FNGD vs HBIO: Correlation
How closely do MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Harvard Bioscience, Inc. (HBIO) trade together? Their weekly returns over three years give a correlation of -0.26, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and HBIO?
On 3 years of weekly data the FNGD/HBIO correlation comes out at -0.26, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.23) sits close to the 3-year figure. The 5-year figure is -0.26, and annualized covariance runs at -1494.7 %².
By 3-year correlation, HBIO places #502 of the 1743 assets tracked against FNGD. Their recent paths diverged sharply: over the last 12 months HBIO outperformed by 104.8 percentage points (-55.7% for FNGD against +49.1% for HBIO).
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 HBIO: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | HBIO (Harvard Bioscience, Inc.) | |
|---|---|---|
| 1-year return | -55.7% | +49.1% |
| 5-year return | -99.4% | -90.4% |
| Volatility (ann.) | 75.7% | 75.4% |
| Beta vs S&P 500 | -4.54 | 1.79 |
| Max drawdown (3Y) | -97.6% | -94.9% |
| Market cap | – | – |
| P/E (trailing) | 20.6 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | HBIO |
|---|---|---|
| 2022 | +52.2% | -60.7% |
| 2023 | -90.1% | +93.1% |
| 2024 | -76.6% | -60.6% |
| 2025 | -61.4% | -68.2% |
| 2026 | -49.5% | +17.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and HBIO good diversifiers for each other?
Yes. With a correlation of -0.26, FNGD and HBIO have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between FNGD and HBIO?
Using weekly returns as of 2026-08-27: -0.26 over 3 years, with -0.23 over the last year and -0.26 over 5 years.
Is HBIO a good diversifier for FNGD?
Yes. With a correlation of -0.26, FNGD and HBIO have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.26 mean?
On the −1 to +1 scale, -0.26 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/fngd-vs-hbio.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/fngd-vs-hbio/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: FNGD correlations · HBIO correlations
