FNGD vs HEI: Correlation
Measured on weekly returns over the past three years, MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Heico Corporation (HEI) carry a correlation of -0.33, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and HEI?
On 3 years of weekly data the FNGD/HEI correlation comes out at -0.33, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.41) sits close to the 3-year figure. The 5-year figure is -0.36, and annualized covariance runs at -691.1 %².
Within FNGD's tracked universe of 1743 assets, HEI comes in at #1035 by 3-year correlation. The last year tells two different stories: HEI led by 62.2 percentage points, -55.7% for FNGD against +6.5% for HEI. 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 HEI: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | HEI (Heico Corporation) | |
|---|---|---|
| 1-year return | -55.7% | +6.5% |
| 5-year return | -99.4% | +169.4% |
| Volatility (ann.) | 75.7% | 27.5% |
| Beta vs S&P 500 | -4.54 | 0.85 |
| Max drawdown (3Y) | -97.6% | -27.1% |
| Market cap | – | – |
| P/E (trailing) | 20.6 | 57.8 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | HEI |
|---|---|---|
| 2022 | +52.2% | +6.7% |
| 2023 | -90.1% | +16.6% |
| 2024 | -76.6% | +33.1% |
| 2025 | -61.4% | +36.2% |
| 2026 | -49.5% | +4.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and HEI good diversifiers for each other?
By historical standards, yes. A correlation of -0.33 means the two rarely move for the same reasons.
FAQ
What is the correlation between FNGD and HEI?
The FNGD/HEI correlation stands at -0.33 on a 3-year window (1 year: -0.41, 5 years: -0.36), computed from weekly returns as of 2026-08-27.
Is HEI a good diversifier for FNGD?
By historical standards, yes. A correlation of -0.33 means the two rarely move for the same reasons.
What does a correlation of -0.33 mean?
On the −1 to +1 scale, -0.33 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
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Related comparisons
Hubs: FNGD correlations · HEI correlations
