FNGD vs MORN: Correlation
How closely do MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Morningstar, Inc. (MORN) trade together? Their weekly returns over three years give a correlation of -0.35, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and MORN?
On 3 years of weekly data the FNGD/MORN correlation comes out at -0.35, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.31) sits close to the 3-year figure. The 5-year figure is -0.43, and annualized covariance runs at -801.5 %².
Within FNGD's tracked universe of 1743 assets, MORN comes in at #1144 by 3-year correlation. The last year tells two different stories: MORN led by 39.1 percentage points, -55.7% for FNGD against -16.6% for MORN. Risk is not evenly split, since FNGD carries 2.5 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 MORN: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | MORN (Morningstar, Inc.) | |
|---|---|---|
| 1-year return | -55.7% | -16.6% |
| 5-year return | -99.4% | -15.1% |
| Volatility (ann.) | 75.7% | 30.5% |
| Beta vs S&P 500 | -4.54 | 0.77 |
| Max drawdown (3Y) | -97.6% | -60.0% |
| Market cap | – | $8.2B |
| P/E (trailing) | 20.6 | 20.2 |
| Dividend yield | 0.00% | 0.92% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | MORN |
|---|---|---|
| 2022 | +52.2% | -36.3% |
| 2023 | -90.1% | +33.1% |
| 2024 | -76.6% | +18.3% |
| 2025 | -61.4% | -35.1% |
| 2026 | -49.5% | +1.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and MORN good diversifiers for each other?
Yes: at -0.35, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between FNGD and MORN?
Using weekly returns as of 2026-08-27: -0.35 over 3 years, with -0.31 over the last year and -0.43 over 5 years.
Is MORN a good diversifier for FNGD?
Yes: at -0.35, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.35 mean?
On the −1 to +1 scale, -0.35 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-morn.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fngd-vs-morn/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: FNGD correlations · MORN correlations
