FNGD vs MUX: Correlation
Measured on weekly returns over the past three years, MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and McEwen Inc. (MUX) carry a correlation of -0.30, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and MUX?
Over the past 3 years, FNGD and MUX moved with a correlation of -0.30, which is negative, meaning they tend to move in opposite directions. Lately the two have drifted apart, with the 1-year correlation at -0.41 versus -0.30 over 3 years. Over 5 years the correlation is -0.32, and the annualized covariance of weekly returns is -1303.0 %².
Within FNGD's tracked universe of 1743 assets, MUX comes in at #844 by 3-year correlation. Correlation aside, the last 12 months split them widely, with MUX ahead by 153.0 points (-55.7% versus +97.3%).
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 MUX: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | MUX (McEwen Inc.) | |
|---|---|---|
| 1-year return | -55.7% | +97.3% |
| 5-year return | -99.4% | +90.0% |
| Volatility (ann.) | 75.7% | 56.7% |
| Beta vs S&P 500 | -4.54 | 1.41 |
| Max drawdown (3Y) | -97.6% | -46.5% |
| Market cap | – | $1.3B |
| P/E (trailing) | 20.6 | 16.7 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | MUX |
|---|---|---|
| 2022 | +52.2% | -33.9% |
| 2023 | -90.1% | +23.0% |
| 2024 | -76.6% | +7.9% |
| 2025 | -61.4% | +137.9% |
| 2026 | -49.5% | +17.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and MUX good diversifiers for each other?
Yes. With a correlation of -0.30, FNGD and MUX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between FNGD and MUX?
The FNGD/MUX correlation stands at -0.30 on a 3-year window (1 year: -0.41, 5 years: -0.32), computed from weekly returns as of 2026-08-27.
Is MUX a good diversifier for FNGD?
Yes. With a correlation of -0.30, FNGD and MUX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.30 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.
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Related comparisons
Hubs: FNGD correlations · MUX correlations
