FNGD vs MIST: Correlation
How closely do MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Milestone Pharmaceuticals Inc. (MIST) trade together? Their weekly returns over three years give a correlation of -0.40, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and MIST?
Over the past 3 years, FNGD and MIST moved with a correlation of -0.40, which is negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.49) sits close to the 3-year figure. Over 5 years the correlation is -0.30, and the annualized covariance of weekly returns is -2781.4 %².
By 3-year correlation, MIST places #1358 of the 1743 assets tracked against FNGD. The last year tells two different stories: MIST led by 22.9 percentage points, -55.7% for FNGD against -32.8% for MIST.
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 MIST: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | MIST (Milestone Pharmaceuticals Inc.) | |
|---|---|---|
| 1-year return | -55.7% | -32.8% |
| 5-year return | -99.4% | -80.4% |
| Volatility (ann.) | 75.7% | 91.2% |
| Beta vs S&P 500 | -4.54 | 2.57 |
| Max drawdown (3Y) | -97.6% | -80.7% |
| Market cap | – | $0.1B |
| P/E (trailing) | 20.6 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | MIST |
|---|---|---|
| 2022 | +52.2% | -39.5% |
| 2023 | -90.1% | -57.8% |
| 2024 | -76.6% | +41.3% |
| 2025 | -61.4% | -14.4% |
| 2026 | -49.5% | -41.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and MIST good diversifiers for each other?
Yes. With a correlation of -0.40, FNGD and MIST have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between FNGD and MIST?
The FNGD/MIST correlation stands at -0.40 on a 3-year window (1 year: -0.49, 5 years: -0.30), computed from weekly returns as of 2026-08-27.
Is MIST a good diversifier for FNGD?
Yes. With a correlation of -0.40, FNGD and MIST have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.40 mean?
On the −1 to +1 scale, -0.40 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-mist.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/fngd-vs-mist/)
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Related comparisons
Hubs: FNGD correlations · MIST correlations
