FNGD vs HGV: Correlation
How closely do MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Hilton Grand Vacations Inc. (HGV) trade together? Their weekly returns over three years give a correlation of -0.31, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and HGV?
Over the past 3 years, FNGD and HGV moved with a correlation of -0.31, which is negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.35 lands near the 3-year figure. Over 5 years the correlation is -0.40, and the annualized covariance of weekly returns is -842.1 %².
Within FNGD's tracked universe of 1743 assets, HGV comes in at #895 by 3-year correlation. Correlation aside, the last 12 months split them widely, with HGV ahead by 48.5 points (-55.7% versus -7.2%). One caveat on sizing: FNGD is 2.1 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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 HGV: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | HGV (Hilton Grand Vacations Inc.) | |
|---|---|---|
| 1-year return | -55.7% | -7.2% |
| 5-year return | -99.4% | +1.7% |
| Volatility (ann.) | 75.7% | 36.3% |
| Beta vs S&P 500 | -4.54 | 1.38 |
| Max drawdown (3Y) | -97.6% | -34.6% |
| Market cap | – | $3.4B |
| P/E (trailing) | 20.6 | 25.6 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | HGV |
|---|---|---|
| 2022 | +52.2% | -26.0% |
| 2023 | -90.1% | +4.3% |
| 2024 | -76.6% | -3.1% |
| 2025 | -61.4% | +14.9% |
| 2026 | -49.5% | -2.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and HGV good diversifiers for each other?
By historical standards, yes. A correlation of -0.31 means the two rarely move for the same reasons.
FAQ
What is the correlation between FNGD and HGV?
Using weekly returns as of 2026-08-27: -0.31 over 3 years, with -0.35 over the last year and -0.40 over 5 years.
Is HGV a good diversifier for FNGD?
By historical standards, yes. A correlation of -0.31 means the two rarely move for the same reasons.
What does a correlation of -0.31 mean?
A reading of -0.31 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-hgv.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fngd-vs-hgv/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: FNGD correlations · HGV correlations
