The interplay between structural and magnetic properties of nanostructured magnetic materials allows to realize unconventional magnetic effects, which results in a demand for experimental techniques to determine the magnetization profile with nanoscale resolution. Magnetic small-angle neutron scattering (SANS) probes both the chemical and magnetic nanostructure and is thus a powerful technique e.g. for the characterization of magnetic nanoparticles. Here, we show that the conventionally used particle-matrix approach to describe SANS of magnetic particle assemblies, however, leads to a flawed interpretation. As remedy, we provide general expressions for the fielddependent 2D magnetic SANS cross-section of correlated moments. It is shown that for structurally disordered ensembles the magnetic structure factor is in general, and contrary to common assumptions, (i) anisotropic also in zero field, and (ii) that even in saturation the magnetic structure factor deviates from the nuclear one. These theoretical predictions explain qualitatively the intriguing experimental, polarized SANS data of an ensemble of dipolar-coupled iron oxide nanoparticles. arXiv:1904.06243v3 [cond-mat.mes-hall]