FNGD vs MXL: Correlation
MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and MaxLinear, Inc (MXL) 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 MXL?
Over the past 3 years, FNGD and MXL moved with a correlation of -0.29, which is negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.21) sits close to the 3-year figure. Over 5 years the correlation is -0.34, and the annualized covariance of weekly returns is -2305.4 %².
By 3-year correlation, MXL places #787 of the 1743 assets tracked against FNGD. Correlation aside, the last 12 months split them widely, with MXL ahead by 334.6 points (-55.7% versus +278.9%).
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 MXL: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | MXL (MaxLinear, Inc) | |
|---|---|---|
| 1-year return | -55.7% | +278.9% |
| 5-year return | -99.4% | +19.8% |
| Volatility (ann.) | 75.7% | 105.2% |
| Beta vs S&P 500 | -4.54 | 2.50 |
| Max drawdown (3Y) | -97.6% | -63.9% |
| Market cap | – | $5.8B |
| P/E (trailing) | 20.6 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | MXL |
|---|---|---|
| 2022 | +52.2% | -55.0% |
| 2023 | -90.1% | -30.0% |
| 2024 | -76.6% | -16.8% |
| 2025 | -61.4% | -11.9% |
| 2026 | -49.5% | +263.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and MXL good diversifiers for each other?
Yes. With a correlation of -0.29, FNGD and MXL have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between FNGD and MXL?
The FNGD/MXL correlation stands at -0.29 on a 3-year window (1 year: -0.21, 5 years: -0.34), computed from weekly returns as of 2026-08-27.
Is MXL a good diversifier for FNGD?
Yes. With a correlation of -0.29, FNGD and MXL have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.29 mean?
A reading of -0.29 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/fngd-vs-mxl.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fngd-vs-mxl/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: FNGD correlations · MXL correlations
