FNGD vs MFIN: Correlation
How closely do MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Medallion Financial Corp. (MFIN) trade together? Their weekly returns over three years give a correlation of -0.28, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and MFIN?
Over the past 3 years, FNGD and MFIN moved with a correlation of -0.28, which is negative, meaning they tend to move in opposite directions. Lately the two have drifted apart, with the 1-year correlation at -0.40 versus -0.28 over 3 years. Over 5 years the correlation is -0.22, and the annualized covariance of weekly returns is -684.0 %².
Within FNGD's tracked universe of 1743 assets, MFIN comes in at #707 by 3-year correlation. The last year tells two different stories: MFIN led by 74.1 percentage points, -55.7% for FNGD against +18.4% for MFIN. Note the risk asymmetry: FNGD runs 2.3 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 MFIN: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | MFIN (Medallion Financial Corp.) | |
|---|---|---|
| 1-year return | -55.7% | +18.4% |
| 5-year return | -99.4% | +74.5% |
| Volatility (ann.) | 75.7% | 32.3% |
| Beta vs S&P 500 | -4.54 | 0.90 |
| Max drawdown (3Y) | -97.6% | -30.8% |
| Market cap | – | $0.3B |
| P/E (trailing) | 20.6 | 8.8 |
| Dividend yield | 0.00% | 4.27% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | MFIN |
|---|---|---|
| 2022 | +52.2% | +28.4% |
| 2023 | -90.1% | +44.0% |
| 2024 | -76.6% | +0.1% |
| 2025 | -61.4% | +15.1% |
| 2026 | -49.5% | +19.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and MFIN good diversifiers for each other?
Yes: at -0.28, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between FNGD and MFIN?
Using weekly returns as of 2026-08-27: -0.28 over 3 years, with -0.40 over the last year and -0.22 over 5 years.
Is MFIN a good diversifier for FNGD?
Yes: at -0.28, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.28 mean?
On the −1 to +1 scale, -0.28 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/fngd-vs-mfin.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fngd-vs-mfin/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: FNGD correlations · MFIN correlations
