FNGD vs MSB: Correlation
How closely do MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Mesabi Trust (MSB) trade together? Their weekly returns over three years give a correlation of -0.25, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and MSB?
Across a 3-year window, the weekly returns of FNGD and MSB correlate at -0.25, negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.19 lands near the 3-year figure. Stretching to 5 years gives -0.13, with an annualized covariance of -762.1 %².
Within FNGD's tracked universe of 1743 assets, MSB comes in at #436 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months MSB outperformed by 32.5 percentage points (-55.7% for FNGD against -23.2% for MSB). Risk is not evenly split, since FNGD carries 1.9 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 MSB: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | MSB (Mesabi Trust) | |
|---|---|---|
| 1-year return | -55.7% | -23.2% |
| 5-year return | -99.4% | +19.2% |
| Volatility (ann.) | 75.7% | 39.9% |
| Beta vs S&P 500 | -4.54 | 0.92 |
| Max drawdown (3Y) | -97.6% | -45.8% |
| Market cap | – | – |
| P/E (trailing) | 20.6 | 27.4 |
| Dividend yield | 0.00% | 4.16% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | MSB |
|---|---|---|
| 2022 | +52.2% | -22.8% |
| 2023 | -90.1% | +15.6% |
| 2024 | -76.6% | +47.0% |
| 2025 | -61.4% | +71.9% |
| 2026 | -49.5% | -37.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and MSB good diversifiers for each other?
Yes. With a correlation of -0.25, FNGD and MSB have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between FNGD and MSB?
The FNGD/MSB correlation stands at -0.25 on a 3-year window (1 year: -0.19, 5 years: -0.13), computed from weekly returns as of 2026-08-27.
Is MSB a good diversifier for FNGD?
Yes. With a correlation of -0.25, FNGD and MSB have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.25 mean?
A reading of -0.25 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-msb.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fngd-vs-msb/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: FNGD correlations · MSB correlations
