FNGD vs MSFT: Correlation
MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Microsoft (MSFT) show a negative relationship: their 3-year correlation of weekly returns is -0.68.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and MSFT?
On 3 years of weekly data the FNGD/MSFT correlation comes out at -0.68, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.62 over 1 year against -0.68 over 3. The 5-year figure is -0.73, and annualized covariance runs at -1414.2 %².
By 3-year correlation, MSFT places #1695 of the 1743 assets tracked against FNGD. The last year tells two different stories: MSFT led by 56.2 percentage points, -55.7% for FNGD against +0.5% for MSFT. Note the risk asymmetry: FNGD runs 2.8 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 MSFT: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | MSFT (Microsoft) | |
|---|---|---|
| 1-year return | -55.7% | +0.5% |
| 5-year return | -99.4% | +73.3% |
| Volatility (ann.) | 75.7% | 27.5% |
| Beta vs S&P 500 | -4.54 | 1.12 |
| Max drawdown (3Y) | -97.6% | -34.5% |
| Market cap | – | $3,750.3B |
| P/E (trailing) | 20.6 | 28.1 |
| Dividend yield | 0.00% | 0.73% |
| Sector / category | US Listed | Information Technology |
Year-by-year returns
| Year | FNGD | MSFT |
|---|---|---|
| 2022 | +52.2% | -28.0% |
| 2023 | -90.1% | +58.2% |
| 2024 | -76.6% | +12.9% |
| 2025 | -61.4% | +15.6% |
| 2026 | -49.5% | +5.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and MSFT good diversifiers for each other?
By historical standards, yes. A correlation of -0.68 means the two rarely move for the same reasons.
FAQ
What is the correlation between FNGD and MSFT?
The FNGD/MSFT correlation stands at -0.68 on a 3-year window (1 year: -0.62, 5 years: -0.73), computed from weekly returns as of 2026-08-27.
Is MSFT a good diversifier for FNGD?
By historical standards, yes. A correlation of -0.68 means the two rarely move for the same reasons.
What does a correlation of -0.68 mean?
A reading of -0.68 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-msft.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fngd-vs-msft/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: FNGD correlations · MSFT correlations
