FNGD vs MRAM: Correlation
How closely do MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Everspin Technologies, Inc. (MRAM) trade together? Their weekly returns over three years give a correlation of -0.28, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and MRAM?
On 3 years of weekly data the FNGD/MRAM correlation comes out at -0.28, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.29) sits close to the 3-year figure. The 5-year figure is -0.34, and annualized covariance runs at -1460.1 %².
Within FNGD's tracked universe of 1743 assets, MRAM comes in at #709 by 3-year correlation. Correlation aside, the last 12 months split them widely, with MRAM ahead by 228.9 points (-55.7% versus +173.2%).
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 MRAM: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | MRAM (Everspin Technologies, Inc.) | |
|---|---|---|
| 1-year return | -55.7% | +173.2% |
| 5-year return | -99.4% | +134.7% |
| Volatility (ann.) | 75.7% | 69.5% |
| Beta vs S&P 500 | -4.54 | 1.58 |
| Max drawdown (3Y) | -97.6% | -70.6% |
| Market cap | – | $0.4B |
| P/E (trailing) | 20.6 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | MRAM |
|---|---|---|
| 2022 | +52.2% | -50.8% |
| 2023 | -90.1% | +62.6% |
| 2024 | -76.6% | -29.3% |
| 2025 | -61.4% | +45.2% |
| 2026 | -49.5% | +88.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and MRAM good diversifiers for each other?
Yes: at -0.28, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between FNGD and MRAM?
The FNGD/MRAM correlation stands at -0.28 on a 3-year window (1 year: -0.29, 5 years: -0.34), computed from weekly returns as of 2026-08-27.
Is MRAM a good diversifier for FNGD?
Yes: at -0.28, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.28 mean?
A reading of -0.28 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-mram.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/fngd-vs-mram/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: FNGD correlations · MRAM correlations
