FNGD vs MTN: Correlation
Measured on weekly returns over the past three years, MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Vail Resorts, Inc. (MTN) carry a correlation of -0.25, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and MTN?
Across a 3-year window, the weekly returns of FNGD and MTN correlate at -0.25, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.18 over 1 year against -0.25 over 3. Stretching to 5 years gives -0.36, with an annualized covariance of -547.3 %².
By 3-year correlation, MTN places #438 of the 1743 assets tracked against FNGD. The last year tells two different stories: MTN led by 50.3 percentage points, -55.7% for FNGD against -5.4% for MTN. One caveat on sizing: FNGD is 2.6 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 MTN: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | MTN (Vail Resorts, Inc.) | |
|---|---|---|
| 1-year return | -55.7% | -5.4% |
| 5-year return | -99.4% | -41.0% |
| Volatility (ann.) | 75.7% | 29.1% |
| Beta vs S&P 500 | -4.54 | 0.68 |
| Max drawdown (3Y) | -97.6% | -45.7% |
| Market cap | – | $5.2B |
| P/E (trailing) | 20.6 | 32.1 |
| Dividend yield | 0.00% | 5.97% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | MTN |
|---|---|---|
| 2022 | +52.2% | -24.9% |
| 2023 | -90.1% | -7.1% |
| 2024 | -76.6% | -8.0% |
| 2025 | -61.4% | -24.9% |
| 2026 | -49.5% | +12.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and MTN good diversifiers for each other?
By historical standards, yes. A correlation of -0.25 means the two rarely move for the same reasons.
FAQ
What is the correlation between FNGD and MTN?
The FNGD/MTN correlation stands at -0.25 on a 3-year window (1 year: -0.18, 5 years: -0.36), computed from weekly returns as of 2026-08-27.
Is MTN a good diversifier for FNGD?
By historical standards, yes. A correlation of -0.25 means the two rarely move for the same reasons.
What does a correlation of -0.25 mean?
A reading of -0.25 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-mtn.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fngd-vs-mtn/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: FNGD correlations · MTN correlations
