FNGD vs MTZ: Correlation
Measured on weekly returns over the past three years, MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and MasTec, Inc. (MTZ) carry a correlation of -0.31, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and MTZ?
Across a 3-year window, the weekly returns of FNGD and MTZ correlate at -0.31, negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.04) than the 3-year average (-0.31). Stretching to 5 years gives -0.33, with an annualized covariance of -1072.3 %².
Within FNGD's tracked universe of 1743 assets, MTZ comes in at #905 by 3-year correlation. Correlation aside, the last 12 months split them widely, with MTZ ahead by 95.2 points (-55.7% versus +39.5%). 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 MTZ: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | MTZ (MasTec, Inc.) | |
|---|---|---|
| 1-year return | -55.7% | +39.5% |
| 5-year return | -99.4% | +170.8% |
| Volatility (ann.) | 75.7% | 45.9% |
| Beta vs S&P 500 | -4.54 | 1.37 |
| Max drawdown (3Y) | -97.6% | -52.8% |
| Market cap | – | $20.2B |
| P/E (trailing) | 20.6 | 40.1 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | MTZ |
|---|---|---|
| 2022 | +52.2% | -7.5% |
| 2023 | -90.1% | -11.3% |
| 2024 | -76.6% | +79.8% |
| 2025 | -61.4% | +59.7% |
| 2026 | -49.5% | +15.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and MTZ good diversifiers for each other?
By historical standards, yes. A correlation of -0.31 means the two rarely move for the same reasons.
FAQ
What is the correlation between FNGD and MTZ?
The FNGD/MTZ correlation stands at -0.31 on a 3-year window (1 year: -0.04, 5 years: -0.33), computed from weekly returns as of 2026-08-27.
Is MTZ a good diversifier for FNGD?
By historical standards, yes. A correlation of -0.31 means the two rarely move for the same reasons.
What does a correlation of -0.31 mean?
On the −1 to +1 scale, -0.31 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-mtz.json
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[](https://www.pairbook.io/pair/fngd-vs-mtz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: FNGD correlations · MTZ correlations
