FNGD vs MMYT: Correlation
Measured on weekly returns over the past three years, MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and MakeMyTrip Limited (MMYT) carry a correlation of -0.49, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and MMYT?
On 3 years of weekly data the FNGD/MMYT correlation comes out at -0.49, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.39) sits close to the 3-year figure. The 5-year figure is -0.46, and annualized covariance runs at -1836.0 %².
By 3-year correlation, MMYT places #1571 of the 1743 assets tracked against FNGD. The trailing year gives MMYT the advantage: -55.7% versus -43.6%, a 12.1-point spread. Note the risk asymmetry: FNGD runs 1.5 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 MMYT: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | MMYT (MakeMyTrip Limited) | |
|---|---|---|
| 1-year return | -55.7% | -43.6% |
| 5-year return | -99.4% | +128.7% |
| Volatility (ann.) | 75.7% | 49.5% |
| Beta vs S&P 500 | -4.54 | 1.76 |
| Max drawdown (3Y) | -97.6% | -69.9% |
| Market cap | – | $5.5B |
| P/E (trailing) | 20.6 | 253.0 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | MMYT |
|---|---|---|
| 2022 | +52.2% | -0.5% |
| 2023 | -90.1% | +70.4% |
| 2024 | -76.6% | +139.0% |
| 2025 | -61.4% | -26.9% |
| 2026 | -49.5% | -29.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and MMYT good diversifiers for each other?
Yes: at -0.49, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between FNGD and MMYT?
Using weekly returns as of 2026-08-27: -0.49 over 3 years, with -0.39 over the last year and -0.46 over 5 years.
Is MMYT a good diversifier for FNGD?
Yes: at -0.49, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.49 mean?
A reading of -0.49 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/fngd-vs-mmyt.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fngd-vs-mmyt/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: FNGD correlations · MMYT correlations
