FNGD vs MELI: Correlation
MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and MercadoLibre, Inc. (MELI) show a negative relationship: their 3-year correlation of weekly returns is -0.38.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and MELI?
On 3 years of weekly data the FNGD/MELI correlation comes out at -0.38, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.35 over 1 year against -0.38 over 3. The 5-year figure is -0.49, and annualized covariance runs at -1026.1 %².
Within FNGD's tracked universe of 1743 assets, MELI comes in at #1279 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months MELI outperformed by 35.7 percentage points (-55.7% for FNGD against -20.0% for MELI). Note the risk asymmetry: FNGD runs 2.1 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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 MELI: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | MELI (MercadoLibre, Inc.) | |
|---|---|---|
| 1-year return | -55.7% | -20.0% |
| 5-year return | -99.4% | +2.8% |
| Volatility (ann.) | 75.7% | 35.7% |
| Beta vs S&P 500 | -4.54 | 1.04 |
| Max drawdown (3Y) | -97.6% | -40.8% |
| Market cap | – | $97.9B |
| P/E (trailing) | 20.6 | 53.2 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | MELI |
|---|---|---|
| 2022 | +52.2% | -37.2% |
| 2023 | -90.1% | +85.7% |
| 2024 | -76.6% | +8.2% |
| 2025 | -61.4% | +18.5% |
| 2026 | -49.5% | -4.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and MELI good diversifiers for each other?
Yes: at -0.38, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between FNGD and MELI?
The FNGD/MELI correlation stands at -0.38 on a 3-year window (1 year: -0.35, 5 years: -0.49), computed from weekly returns as of 2026-08-27.
Is MELI a good diversifier for FNGD?
Yes: at -0.38, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.38 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-meli.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/fngd-vs-meli/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: FNGD correlations · MELI correlations
