FNGD vs HD: Correlation
Measured on weekly returns over the past three years, MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Home Depot (The) (HD) 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 HD?
Across a 3-year window, the weekly returns of FNGD and HD correlate at -0.32, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.25 over 1 year against -0.32 over 3. Stretching to 5 years gives -0.39, with an annualized covariance of -575.3 %².
Within FNGD's tracked universe of 1743 assets, HD comes in at #959 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months HD outperformed by 38.3 percentage points (-55.7% for FNGD against -17.4% for HD). Note the risk asymmetry: FNGD runs 3.2 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 HD: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | HD (Home Depot (The)) | |
|---|---|---|
| 1-year return | -55.7% | -17.4% |
| 5-year return | -99.4% | +13.8% |
| Volatility (ann.) | 75.7% | 23.6% |
| Beta vs S&P 500 | -4.54 | 0.87 |
| Max drawdown (3Y) | -97.6% | -28.8% |
| Market cap | – | $327.9B |
| P/E (trailing) | 20.6 | 23.4 |
| Dividend yield | 0.00% | 1.38% |
| Sector / category | US Listed | Consumer Discretionary |
Year-by-year returns
| Year | FNGD | HD |
|---|---|---|
| 2022 | +52.2% | -22.0% |
| 2023 | -90.1% | +12.8% |
| 2024 | -76.6% | +15.0% |
| 2025 | -61.4% | -9.3% |
| 2026 | -49.5% | -3.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and HD good diversifiers for each other?
Yes. With a correlation of -0.32, FNGD and HD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between FNGD and HD?
The FNGD/HD correlation stands at -0.32 on a 3-year window (1 year: -0.25, 5 years: -0.39), computed from weekly returns as of 2026-08-27.
Is HD a good diversifier for FNGD?
Yes. With a correlation of -0.32, FNGD and HD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
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-hd.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fngd-vs-hd/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: FNGD correlations · HD correlations
