FNGD vs MRCY: Correlation
Measured on weekly returns over the past three years, MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Mercury Systems Inc (MRCY) carry a correlation of -0.28, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and MRCY?
Across a 3-year window, the weekly returns of FNGD and MRCY correlate at -0.28, negative, meaning they tend to move in opposite directions. The link has loosened recently: the 1-year correlation (-0.42) runs below the 3-year figure (-0.28). Stretching to 5 years gives -0.26, with an annualized covariance of -1018.3 %².
By 3-year correlation, MRCY places #710 of the 1743 assets tracked against FNGD. Their recent paths diverged sharply: over the last 12 months MRCY outperformed by 88.5 percentage points (-55.7% for FNGD against +32.8% for MRCY). Risk is not evenly split, since FNGD carries 1.6 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 MRCY: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | MRCY (Mercury Systems Inc) | |
|---|---|---|
| 1-year return | -55.7% | +32.8% |
| 5-year return | -99.4% | +79.4% |
| Volatility (ann.) | 75.7% | 48.8% |
| Beta vs S&P 500 | -4.54 | 1.23 |
| Max drawdown (3Y) | -97.6% | -35.0% |
| Market cap | – | $5.4B |
| P/E (trailing) | 20.6 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | MRCY |
|---|---|---|
| 2022 | +52.2% | -18.7% |
| 2023 | -90.1% | -18.3% |
| 2024 | -76.6% | +14.8% |
| 2025 | -61.4% | +73.8% |
| 2026 | -49.5% | +23.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and MRCY good diversifiers for each other?
By historical standards, yes. A correlation of -0.28 means the two rarely move for the same reasons.
FAQ
What is the correlation between FNGD and MRCY?
Using weekly returns as of 2026-08-27: -0.28 over 3 years, with -0.42 over the last year and -0.26 over 5 years.
Is MRCY a good diversifier for FNGD?
By historical standards, yes. A correlation of -0.28 means the two rarely move for the same reasons.
What does a correlation of -0.28 mean?
On the −1 to +1 scale, -0.28 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-mrcy.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/fngd-vs-mrcy/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: FNGD correlations · MRCY correlations
