FNGD vs HEQ: Correlation
Measured on weekly returns over the past three years, MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and John Hancock Diversified Income Fund (HEQ) carry a correlation of -0.48, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and HEQ?
Over the past 3 years, FNGD and HEQ moved with a correlation of -0.48, which is negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.45 over 1 year against -0.48 over 3. Over 5 years the correlation is -0.29, and the annualized covariance of weekly returns is -447.4 %².
Within FNGD's tracked universe of 1743 assets, HEQ comes in at #1553 by 3-year correlation. The last year tells two different stories: HEQ led by 76.5 percentage points, -55.7% for FNGD against +20.8% for HEQ. Note the risk asymmetry: FNGD runs 6.2 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 HEQ: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | HEQ (John Hancock Diversified Income Fund) | |
|---|---|---|
| 1-year return | -55.7% | +20.8% |
| 5-year return | -99.4% | +43.5% |
| Volatility (ann.) | 75.7% | 12.3% |
| Beta vs S&P 500 | -4.54 | 0.59 |
| Max drawdown (3Y) | -97.6% | -11.5% |
| Market cap | – | $0.1B |
| P/E (trailing) | 20.6 | 7.6 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | HEQ |
|---|---|---|
| 2022 | +52.2% | -3.1% |
| 2023 | -90.1% | -3.1% |
| 2024 | -76.6% | +11.7% |
| 2025 | -61.4% | +15.6% |
| 2026 | -49.5% | +15.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and HEQ good diversifiers for each other?
By historical standards, yes. A correlation of -0.48 means the two rarely move for the same reasons.
FAQ
What is the correlation between FNGD and HEQ?
As of 2026-08-27, the correlation of weekly returns between FNGD and HEQ is -0.48 over 3 years, -0.45 over 1 year and -0.29 over 5 years.
Is HEQ a good diversifier for FNGD?
By historical standards, yes. A correlation of -0.48 means the two rarely move for the same reasons.
What does a correlation of -0.48 mean?
On the −1 to +1 scale, -0.48 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-heq.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/fngd-vs-heq/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: FNGD correlations · HEQ correlations
