FNGD vs MX: Correlation
MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Magnachip Semiconductor Corporation (MX) show a negative relationship: their 3-year correlation of weekly returns is -0.34.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and MX?
On 3 years of weekly data the FNGD/MX correlation comes out at -0.34, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.42 over 1 year against -0.34 over 3. The 5-year figure is -0.30, and annualized covariance runs at -2017.3 %².
Within FNGD's tracked universe of 1743 assets, MX comes in at #1091 by 3-year correlation. Correlation aside, the last 12 months split them widely, with MX ahead by 57.9 points (-55.7% versus +2.2%).
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 MX: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | MX (Magnachip Semiconductor Corporation) | |
|---|---|---|
| 1-year return | -55.7% | +2.2% |
| 5-year return | -99.4% | -81.9% |
| Volatility (ann.) | 75.7% | 79.4% |
| Beta vs S&P 500 | -4.54 | 1.88 |
| Max drawdown (3Y) | -97.6% | -73.5% |
| Market cap | – | $0.1B |
| P/E (trailing) | 20.6 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | MX |
|---|---|---|
| 2022 | +52.2% | -55.2% |
| 2023 | -90.1% | -20.1% |
| 2024 | -76.6% | -46.4% |
| 2025 | -61.4% | -36.6% |
| 2026 | -49.5% | +27.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and MX good diversifiers for each other?
Yes: at -0.34, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between FNGD and MX?
The FNGD/MX correlation stands at -0.34 on a 3-year window (1 year: -0.42, 5 years: -0.30), computed from weekly returns as of 2026-08-27.
Is MX a good diversifier for FNGD?
Yes: at -0.34, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.34 mean?
On the −1 to +1 scale, -0.34 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 · MX correlations
