FNGD vs MXF: Correlation
Measured on weekly returns over the past three years, MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Mexico Fund, Inc. (The) (MXF) carry a correlation of -0.33, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and MXF?
Across a 3-year window, the weekly returns of FNGD and MXF correlate at -0.33, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.27) sits close to the 3-year figure. Stretching to 5 years gives -0.34, with an annualized covariance of -527.5 %².
By 3-year correlation, MXF places #1046 of the 1743 assets tracked against FNGD. The last year tells two different stories: MXF led by 85.2 percentage points, -55.7% for FNGD against +29.5% for MXF. One caveat on sizing: FNGD is 3.6 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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 MXF: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | MXF (Mexico Fund, Inc. (The)) | |
|---|---|---|
| 1-year return | -55.7% | +29.5% |
| 5-year return | -99.4% | +82.1% |
| Volatility (ann.) | 75.7% | 21.3% |
| Beta vs S&P 500 | -4.54 | 0.67 |
| Max drawdown (3Y) | -97.6% | -30.7% |
| Market cap | – | $0.3B |
| P/E (trailing) | 20.6 | 3.4 |
| Dividend yield | 0.00% | 5.43% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | MXF |
|---|---|---|
| 2022 | +52.2% | -1.7% |
| 2023 | -90.1% | +35.8% |
| 2024 | -76.6% | -27.1% |
| 2025 | -61.4% | +61.9% |
| 2026 | -49.5% | +14.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and MXF good diversifiers for each other?
By historical standards, yes. A correlation of -0.33 means the two rarely move for the same reasons.
FAQ
What is the correlation between FNGD and MXF?
The FNGD/MXF correlation stands at -0.33 on a 3-year window (1 year: -0.27, 5 years: -0.34), computed from weekly returns as of 2026-08-27.
Is MXF a good diversifier for FNGD?
By historical standards, yes. A correlation of -0.33 means the two rarely move for the same reasons.
What does a correlation of -0.33 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-mxf.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fngd-vs-mxf/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: FNGD correlations · MXF correlations
