FNGD vs HHH: Correlation
Measured on weekly returns over the past three years, MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Howard Hughes Holdings Inc. (HHH) carry a correlation of -0.25, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and HHH?
Across a 3-year window, the weekly returns of FNGD and HHH correlate at -0.25, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.16) sits close to the 3-year figure. Stretching to 5 years gives -0.37, with an annualized covariance of -551.3 %².
By 3-year correlation, HHH places #422 of the 1743 assets tracked against FNGD. Their recent paths diverged sharply: over the last 12 months HHH outperformed by 41.5 percentage points (-55.7% for FNGD against -14.2% for HHH). One caveat on sizing: FNGD is 2.6 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 HHH: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | HHH (Howard Hughes Holdings Inc.) | |
|---|---|---|
| 1-year return | -55.7% | -14.2% |
| 5-year return | -99.4% | -25.2% |
| Volatility (ann.) | 75.7% | 29.3% |
| Beta vs S&P 500 | -4.54 | 0.96 |
| Max drawdown (3Y) | -97.6% | -31.4% |
| Market cap | – | $3.9B |
| P/E (trailing) | 20.6 | 12.8 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | HHH |
|---|---|---|
| 2022 | +52.2% | -24.9% |
| 2023 | -90.1% | +11.9% |
| 2024 | -76.6% | -5.7% |
| 2025 | -61.4% | +3.7% |
| 2026 | -49.5% | -18.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and HHH good diversifiers for each other?
Yes: at -0.25, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between FNGD and HHH?
Using weekly returns as of 2026-08-27: -0.25 over 3 years, with -0.16 over the last year and -0.37 over 5 years.
Is HHH a good diversifier for FNGD?
Yes: at -0.25, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.25 mean?
On the −1 to +1 scale, -0.25 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-hhh.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fngd-vs-hhh/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: FNGD correlations · HHH correlations
