FNGD vs MLM: Correlation
MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Martin Marietta Materials (MLM) show a negative relationship: their 3-year correlation of weekly returns is -0.40.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and MLM?
Over the past 3 years, FNGD and MLM moved with a correlation of -0.40, which is negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at -0.18 versus -0.40 over 3 years. Over 5 years the correlation is -0.45, and the annualized covariance of weekly returns is -717.6 %².
Within FNGD's tracked universe of 1743 assets, MLM comes in at #1359 by 3-year correlation. The last year tells two different stories: MLM led by 41.9 percentage points, -55.7% for FNGD against -13.8% for MLM. Note the risk asymmetry: FNGD runs 3.2 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 MLM: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | MLM (Martin Marietta Materials) | |
|---|---|---|
| 1-year return | -55.7% | -13.8% |
| 5-year return | -99.4% | +42.4% |
| Volatility (ann.) | 75.7% | 23.9% |
| Beta vs S&P 500 | -4.54 | 0.85 |
| Max drawdown (3Y) | -97.6% | -26.8% |
| Market cap | – | $37.5B |
| P/E (trailing) | 20.6 | 34.4 |
| Dividend yield | 0.00% | 0.62% |
| Sector / category | US Listed | Materials |
Year-by-year returns
| Year | FNGD | MLM |
|---|---|---|
| 2022 | +52.2% | -22.7% |
| 2023 | -90.1% | +48.6% |
| 2024 | -76.6% | +4.1% |
| 2025 | -61.4% | +21.3% |
| 2026 | -49.5% | -14.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and MLM good diversifiers for each other?
Yes. With a correlation of -0.40, FNGD and MLM have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between FNGD and MLM?
Using weekly returns as of 2026-08-27: -0.40 over 3 years, with -0.18 over the last year and -0.45 over 5 years.
Is MLM a good diversifier for FNGD?
Yes. With a correlation of -0.40, FNGD and MLM 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-mlm.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fngd-vs-mlm/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: FNGD correlations · MLM correlations
