FNGD vs MTD: Correlation
MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Mettler Toledo (MTD) show a negative relationship: their 3-year correlation of weekly returns is -0.27.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and MTD?
Across a 3-year window, the weekly returns of FNGD and MTD correlate at -0.27, negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.02) than the 3-year average (-0.27). Stretching to 5 years gives -0.41, with an annualized covariance of -652.0 %².
Among the 1743 assets we track against FNGD, MTD ranks #616 by 3-year correlation. Correlation aside, the last 12 months split them widely, with MTD ahead by 65.2 points (-55.7% versus +9.5%). One caveat on sizing: FNGD is 2.4 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 MTD: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | MTD (Mettler Toledo) | |
|---|---|---|
| 1-year return | -55.7% | +9.5% |
| 5-year return | -99.4% | -11.4% |
| Volatility (ann.) | 75.7% | 31.4% |
| Beta vs S&P 500 | -4.54 | 1.00 |
| Max drawdown (3Y) | -97.6% | -36.6% |
| Market cap | – | $28.2B |
| P/E (trailing) | 20.6 | 31.7 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | Health Care |
Year-by-year returns
| Year | FNGD | MTD |
|---|---|---|
| 2022 | +52.2% | -14.8% |
| 2023 | -90.1% | -16.1% |
| 2024 | -76.6% | +0.9% |
| 2025 | -61.4% | +13.9% |
| 2026 | -49.5% | +0.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and MTD 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 MTD?
As of 2026-08-27, the correlation of weekly returns between FNGD and MTD is -0.27 over 3 years, -0.02 over 1 year and -0.41 over 5 years.
Is MTD 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?
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
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Related comparisons
Hubs: FNGD correlations · MTD correlations
