FNGD vs MT: Correlation
Measured on weekly returns over the past three years, MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Arcelor Mittal NY Registry Shares NEW (MT) carry a correlation of -0.28, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and MT?
On 3 years of weekly data the FNGD/MT correlation comes out at -0.28, negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.18) than the 3-year average (-0.28). The 5-year figure is -0.36, and annualized covariance runs at -787.9 %².
Within FNGD's tracked universe of 1743 assets, MT comes in at #711 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months MT outperformed by 185.9 percentage points (-55.7% for FNGD against +130.2% for MT). Note the risk asymmetry: FNGD runs 2.0 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 MT: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | MT (Arcelor Mittal NY Registry Shares NEW) | |
|---|---|---|
| 1-year return | -55.7% | +130.2% |
| 5-year return | -99.4% | +134.6% |
| Volatility (ann.) | 75.7% | 37.2% |
| Beta vs S&P 500 | -4.54 | 1.19 |
| Max drawdown (3Y) | -97.6% | -30.8% |
| Market cap | – | $56.3B |
| P/E (trailing) | 20.6 | 31.4 |
| Dividend yield | 0.00% | 0.81% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | MT |
|---|---|---|
| 2022 | +52.2% | -16.4% |
| 2023 | -90.1% | +10.3% |
| 2024 | -76.6% | -16.9% |
| 2025 | -61.4% | +100.1% |
| 2026 | -49.5% | +64.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and MT good diversifiers for each other?
Yes: at -0.28, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between FNGD and MT?
The FNGD/MT correlation stands at -0.28 on a 3-year window (1 year: -0.18, 5 years: -0.36), computed from weekly returns as of 2026-08-27.
Is MT a good diversifier for FNGD?
Yes: at -0.28, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.28 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-mt.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fngd-vs-mt/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: FNGD correlations · MT correlations
