FNGD vs MGNI: Correlation
How closely do MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Magnite, Inc. (MGNI) trade together? Their weekly returns over three years give a correlation of -0.42, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and MGNI?
Across a 3-year window, the weekly returns of FNGD and MGNI correlate at -0.42, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.47 over 1 year against -0.42 over 3. Stretching to 5 years gives -0.51, with an annualized covariance of -2030.9 %².
By 3-year correlation, MGNI places #1421 of the 1743 assets tracked against FNGD. Their recent paths diverged sharply: over the last 12 months MGNI outperformed by 47.1 percentage points (-55.7% for FNGD against -8.6% for MGNI).
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 MGNI: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | MGNI (Magnite, Inc.) | |
|---|---|---|
| 1-year return | -55.7% | -8.6% |
| 5-year return | -99.4% | -17.8% |
| Volatility (ann.) | 75.7% | 63.6% |
| Beta vs S&P 500 | -4.54 | 1.94 |
| Max drawdown (3Y) | -97.6% | -57.8% |
| Market cap | – | $3.4B |
| P/E (trailing) | 20.6 | 21.2 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | MGNI |
|---|---|---|
| 2022 | +52.2% | -39.5% |
| 2023 | -90.1% | -11.8% |
| 2024 | -76.6% | +70.4% |
| 2025 | -61.4% | +1.9% |
| 2026 | -49.5% | +43.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and MGNI good diversifiers for each other?
Yes. With a correlation of -0.42, FNGD and MGNI have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between FNGD and MGNI?
As of 2026-08-27, the correlation of weekly returns between FNGD and MGNI is -0.42 over 3 years, -0.47 over 1 year and -0.51 over 5 years.
Is MGNI a good diversifier for FNGD?
Yes. With a correlation of -0.42, FNGD and MGNI have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.42 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-mgni.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/fngd-vs-mgni/)
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Related comparisons
Hubs: FNGD correlations · MGNI correlations
