FNGD vs HGLB: Correlation
MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Highland Global Allocation Fund (HGLB) show a negative relationship: their 3-year correlation of weekly returns is -0.37.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and HGLB?
Over the past 3 years, FNGD and HGLB moved with a correlation of -0.37, which is negative, meaning they tend to move in opposite directions. The link has loosened recently: the 1-year correlation (-0.51) runs below the 3-year figure (-0.37). Over 5 years the correlation is -0.29, and the annualized covariance of weekly returns is -737.4 %².
Among the 1743 assets we track against FNGD, HGLB ranks #1225 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months HGLB outperformed by 56.7 percentage points (-55.7% for FNGD against +1.0% for HGLB). Risk is not evenly split, since FNGD carries 2.9 times the volatility of the other side.
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 HGLB: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | HGLB (Highland Global Allocation Fund) | |
|---|---|---|
| 1-year return | -55.7% | +1.0% |
| 5-year return | -99.4% | +36.3% |
| Volatility (ann.) | 75.7% | 26.1% |
| Beta vs S&P 500 | -4.54 | 0.91 |
| Max drawdown (3Y) | -97.6% | -24.1% |
| Market cap | – | $0.2B |
| P/E (trailing) | 20.6 | 18.9 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | HGLB |
|---|---|---|
| 2022 | +52.2% | +14.5% |
| 2023 | -90.1% | -6.1% |
| 2024 | -76.6% | -1.5% |
| 2025 | -61.4% | +51.7% |
| 2026 | -49.5% | -10.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and HGLB good diversifiers for each other?
Yes: at -0.37, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between FNGD and HGLB?
Using weekly returns as of 2026-08-27: -0.37 over 3 years, with -0.51 over the last year and -0.29 over 5 years.
Is HGLB a good diversifier for FNGD?
Yes: at -0.37, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.37 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
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Related comparisons
Hubs: FNGD correlations · HGLB correlations
