FNGD vs MKSI: Correlation
How closely do MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and MKS Inc. (MKSI) trade together? Their weekly returns over three years give a correlation of -0.54, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and MKSI?
Across a 3-year window, the weekly returns of FNGD and MKSI correlate at -0.54, negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.26) than the 3-year average (-0.54). Stretching to 5 years gives -0.56, with an annualized covariance of -2074.3 %².
Among the 1743 assets we track against FNGD, MKSI ranks #1637 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months MKSI outperformed by 213.2 percentage points (-55.7% for FNGD against +157.5% for MKSI).
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 MKSI: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | MKSI (MKS Inc.) | |
|---|---|---|
| 1-year return | -55.7% | +157.5% |
| 5-year return | -99.4% | +88.2% |
| Volatility (ann.) | 75.7% | 50.8% |
| Beta vs S&P 500 | -4.54 | 2.39 |
| Max drawdown (3Y) | -97.6% | -59.1% |
| Market cap | – | $18.3B |
| P/E (trailing) | 20.6 | 43.3 |
| Dividend yield | 0.00% | 0.35% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | MKSI |
|---|---|---|
| 2022 | +52.2% | -51.0% |
| 2023 | -90.1% | +22.6% |
| 2024 | -76.6% | +2.2% |
| 2025 | -61.4% | +54.4% |
| 2026 | -49.5% | +70.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and MKSI good diversifiers for each other?
Yes. With a correlation of -0.54, FNGD and MKSI have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between FNGD and MKSI?
As of 2026-08-27, the correlation of weekly returns between FNGD and MKSI is -0.54 over 3 years, -0.26 over 1 year and -0.56 over 5 years.
Is MKSI a good diversifier for FNGD?
Yes. With a correlation of -0.54, FNGD and MKSI have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.54 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-mksi.json
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Related comparisons
Hubs: FNGD correlations · MKSI correlations
