FNGD vs FRHC: Correlation
Measured on weekly returns over the past three years, MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Freedom Holding Corp. (FRHC) carry a correlation of -0.32, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and FRHC?
Across a 3-year window, the weekly returns of FNGD and FRHC correlate at -0.32, negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.25 lands near the 3-year figure. Stretching to 5 years gives -0.40, with an annualized covariance of -972.5 %².
Among the 1743 assets we track against FNGD, FRHC ranks #951 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months FRHC outperformed by 53.8 percentage points (-55.7% for FNGD against -1.9% for FRHC). Note the risk asymmetry: FNGD runs 1.9 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.
FNGD vs FRHC: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | FRHC (Freedom Holding Corp.) | |
|---|---|---|
| 1-year return | -55.7% | -1.9% |
| 5-year return | -99.4% | +163.7% |
| Volatility (ann.) | 75.7% | 39.9% |
| Beta vs S&P 500 | -4.54 | 0.87 |
| Max drawdown (3Y) | -97.6% | -41.1% |
| Market cap | – | $10.9B |
| P/E (trailing) | 20.6 | 71.1 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | FRHC |
|---|---|---|
| 2022 | +52.2% | -16.0% |
| 2023 | -90.1% | +38.4% |
| 2024 | -76.6% | +62.1% |
| 2025 | -61.4% | -6.9% |
| 2026 | -49.5% | +40.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and FRHC good diversifiers for each other?
By historical standards, yes. A correlation of -0.32 means the two rarely move for the same reasons.
FAQ
What is the correlation between FNGD and FRHC?
Using weekly returns as of 2026-08-27: -0.32 over 3 years, with -0.25 over the last year and -0.40 over 5 years.
Is FRHC a good diversifier for FNGD?
By historical standards, yes. A correlation of -0.32 means the two rarely move for the same reasons.
What does a correlation of -0.32 mean?
A reading of -0.32 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-frhc.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/fngd-vs-frhc/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: FNGD correlations · FRHC correlations
