FNGD vs MTX: Correlation
Measured on weekly returns over the past three years, MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Minerals Technologies Inc. (MTX) carry a correlation of -0.18, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and MTX?
On 3 years of weekly data the FNGD/MTX correlation comes out at -0.18, negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (0.14) than the 3-year average (-0.18). The 5-year figure is -0.29, and annualized covariance runs at -421.3 %².
By 3-year correlation, MTX places #29 of the 1743 assets tracked against FNGD. Correlation aside, the last 12 months split them widely, with MTX ahead by 67.7 points (-55.7% versus +12.0%). Note the risk asymmetry: FNGD runs 2.5 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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 MTX: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | MTX (Minerals Technologies Inc.) | |
|---|---|---|
| 1-year return | -55.7% | +12.0% |
| 5-year return | -99.4% | -6.2% |
| Volatility (ann.) | 75.7% | 30.4% |
| Beta vs S&P 500 | -4.54 | 0.90 |
| Max drawdown (3Y) | -97.6% | -42.5% |
| Market cap | – | $2.3B |
| P/E (trailing) | 20.6 | – |
| Dividend yield | 0.00% | 0.65% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | MTX |
|---|---|---|
| 2022 | +52.2% | -16.7% |
| 2023 | -90.1% | +18.0% |
| 2024 | -76.6% | +7.4% |
| 2025 | -61.4% | -19.4% |
| 2026 | -49.5% | +19.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and MTX good diversifiers for each other?
Yes: at -0.18, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between FNGD and MTX?
Using weekly returns as of 2026-08-27: -0.18 over 3 years, with 0.14 over the last year and -0.29 over 5 years.
Is MTX a good diversifier for FNGD?
Yes: at -0.18, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.18 mean?
A reading of -0.18 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-mtx.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/fngd-vs-mtx/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: FNGD correlations · MTX correlations
