FNGD vs MLP: Correlation
MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Maui Land & Pineapple Company, Inc. (MLP) show a negative relationship: their 3-year correlation of weekly returns is -0.20.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and MLP?
Across a 3-year window, the weekly returns of FNGD and MLP correlate at -0.20, negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.03) than the 3-year average (-0.20). Stretching to 5 years gives -0.19, with an annualized covariance of -586.1 %².
Among the 1743 assets we track against FNGD, MLP ranks #91 by 3-year correlation. The last year tells two different stories: MLP led by 47.5 percentage points, -55.7% for FNGD against -8.2% for MLP. One caveat on sizing: FNGD is 1.9 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 MLP: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | MLP (Maui Land & Pineapple Company, Inc.) | |
|---|---|---|
| 1-year return | -55.7% | -8.2% |
| 5-year return | -99.4% | +43.7% |
| Volatility (ann.) | 75.7% | 39.6% |
| Beta vs S&P 500 | -4.54 | 1.03 |
| Max drawdown (3Y) | -97.6% | -45.5% |
| Market cap | – | $0.3B |
| P/E (trailing) | 20.6 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | MLP |
|---|---|---|
| 2022 | +52.2% | -5.4% |
| 2023 | -90.1% | +68.7% |
| 2024 | -76.6% | +38.3% |
| 2025 | -61.4% | -22.9% |
| 2026 | -49.5% | -6.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and MLP good diversifiers for each other?
By historical standards, yes. A correlation of -0.20 means the two rarely move for the same reasons.
FAQ
What is the correlation between FNGD and MLP?
The FNGD/MLP correlation stands at -0.20 on a 3-year window (1 year: -0.03, 5 years: -0.19), computed from weekly returns as of 2026-08-27.
Is MLP a good diversifier for FNGD?
By historical standards, yes. A correlation of -0.20 means the two rarely move for the same reasons.
What does a correlation of -0.20 mean?
On the −1 to +1 scale, -0.20 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.
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Related comparisons
Hubs: FNGD correlations · MLP correlations
