FNGD vs HBAN: Correlation
MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Huntington Bancshares (HBAN) show a negative relationship: their 3-year correlation of weekly returns is -0.24.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and HBAN?
Across a 3-year window, the weekly returns of FNGD and HBAN correlate at -0.24, negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (-0.06) runs above the 3-year figure (-0.24). Stretching to 5 years gives -0.27, with an annualized covariance of -540.8 %².
Among the 1743 assets we track against FNGD, HBAN ranks #331 by 3-year correlation. The last year tells two different stories: HBAN led by 54.0 percentage points, -55.7% for FNGD against -1.7% for HBAN. Risk is not evenly split, since FNGD carries 2.5 times the volatility of the other side.
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 HBAN: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | HBAN (Huntington Bancshares) | |
|---|---|---|
| 1-year return | -55.7% | -1.7% |
| 5-year return | -99.4% | +36.8% |
| Volatility (ann.) | 75.7% | 29.8% |
| Beta vs S&P 500 | -4.54 | 1.07 |
| Max drawdown (3Y) | -97.6% | -30.0% |
| Market cap | – | $34.1B |
| P/E (trailing) | 20.6 | 13.1 |
| Dividend yield | 0.00% | 3.64% |
| Sector / category | US Listed | Financials |
Year-by-year returns
| Year | FNGD | HBAN |
|---|---|---|
| 2022 | +52.2% | -4.4% |
| 2023 | -90.1% | -4.7% |
| 2024 | -76.6% | +33.7% |
| 2025 | -61.4% | +10.8% |
| 2026 | -49.5% | -0.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and HBAN good diversifiers for each other?
Yes. With a correlation of -0.24, FNGD and HBAN have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between FNGD and HBAN?
As of 2026-08-27, the correlation of weekly returns between FNGD and HBAN is -0.24 over 3 years, -0.06 over 1 year and -0.27 over 5 years.
Is HBAN a good diversifier for FNGD?
Yes. With a correlation of -0.24, FNGD and HBAN have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.24 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/fngd-vs-hban.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/fngd-vs-hban/)
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Related comparisons
Hubs: FNGD correlations · HBAN correlations
