FNGD vs MSCI: Correlation
How closely do MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and MSCI (MSCI) trade together? Their weekly returns over three years give a correlation of -0.43, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and MSCI?
On 3 years of weekly data the FNGD/MSCI correlation comes out at -0.43, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.42 over 1 year against -0.43 over 3. The 5-year figure is -0.54, and annualized covariance runs at -823.6 %².
By 3-year correlation, MSCI places #1455 of the 1743 assets tracked against FNGD. Their recent paths diverged sharply: over the last 12 months MSCI outperformed by 57.0 percentage points (-55.7% for FNGD against +1.3% for MSCI). Risk is not evenly split, since FNGD carries 3.0 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 MSCI: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | MSCI (MSCI) | |
|---|---|---|
| 1-year return | -55.7% | +1.3% |
| 5-year return | -99.4% | -5.6% |
| Volatility (ann.) | 75.7% | 25.4% |
| Beta vs S&P 500 | -4.54 | 0.85 |
| Max drawdown (3Y) | -97.6% | -26.0% |
| Market cap | – | $41.4B |
| P/E (trailing) | 20.6 | 30.9 |
| Dividend yield | 0.00% | 1.36% |
| Sector / category | US Listed | Financials |
Year-by-year returns
| Year | FNGD | MSCI |
|---|---|---|
| 2022 | +52.2% | -23.3% |
| 2023 | -90.1% | +22.9% |
| 2024 | -76.6% | +7.3% |
| 2025 | -61.4% | -3.2% |
| 2026 | -49.5% | +0.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and MSCI good diversifiers for each other?
Yes: at -0.43, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between FNGD and MSCI?
The FNGD/MSCI correlation stands at -0.43 on a 3-year window (1 year: -0.42, 5 years: -0.54), computed from weekly returns as of 2026-08-27.
Is MSCI a good diversifier for FNGD?
Yes: at -0.43, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.43 mean?
A reading of -0.43 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-msci.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/fngd-vs-msci/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: FNGD correlations · MSCI correlations
