FNGD vs MTRN: Correlation
How closely do MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Materion Corporation (MTRN) trade together? Their weekly returns over three years give a correlation of -0.32, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and MTRN?
On 3 years of weekly data the FNGD/MTRN correlation comes out at -0.32, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.25) sits close to the 3-year figure. The 5-year figure is -0.33, and annualized covariance runs at -1103.2 %².
By 3-year correlation, MTRN places #973 of the 1743 assets tracked against FNGD. Their recent paths diverged sharply: over the last 12 months MTRN outperformed by 179.3 percentage points (-55.7% for FNGD against +123.6% for MTRN). One caveat on sizing: FNGD is 1.7 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 MTRN: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | MTRN (Materion Corporation) | |
|---|---|---|
| 1-year return | -55.7% | +123.6% |
| 5-year return | -99.4% | +248.3% |
| Volatility (ann.) | 75.7% | 45.7% |
| Beta vs S&P 500 | -4.54 | 1.51 |
| Max drawdown (3Y) | -97.6% | -47.8% |
| Market cap | – | $5.1B |
| P/E (trailing) | 20.6 | 54.9 |
| Dividend yield | 0.00% | 0.24% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | MTRN |
|---|---|---|
| 2022 | +52.2% | -4.3% |
| 2023 | -90.1% | +49.4% |
| 2024 | -76.6% | -23.7% |
| 2025 | -61.4% | +26.4% |
| 2026 | -49.5% | +98.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and MTRN good diversifiers for each other?
Yes: at -0.32, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between FNGD and MTRN?
The FNGD/MTRN correlation stands at -0.32 on a 3-year window (1 year: -0.25, 5 years: -0.33), computed from weekly returns as of 2026-08-27.
Is MTRN a good diversifier for FNGD?
Yes: at -0.32, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.32 mean?
On the −1 to +1 scale, -0.32 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/fngd-vs-mtrn.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fngd-vs-mtrn/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: FNGD correlations · MTRN correlations
