Is MCO a good diversifier for FNGD?
Yes: at -0.50, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.50 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/fngd-vs-mco.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fngd-vs-mco/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: FNGD correlations · MCO correlations
