FNGD vs MMT: Correlation
How closely do MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Aberdeen Multi-Market Income Fund (MMT) trade together? Their weekly returns over three years give a correlation of -0.34, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and MMT?
Across a 3-year window, the weekly returns of FNGD and MMT correlate at -0.34, negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (-0.23) runs above the 3-year figure (-0.34). Stretching to 5 years gives -0.37, with an annualized covariance of -214.2 %².
Within FNGD's tracked universe of 1743 assets, MMT comes in at #1088 by 3-year correlation. The last year tells two different stories: MMT led by 58.9 percentage points, -55.7% for FNGD against +3.2% for MMT. Risk is not evenly split, since FNGD carries 9.0 times the volatility of the other side.
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 MMT: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | MMT (Aberdeen Multi-Market Income Fund) | |
|---|---|---|
| 1-year return | -55.7% | +3.2% |
| 5-year return | -99.4% | +5.0% |
| Volatility (ann.) | 75.7% | 8.4% |
| Beta vs S&P 500 | -4.54 | 0.27 |
| Max drawdown (3Y) | -97.6% | -7.1% |
| Market cap | – | $0.2B |
| P/E (trailing) | 20.6 | 11.7 |
| Dividend yield | 0.00% | 9.03% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | MMT |
|---|---|---|
| 2022 | +52.2% | -23.0% |
| 2023 | -90.1% | +10.1% |
| 2024 | -76.6% | +12.5% |
| 2025 | -61.4% | +8.1% |
| 2026 | -49.5% | +1.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and MMT good diversifiers for each other?
Yes: at -0.34, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between FNGD and MMT?
Using weekly returns as of 2026-08-27: -0.34 over 3 years, with -0.23 over the last year and -0.37 over 5 years.
Is MMT a good diversifier for FNGD?
Yes: at -0.34, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.34 mean?
On the −1 to +1 scale, -0.34 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-mmt.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/fngd-vs-mmt/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: FNGD correlations · MMT correlations
