FNGD vs MXE: Correlation
MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Mexico Equity and Income Fund, Inc. (The) (MXE) show a negative relationship: their 3-year correlation of weekly returns is -0.29.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and MXE?
On 3 years of weekly data the FNGD/MXE correlation comes out at -0.29, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.23) sits close to the 3-year figure. The 5-year figure is -0.28, and annualized covariance runs at -434.2 %².
Among the 1743 assets we track against FNGD, MXE ranks #786 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months MXE outperformed by 78.9 percentage points (-55.7% for FNGD against +23.2% for MXE). Risk is not evenly split, since FNGD carries 3.8 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 MXE: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | MXE (Mexico Equity and Income Fund, Inc. (The)) | |
|---|---|---|
| 1-year return | -55.7% | +23.2% |
| 5-year return | -99.4% | +16.5% |
| Volatility (ann.) | 75.7% | 19.9% |
| Beta vs S&P 500 | -4.54 | 0.54 |
| Max drawdown (3Y) | -97.6% | -28.8% |
| Market cap | – | $0.1B |
| P/E (trailing) | 20.6 | 2.7 |
| Dividend yield | 0.00% | 1.74% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | MXE |
|---|---|---|
| 2022 | +52.2% | -1.6% |
| 2023 | -90.1% | +31.0% |
| 2024 | -76.6% | -25.7% |
| 2025 | -61.4% | +57.1% |
| 2026 | -49.5% | +8.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and MXE good diversifiers for each other?
Yes: at -0.29, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between FNGD and MXE?
Using weekly returns as of 2026-08-27: -0.29 over 3 years, with -0.23 over the last year and -0.28 over 5 years.
Is MXE a good diversifier for FNGD?
Yes: at -0.29, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.29 mean?
On the −1 to +1 scale, -0.29 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-mxe.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fngd-vs-mxe/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: FNGD correlations · MXE correlations
