DLHC vs FNGD: Correlation
Measured on weekly returns over the past three years, DLH Holdings Corp. (DLHC) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) carry a correlation of -0.22, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DLHC and FNGD?
On 3 years of weekly data the DLHC/FNGD correlation comes out at -0.22, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.22) sits close to the 3-year figure. The 5-year figure is -0.27, and annualized covariance runs at -682.8 %².
Out of 10 assets tracked against DLHC, FNGD lands near the bottom at #8. Their recent paths diverged sharply: over the last 12 months DLHC outperformed by 36.6 percentage points (-19.1% for DLHC against -55.7% for FNGD). Note the risk asymmetry: FNGD runs 1.8 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
DLHC vs FNGD: side by side
| DLHC (DLH Holdings Corp.) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | -19.1% | -55.7% |
| 5-year return | -61.3% | -99.4% |
| Volatility (ann.) | 41.1% | 75.7% |
| Beta vs S&P 500 | 1.07 | -4.54 |
| Max drawdown (3Y) | -84.0% | -97.6% |
| 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 | DLHC | FNGD |
|---|---|---|
| 2022 | -42.7% | +52.2% |
| 2023 | +32.7% | -90.1% |
| 2024 | -49.0% | -76.6% |
| 2025 | -29.6% | -61.4% |
| 2026 | -20.7% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DLHC and FNGD good diversifiers for each other?
By historical standards, yes. A correlation of -0.22 means the two rarely move for the same reasons.
FAQ
What is the correlation between DLHC and FNGD?
As of 2026-08-27, the correlation of weekly returns between DLHC and FNGD is -0.22 over 3 years, -0.22 over 1 year and -0.27 over 5 years.
Is FNGD a good diversifier for DLHC?
By historical standards, yes. A correlation of -0.22 means the two rarely move for the same reasons.
What does a correlation of -0.22 mean?
A reading of -0.22 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: DLHC correlations · FNGD correlations
