FNGD vs MXCT: Correlation
MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and MaxCyte, Inc. (MXCT) show a negative relationship: their 3-year correlation of weekly returns is -0.27.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and MXCT?
On 3 years of weekly data the FNGD/MXCT correlation comes out at -0.27, negative, meaning they tend to move in opposite directions. Lately the two have drifted apart, with the 1-year correlation at -0.42 versus -0.27 over 3 years. The 5-year figure is -0.35, and annualized covariance runs at -1296.2 %².
Among the 1743 assets we track against FNGD, MXCT ranks #617 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months MXCT outperformed by 47.1 percentage points (-55.7% for FNGD against -8.6% for MXCT).
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 MXCT: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | MXCT (MaxCyte, Inc.) | |
|---|---|---|
| 1-year return | -55.7% | -8.6% |
| 5-year return | -99.4% | -91.7% |
| Volatility (ann.) | 75.7% | 63.0% |
| Beta vs S&P 500 | -4.54 | 1.35 |
| Max drawdown (3Y) | -97.6% | -87.4% |
| 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 | MXCT |
|---|---|---|
| 2022 | +52.2% | -46.4% |
| 2023 | -90.1% | -13.9% |
| 2024 | -76.6% | -11.5% |
| 2025 | -61.4% | -62.7% |
| 2026 | -49.5% | -17.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and MXCT good diversifiers for each other?
Yes: at -0.27, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between FNGD and MXCT?
Using weekly returns as of 2026-08-27: -0.27 over 3 years, with -0.42 over the last year and -0.35 over 5 years.
Is MXCT a good diversifier for FNGD?
Yes: at -0.27, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.27 mean?
On the −1 to +1 scale, -0.27 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 · MXCT correlations
