FNGD vs MET: Correlation
MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and MetLife (MET) show a negative relationship: their 3-year correlation of weekly returns is -0.27.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and MET?
On 3 years of weekly data the FNGD/MET correlation comes out at -0.27, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.18) sits close to the 3-year figure. The 5-year figure is -0.27, and annualized covariance runs at -469.1 %².
Within FNGD's tracked universe of 1743 assets, MET comes in at #613 by 3-year correlation. The last year tells two different stories: MET led by 77.8 percentage points, -55.7% for FNGD against +22.1% for MET. One caveat on sizing: FNGD is 3.2 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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 MET: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | MET (MetLife) | |
|---|---|---|
| 1-year return | -55.7% | +22.1% |
| 5-year return | -99.4% | +80.8% |
| Volatility (ann.) | 75.7% | 23.3% |
| Beta vs S&P 500 | -4.54 | 0.89 |
| Max drawdown (3Y) | -97.6% | -22.0% |
| Market cap | – | $61.2B |
| P/E (trailing) | 20.6 | 18.5 |
| Dividend yield | 0.00% | 2.38% |
| Sector / category | US Listed | Financials |
Year-by-year returns
| Year | FNGD | MET |
|---|---|---|
| 2022 | +52.2% | +19.2% |
| 2023 | -90.1% | -5.5% |
| 2024 | -76.6% | +27.7% |
| 2025 | -61.4% | -0.8% |
| 2026 | -49.5% | +24.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and MET good diversifiers for each other?
Yes: at -0.27, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between FNGD and MET?
Using weekly returns as of 2026-08-27: -0.27 over 3 years, with -0.18 over the last year and -0.27 over 5 years.
Is MET a good diversifier for FNGD?
Yes: at -0.27, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.27 mean?
A reading of -0.27 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
$ curl https://www.pairbook.io/api/v1/pairs/fngd-vs-met.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/fngd-vs-met/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: FNGD correlations · MET correlations
