FNGD vs MSA: Correlation
Measured on weekly returns over the past three years, MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and MSA Safety Incorporated (MSA) carry a correlation of -0.34, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and MSA?
On 3 years of weekly data the FNGD/MSA correlation comes out at -0.34, negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at -0.04 versus -0.34 over 3 years. The 5-year figure is -0.38, and annualized covariance runs at -608.0 %².
By 3-year correlation, MSA places #1089 of the 1743 assets tracked against FNGD. Correlation aside, the last 12 months split them widely, with MSA ahead by 67.1 points (-55.7% versus +11.4%). Risk is not evenly split, since FNGD carries 3.2 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 MSA: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | MSA (MSA Safety Incorporated) | |
|---|---|---|
| 1-year return | -55.7% | +11.4% |
| 5-year return | -99.4% | +27.9% |
| Volatility (ann.) | 75.7% | 23.4% |
| Beta vs S&P 500 | -4.54 | 0.85 |
| Max drawdown (3Y) | -97.6% | -34.3% |
| Market cap | – | $7.4B |
| P/E (trailing) | 20.6 | 23.7 |
| Dividend yield | 0.00% | 1.12% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | MSA |
|---|---|---|
| 2022 | +52.2% | -3.1% |
| 2023 | -90.1% | +18.5% |
| 2024 | -76.6% | -0.7% |
| 2025 | -61.4% | -2.1% |
| 2026 | -49.5% | +20.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and MSA good diversifiers for each other?
Yes. With a correlation of -0.34, FNGD and MSA have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between FNGD and MSA?
The FNGD/MSA correlation stands at -0.34 on a 3-year window (1 year: -0.04, 5 years: -0.38), computed from weekly returns as of 2026-08-27.
Is MSA a good diversifier for FNGD?
Yes. With a correlation of -0.34, FNGD and MSA have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.34 mean?
On the −1 to +1 scale, -0.34 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-msa.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/fngd-vs-msa/)
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Related comparisons
Hubs: FNGD correlations · MSA correlations
