FNGD vs HBNC: Correlation
Measured on weekly returns over the past three years, MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Horizon Bancorp, Inc. (HBNC) carry a correlation of -0.17, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and HBNC?
On 3 years of weekly data the FNGD/HBNC correlation comes out at -0.17, negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (0.01) than the 3-year average (-0.17). The 5-year figure is -0.19, and annualized covariance runs at -428.5 %².
Within FNGD's tracked universe of 1743 assets, HBNC comes in at #18 by 3-year correlation. Correlation aside, the last 12 months split them widely, with HBNC ahead by 77.8 points (-55.7% versus +22.1%). Note the risk asymmetry: FNGD runs 2.3 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 HBNC: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | HBNC (Horizon Bancorp, Inc.) | |
|---|---|---|
| 1-year return | -55.7% | +22.1% |
| 5-year return | -99.4% | +36.0% |
| Volatility (ann.) | 75.7% | 32.7% |
| Beta vs S&P 500 | -4.54 | 0.96 |
| Max drawdown (3Y) | -97.6% | -29.6% |
| Market cap | – | $1.0B |
| P/E (trailing) | 20.6 | – |
| Dividend yield | 0.00% | 3.27% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | HBNC |
|---|---|---|
| 2022 | +52.2% | -25.3% |
| 2023 | -90.1% | +0.4% |
| 2024 | -76.6% | +18.2% |
| 2025 | -61.4% | +9.8% |
| 2026 | -49.5% | +18.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and HBNC good diversifiers for each other?
Yes. With a correlation of -0.17, FNGD and HBNC have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between FNGD and HBNC?
The FNGD/HBNC correlation stands at -0.17 on a 3-year window (1 year: 0.01, 5 years: -0.19), computed from weekly returns as of 2026-08-27.
Is HBNC a good diversifier for FNGD?
Yes. With a correlation of -0.17, FNGD and HBNC have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.17 mean?
A reading of -0.17 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
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Related comparisons
Hubs: FNGD correlations · HBNC correlations
