FNGD vs MTUM: Correlation
How closely do MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and iShares MSCI USA Momentum Factor ETF (MTUM) trade together? Their weekly returns over three years give a correlation of -0.81, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and MTUM?
On 3 years of weekly data the FNGD/MTUM correlation comes out at -0.81, negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at -0.65 versus -0.81 over 3 years. The 5-year figure is -0.72, and annualized covariance runs at -1265.4 %².
By 3-year correlation, MTUM places #1729 of the 1743 assets tracked against FNGD. Correlation aside, the last 12 months split them widely, with MTUM ahead by 80.9 points (-55.7% versus +25.2%). One caveat on sizing: FNGD is 3.7 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 MTUM: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | MTUM (iShares MSCI USA Momentum Factor ETF) | |
|---|---|---|
| 1-year return | -55.7% | +25.2% |
| 5-year return | -99.4% | +76.1% |
| Volatility (ann.) | 75.7% | 20.6% |
| Beta vs S&P 500 | -4.54 | 1.25 |
| Max drawdown (3Y) | -97.6% | -21.0% |
| Market cap | – | – |
| P/E (trailing) | 20.6 | – |
| Dividend yield | 0.00% | 0.62% |
| Expense ratio | – | 0.15% |
| Assets under management | – | $25.3B |
| Sector / category | US Listed | ETF · US Style |
MTUM is a Large Blend fund from iShares: $25.3B under management, 126 holdings, a 0.15% expense ratio, a 0.62% trailing dividend yield.
Year-by-year returns
| Year | FNGD | MTUM |
|---|---|---|
| 2022 | +52.2% | -18.3% |
| 2023 | -90.1% | +9.1% |
| 2024 | -76.6% | +32.9% |
| 2025 | -61.4% | +22.1% |
| 2026 | -49.5% | +21.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and MTUM good diversifiers for each other?
Yes: at -0.81, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between FNGD and MTUM?
As of 2026-08-27, the correlation of weekly returns between FNGD and MTUM is -0.81 over 3 years, -0.65 over 1 year and -0.72 over 5 years.
Is MTUM a good diversifier for FNGD?
Yes: at -0.81, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.81 mean?
A reading of -0.81 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
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Related comparisons
Hubs: FNGD correlations · MTUM correlations
