FNGD vs MSI: Correlation
How closely do MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Motorola Solutions (MSI) 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 MSI?
Across a 3-year window, the weekly returns of FNGD and MSI correlate at -0.25, negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (0.08) runs above the 3-year figure (-0.25). Stretching to 5 years gives -0.35, with an annualized covariance of -411.5 %².
Among the 1743 assets we track against FNGD, MSI ranks #437 by 3-year correlation. Correlation aside, the last 12 months split them widely, with MSI ahead by 61.6 points (-55.7% versus +5.9%). One caveat on sizing: FNGD is 3.4 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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 MSI: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | MSI (Motorola Solutions) | |
|---|---|---|
| 1-year return | -55.7% | +5.9% |
| 5-year return | -99.4% | +111.1% |
| Volatility (ann.) | 75.7% | 22.1% |
| Beta vs S&P 500 | -4.54 | 0.61 |
| Max drawdown (3Y) | -97.6% | -27.0% |
| Market cap | – | $80.5B |
| P/E (trailing) | 20.6 | 38.5 |
| Dividend yield | 0.00% | 0.97% |
| Sector / category | US Listed | Information Technology |
Year-by-year returns
| Year | FNGD | MSI |
|---|---|---|
| 2022 | +52.2% | -3.8% |
| 2023 | -90.1% | +23.0% |
| 2024 | -76.6% | +49.1% |
| 2025 | -61.4% | -16.2% |
| 2026 | -49.5% | +27.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and MSI good diversifiers for each other?
Yes. With a correlation of -0.25, FNGD and MSI have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between FNGD and MSI?
As of 2026-08-27, the correlation of weekly returns between FNGD and MSI is -0.25 over 3 years, 0.08 over 1 year and -0.35 over 5 years.
Is MSI a good diversifier for FNGD?
Yes. With a correlation of -0.25, FNGD and MSI have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.25 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/fngd-vs-msi.json
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[](https://www.pairbook.io/pair/fngd-vs-msi/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: FNGD correlations · MSI correlations
