FNGD vs MS: Correlation
Measured on weekly returns over the past three years, MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Morgan Stanley (MS) carry a correlation of -0.53, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and MS?
On 3 years of weekly data the FNGD/MS correlation comes out at -0.53, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.55 over 1 year against -0.53 over 3. The 5-year figure is -0.49, and annualized covariance runs at -1130.4 %².
By 3-year correlation, MS places #1624 of the 1743 assets tracked against FNGD. Their recent paths diverged sharply: over the last 12 months MS outperformed by 102.8 percentage points (-55.7% for FNGD against +47.1% for MS). Note the risk asymmetry: FNGD runs 2.7 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 MS: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | MS (Morgan Stanley) | |
|---|---|---|
| 1-year return | -55.7% | +47.1% |
| 5-year return | -99.4% | +142.0% |
| Volatility (ann.) | 75.7% | 28.3% |
| Beta vs S&P 500 | -4.54 | 1.43 |
| Max drawdown (3Y) | -97.6% | -29.2% |
| Market cap | – | $337.5B |
| P/E (trailing) | 20.6 | 17.4 |
| Dividend yield | 0.00% | 1.94% |
| Sector / category | US Listed | Financials |
Year-by-year returns
| Year | FNGD | MS |
|---|---|---|
| 2022 | +52.2% | -10.3% |
| 2023 | -90.1% | +13.9% |
| 2024 | -76.6% | +39.7% |
| 2025 | -61.4% | +45.2% |
| 2026 | -49.5% | +23.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and MS good diversifiers for each other?
Yes. With a correlation of -0.53, FNGD and MS have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between FNGD and MS?
As of 2026-08-27, the correlation of weekly returns between FNGD and MS is -0.53 over 3 years, -0.55 over 1 year and -0.49 over 5 years.
Is MS a good diversifier for FNGD?
Yes. With a correlation of -0.53, FNGD and MS have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.53 mean?
On the −1 to +1 scale, -0.53 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-ms.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fngd-vs-ms/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: FNGD correlations · MS correlations
