FNGD vs MTW: Correlation
MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Manitowoc Company, Inc. (The) (MTW) show a negative relationship: their 3-year correlation of weekly returns is -0.25.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and MTW?
Over the past 3 years, FNGD and MTW moved with a correlation of -0.25, which is negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (-0.12) runs above the 3-year figure (-0.25). Over 5 years the correlation is -0.31, and the annualized covariance of weekly returns is -1022.1 %².
Within FNGD's tracked universe of 1743 assets, MTW comes in at #439 by 3-year correlation. Correlation aside, the last 12 months split them widely, with MTW ahead by 143.7 points (-55.7% versus +88.0%).
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 MTW: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | MTW (Manitowoc Company, Inc. (The)) | |
|---|---|---|
| 1-year return | -55.7% | +88.0% |
| 5-year return | -99.4% | -22.9% |
| Volatility (ann.) | 75.7% | 53.7% |
| Beta vs S&P 500 | -4.54 | 1.63 |
| Max drawdown (3Y) | -97.6% | -58.5% |
| Market cap | – | $0.7B |
| P/E (trailing) | 20.6 | 34.6 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | MTW |
|---|---|---|
| 2022 | +52.2% | -50.7% |
| 2023 | -90.1% | +82.2% |
| 2024 | -76.6% | -45.3% |
| 2025 | -61.4% | +31.3% |
| 2026 | -49.5% | +58.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and MTW good diversifiers for each other?
Yes. With a correlation of -0.25, FNGD and MTW have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between FNGD and MTW?
Using weekly returns as of 2026-08-27: -0.25 over 3 years, with -0.12 over the last year and -0.31 over 5 years.
Is MTW a good diversifier for FNGD?
Yes. With a correlation of -0.25, FNGD and MTW have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.25 mean?
On the −1 to +1 scale, -0.25 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.
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Related comparisons
Hubs: FNGD correlations · MTW correlations
