FNGD vs MGM: Correlation
MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and MGM Resorts (MGM) show a negative relationship: their 3-year correlation of weekly returns is -0.32.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and MGM?
Across a 3-year window, the weekly returns of FNGD and MGM correlate at -0.32, negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (0.04) than the 3-year average (-0.32). Stretching to 5 years gives -0.41, with an annualized covariance of -858.7 %².
Within FNGD's tracked universe of 1743 assets, MGM comes in at #971 by 3-year correlation. Correlation aside, the last 12 months split them widely, with MGM ahead by 63.7 points (-55.7% versus +8.0%). Note the risk asymmetry: FNGD runs 2.2 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 MGM: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | MGM (MGM Resorts) | |
|---|---|---|
| 1-year return | -55.7% | +8.0% |
| 5-year return | -99.4% | +0.8% |
| Volatility (ann.) | 75.7% | 35.2% |
| Beta vs S&P 500 | -4.54 | 1.18 |
| Max drawdown (3Y) | -97.6% | -46.0% |
| Market cap | – | $11.0B |
| P/E (trailing) | 20.6 | 26.4 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | Consumer Discretionary |
Year-by-year returns
| Year | FNGD | MGM |
|---|---|---|
| 2022 | +52.2% | -25.3% |
| 2023 | -90.1% | +33.3% |
| 2024 | -76.6% | -22.4% |
| 2025 | -61.4% | +5.3% |
| 2026 | -49.5% | +17.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and MGM good diversifiers for each other?
By historical standards, yes. A correlation of -0.32 means the two rarely move for the same reasons.
FAQ
What is the correlation between FNGD and MGM?
As of 2026-08-27, the correlation of weekly returns between FNGD and MGM is -0.32 over 3 years, 0.04 over 1 year and -0.41 over 5 years.
Is MGM a good diversifier for FNGD?
By historical standards, yes. A correlation of -0.32 means the two rarely move for the same reasons.
What does a correlation of -0.32 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-mgm.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fngd-vs-mgm/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: FNGD correlations · MGM correlations
