FNGD vs MUJ: Correlation
Measured on weekly returns over the past three years, MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Blackrock MuniHoldings New Jersey Quality Fund, Inc. (MUJ) carry a correlation of -0.28, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and MUJ?
On 3 years of weekly data the FNGD/MUJ correlation comes out at -0.28, negative, meaning they tend to move in opposite directions. The link has loosened recently: the 1-year correlation (-0.56) runs below the 3-year figure (-0.28). The 5-year figure is -0.33, and annualized covariance runs at -225.0 %².
Within FNGD's tracked universe of 1743 assets, MUJ comes in at #712 by 3-year correlation. Correlation aside, the last 12 months split them widely, with MUJ ahead by 70.8 points (-55.7% versus +15.1%). Note the risk asymmetry: FNGD runs 7.2 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 MUJ: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | MUJ (Blackrock MuniHoldings New Jersey Quality Fund, Inc.) | |
|---|---|---|
| 1-year return | -55.7% | +15.1% |
| 5-year return | -99.4% | -1.3% |
| Volatility (ann.) | 75.7% | 10.5% |
| Beta vs S&P 500 | -4.54 | 0.31 |
| Max drawdown (3Y) | -97.6% | -9.8% |
| Market cap | – | – |
| P/E (trailing) | 20.6 | 26.9 |
| Dividend yield | 0.00% | 5.30% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | MUJ |
|---|---|---|
| 2022 | +52.2% | -26.3% |
| 2023 | -90.1% | +7.6% |
| 2024 | -76.6% | +2.3% |
| 2025 | -61.4% | +13.9% |
| 2026 | -49.5% | +5.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and MUJ good diversifiers for each other?
By historical standards, yes. A correlation of -0.28 means the two rarely move for the same reasons.
FAQ
What is the correlation between FNGD and MUJ?
As of 2026-08-27, the correlation of weekly returns between FNGD and MUJ is -0.28 over 3 years, -0.56 over 1 year and -0.33 over 5 years.
Is MUJ a good diversifier for FNGD?
By historical standards, yes. A correlation of -0.28 means the two rarely move for the same reasons.
What does a correlation of -0.28 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/fngd-vs-muj.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/fngd-vs-muj/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: FNGD correlations · MUJ correlations
