FNGD vs MSGE: Correlation
Measured on weekly returns over the past three years, MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Madison Square Garden Entertainment Corp. (MSGE) carry a correlation of -0.24, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and MSGE?
Across a 3-year window, the weekly returns of FNGD and MSGE correlate at -0.24, negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at 0.10 versus -0.24 over 3 years. Stretching to 5 years gives n/a, with an annualized covariance of -542.0 %².
Within FNGD's tracked universe of 1743 assets, MSGE comes in at #348 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months MSGE outperformed by 154.0 percentage points (-55.7% for FNGD against +98.3% for MSGE). Note the risk asymmetry: FNGD runs 2.5 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 MSGE: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | MSGE (Madison Square Garden Entertainment Corp.) | |
|---|---|---|
| 1-year return | -55.7% | +98.3% |
| 5-year return | -99.4% | n/a |
| Volatility (ann.) | 75.7% | 30.2% |
| Beta vs S&P 500 | -4.54 | 0.87 |
| Max drawdown (3Y) | -97.6% | -33.9% |
| Market cap | – | $3.7B |
| P/E (trailing) | 20.6 | 56.6 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | MSGE |
|---|---|---|
| 2022 | +52.2% | – |
| 2023 | -90.1% | – |
| 2024 | -76.6% | +12.0% |
| 2025 | -61.4% | +51.4% |
| 2026 | -49.5% | +45.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and MSGE good diversifiers for each other?
Yes. With a correlation of -0.24, FNGD and MSGE have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between FNGD and MSGE?
The FNGD/MSGE correlation stands at -0.24 on a 3-year window (1 year: 0.10, 5 years: n/a), computed from weekly returns as of 2026-08-27.
Is MSGE a good diversifier for FNGD?
Yes. With a correlation of -0.24, FNGD and MSGE have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.24 mean?
A reading of -0.24 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: FNGD correlations · MSGE correlations
