FNGD vs MCRI: Correlation
MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Monarch Casino & Resort, Inc. (MCRI) show a negative relationship: their 3-year correlation of weekly returns is -0.25.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and MCRI?
Across a 3-year window, the weekly returns of FNGD and MCRI correlate at -0.25, negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (-0.04) runs above the 3-year figure (-0.25). Stretching to 5 years gives -0.32, with an annualized covariance of -505.7 %².
Within FNGD's tracked universe of 1743 assets, MCRI comes in at #433 by 3-year correlation. The last year tells two different stories: MCRI led by 74.3 percentage points, -55.7% for FNGD against +18.6% for MCRI. Risk is not evenly split, since FNGD carries 2.8 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 MCRI: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | MCRI (Monarch Casino & Resort, Inc.) | |
|---|---|---|
| 1-year return | -55.7% | +18.6% |
| 5-year return | -99.4% | +113.4% |
| Volatility (ann.) | 75.7% | 27.2% |
| Beta vs S&P 500 | -4.54 | 0.65 |
| Max drawdown (3Y) | -97.6% | -23.1% |
| Market cap | – | $2.2B |
| P/E (trailing) | 20.6 | 19.9 |
| Dividend yield | 0.00% | 0.97% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | MCRI |
|---|---|---|
| 2022 | +52.2% | +4.0% |
| 2023 | -90.1% | -2.6% |
| 2024 | -76.6% | +16.0% |
| 2025 | -61.4% | +22.9% |
| 2026 | -49.5% | +29.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and MCRI good diversifiers for each other?
By historical standards, yes. A correlation of -0.25 means the two rarely move for the same reasons.
FAQ
What is the correlation between FNGD and MCRI?
The FNGD/MCRI correlation stands at -0.25 on a 3-year window (1 year: -0.04, 5 years: -0.32), computed from weekly returns as of 2026-08-27.
Is MCRI a good diversifier for FNGD?
By historical standards, yes. A correlation of -0.25 means the two rarely move for the same reasons.
What does a correlation of -0.25 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-mcri.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/fngd-vs-mcri/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: FNGD correlations · MCRI correlations
