FNGD vs MTA: Correlation
How closely do MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Metalla Royalty & Streaming Ltd. (MTA) trade together? Their weekly returns over three years give a correlation of -0.27, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and MTA?
On 3 years of weekly data the FNGD/MTA correlation comes out at -0.27, negative, meaning they tend to move in opposite directions. The link has loosened recently: the 1-year correlation (-0.46) runs below the 3-year figure (-0.27). The 5-year figure is -0.33, and annualized covariance runs at -1053.3 %².
Among the 1743 assets we track against FNGD, MTA ranks #615 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months MTA outperformed by 175.4 percentage points (-55.7% for FNGD against +119.7% for MTA).
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 MTA: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | MTA (Metalla Royalty & Streaming Ltd.) | |
|---|---|---|
| 1-year return | -55.7% | +119.7% |
| 5-year return | -99.4% | +45.5% |
| Volatility (ann.) | 75.7% | 51.6% |
| Beta vs S&P 500 | -4.54 | 1.16 |
| Max drawdown (3Y) | -97.6% | -44.4% |
| Market cap | – | $1.0B |
| P/E (trailing) | 20.6 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | MTA |
|---|---|---|
| 2022 | +52.2% | -29.1% |
| 2023 | -90.1% | -37.0% |
| 2024 | -76.6% | -18.5% |
| 2025 | -61.4% | +210.0% |
| 2026 | -49.5% | +41.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and MTA good diversifiers for each other?
By historical standards, yes. A correlation of -0.27 means the two rarely move for the same reasons.
FAQ
What is the correlation between FNGD and MTA?
Using weekly returns as of 2026-08-27: -0.27 over 3 years, with -0.46 over the last year and -0.33 over 5 years.
Is MTA a good diversifier for FNGD?
By historical standards, yes. A correlation of -0.27 means the two rarely move for the same reasons.
What does a correlation of -0.27 mean?
A reading of -0.27 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-mta.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/fngd-vs-mta/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: FNGD correlations · MTA correlations
