FNGD vs MTSI: Correlation
Measured on weekly returns over the past three years, MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and MACOM Technology Solutions Holdings, Inc. (MTSI) carry a correlation of -0.43, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and MTSI?
On 3 years of weekly data the FNGD/MTSI correlation comes out at -0.43, negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at -0.23 versus -0.43 over 3 years. The 5-year figure is -0.45, and annualized covariance runs at -1576.1 %².
Among the 1743 assets we track against FNGD, MTSI ranks #1456 by 3-year correlation. Correlation aside, the last 12 months split them widely, with MTSI ahead by 169.5 points (-55.7% versus +113.8%). Risk is not evenly split, since FNGD carries 1.6 times the volatility of the other side.
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 MTSI: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | MTSI (MACOM Technology Solutions Holdings, Inc.) | |
|---|---|---|
| 1-year return | -55.7% | +113.8% |
| 5-year return | -99.4% | +341.3% |
| Volatility (ann.) | 75.7% | 48.7% |
| Beta vs S&P 500 | -4.54 | 1.65 |
| Max drawdown (3Y) | -97.6% | -44.2% |
| Market cap | – | $21.2B |
| P/E (trailing) | 20.6 | 88.3 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | MTSI |
|---|---|---|
| 2022 | +52.2% | -19.6% |
| 2023 | -90.1% | +47.6% |
| 2024 | -76.6% | +39.8% |
| 2025 | -61.4% | +31.8% |
| 2026 | -49.5% | +61.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and MTSI good diversifiers for each other?
By historical standards, yes. A correlation of -0.43 means the two rarely move for the same reasons.
FAQ
What is the correlation between FNGD and MTSI?
The FNGD/MTSI correlation stands at -0.43 on a 3-year window (1 year: -0.23, 5 years: -0.45), computed from weekly returns as of 2026-08-27.
Is MTSI a good diversifier for FNGD?
By historical standards, yes. A correlation of -0.43 means the two rarely move for the same reasons.
What does a correlation of -0.43 mean?
A reading of -0.43 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: FNGD correlations · MTSI correlations
