FHTX vs FNGD: Correlation
Foghorn Therapeutics Inc. (FHTX) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) show a negative relationship: their 3-year correlation of weekly returns is -0.25.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FHTX and FNGD?
Across a 3-year window, the weekly returns of FHTX and FNGD correlate at -0.25, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.35 over 1 year against -0.25 over 3. Stretching to 5 years gives -0.26, with an annualized covariance of -1987.1 %².
Among the 12 assets we track against FHTX, FNGD sits near the bottom by co-movement, at rank #10. The last year tells two different stories: FHTX led by 70.7 percentage points, +15.0% for FHTX against -55.7% for FNGD.
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.
FHTX vs FNGD: side by side
| FHTX (Foghorn Therapeutics Inc.) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | +15.0% | -55.7% |
| 5-year return | -49.1% | -99.4% |
| Volatility (ann.) | 103.7% | 75.7% |
| Beta vs S&P 500 | 2.17 | -4.54 |
| Max drawdown (3Y) | -68.5% | -97.6% |
| Market cap | $0.4B | – |
| P/E (trailing) | – | 20.6 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FHTX | FNGD |
|---|---|---|
| 2022 | -72.1% | +52.2% |
| 2023 | +1.1% | -90.1% |
| 2024 | -26.8% | -76.6% |
| 2025 | +14.4% | -61.4% |
| 2026 | +15.2% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FHTX and FNGD good diversifiers for each other?
By historical standards, yes. A correlation of -0.25 means the two rarely move for the same reasons.
FAQ
What is the correlation between FHTX and FNGD?
The FHTX/FNGD correlation stands at -0.25 on a 3-year window (1 year: -0.35, 5 years: -0.26), computed from weekly returns as of 2026-08-27.
Is FNGD a good diversifier for FHTX?
By historical standards, yes. A correlation of -0.25 means the two rarely move for the same reasons.
What does a correlation of -0.25 mean?
A reading of -0.25 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: FHTX correlations · FNGD correlations
