FNGD vs HBT: Correlation
How closely do MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and HBT Financial, Inc. (HBT) trade together? Their weekly returns over three years give a correlation of -0.22, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and HBT?
On 3 years of weekly data the FNGD/HBT correlation comes out at -0.22, negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at 0.06 versus -0.22 over 3 years. The 5-year figure is -0.22, and annualized covariance runs at -451.6 %².
By 3-year correlation, HBT places #170 of the 1743 assets tracked against FNGD. Their recent paths diverged sharply: over the last 12 months HBT outperformed by 94.0 percentage points (-55.7% for FNGD against +38.3% for HBT). Note the risk asymmetry: FNGD runs 2.8 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 HBT: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | HBT (HBT Financial, Inc.) | |
|---|---|---|
| 1-year return | -55.7% | +38.3% |
| 5-year return | -99.4% | +160.4% |
| Volatility (ann.) | 75.7% | 26.7% |
| Beta vs S&P 500 | -4.54 | 0.80 |
| Max drawdown (3Y) | -97.6% | -18.7% |
| Market cap | – | $1.3B |
| P/E (trailing) | 20.6 | 15.2 |
| Dividend yield | 0.00% | 2.47% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | HBT |
|---|---|---|
| 2022 | +52.2% | +8.1% |
| 2023 | -90.1% | +11.7% |
| 2024 | -76.6% | +7.7% |
| 2025 | -61.4% | +22.2% |
| 2026 | -49.5% | +41.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and HBT good diversifiers for each other?
Yes: at -0.22, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between FNGD and HBT?
Using weekly returns as of 2026-08-27: -0.22 over 3 years, with 0.06 over the last year and -0.22 over 5 years.
Is HBT a good diversifier for FNGD?
Yes: at -0.22, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.22 mean?
A reading of -0.22 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-hbt.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/fngd-vs-hbt/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: FNGD correlations · HBT correlations
