FNGD vs MDY: Correlation
MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and SPDR S&P MidCap 400 ETF (MDY) show a negative relationship: their 3-year correlation of weekly returns is -0.51.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and MDY?
Over the past 3 years, FNGD and MDY moved with a correlation of -0.51, which is negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.33) than the 3-year average (-0.51). Over 5 years the correlation is -0.60, and the annualized covariance of weekly returns is -639.8 %².
By 3-year correlation, MDY places #1603 of the 1743 assets tracked against FNGD. Correlation aside, the last 12 months split them widely, with MDY ahead by 74.0 points (-55.7% versus +18.3%). Risk is not evenly split, since FNGD carries 4.6 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 MDY: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | MDY (SPDR S&P MidCap 400 ETF) | |
|---|---|---|
| 1-year return | -55.7% | +18.3% |
| 5-year return | -99.4% | +47.5% |
| Volatility (ann.) | 75.7% | 16.5% |
| Beta vs S&P 500 | -4.54 | 0.91 |
| Max drawdown (3Y) | -97.6% | -24.0% |
| Market cap | – | – |
| P/E (trailing) | 20.6 | – |
| Dividend yield | 0.00% | 1.02% |
| Expense ratio | – | 0.23% |
| Assets under management | – | $26.5B |
| Sector / category | US Listed | ETF · US Small & Mid Cap |
MDY, State Street Investment Management's Mid-Cap Blend fund, carries $26.5B under management, 400 holdings, a 0.23% expense ratio, a 1.02% trailing dividend yield.
Year-by-year returns
| Year | FNGD | MDY |
|---|---|---|
| 2022 | +52.2% | -13.3% |
| 2023 | -90.1% | +16.1% |
| 2024 | -76.6% | +13.6% |
| 2025 | -61.4% | +7.2% |
| 2026 | -49.5% | +16.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and MDY good diversifiers for each other?
Yes. With a correlation of -0.51, FNGD and MDY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between FNGD and MDY?
Using weekly returns as of 2026-08-27: -0.51 over 3 years, with -0.33 over the last year and -0.60 over 5 years.
Is MDY a good diversifier for FNGD?
Yes. With a correlation of -0.51, FNGD and MDY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.51 mean?
A reading of -0.51 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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Related comparisons
Hubs: FNGD correlations · MDY correlations
