FNGD vs MLI: Correlation
MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Mueller Industries, Inc. (MLI) 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 MLI?
Over the past 3 years, FNGD and MLI moved with a correlation of -0.32, which is negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.23 lands near the 3-year figure. Over 5 years the correlation is -0.37, and the annualized covariance of weekly returns is -752.5 %².
Among the 1743 assets we track against FNGD, MLI ranks #972 by 3-year correlation. Correlation aside, the last 12 months split them widely, with MLI ahead by 90.1 points (-55.7% versus +34.4%). One caveat on sizing: FNGD is 2.4 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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 MLI: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | MLI (Mueller Industries, Inc.) | |
|---|---|---|
| 1-year return | -55.7% | +34.4% |
| 5-year return | -99.4% | +509.6% |
| Volatility (ann.) | 75.7% | 31.5% |
| Beta vs S&P 500 | -4.54 | 0.93 |
| Max drawdown (3Y) | -97.6% | -27.8% |
| Market cap | – | $14.2B |
| P/E (trailing) | 20.6 | 16.7 |
| Dividend yield | 0.00% | 0.94% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | MLI |
|---|---|---|
| 2022 | +52.2% | +1.0% |
| 2023 | -90.1% | +62.4% |
| 2024 | -76.6% | +70.5% |
| 2025 | -61.4% | +46.3% |
| 2026 | -49.5% | +12.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and MLI good diversifiers for each other?
Yes: at -0.32, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between FNGD and MLI?
Using weekly returns as of 2026-08-27: -0.32 over 3 years, with -0.23 over the last year and -0.37 over 5 years.
Is MLI a good diversifier for FNGD?
Yes: at -0.32, the two have gone their own ways historically, which is what genuine diversification looks like.
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.
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Related comparisons
Hubs: FNGD correlations · MLI correlations
