FNGD vs HIX: Correlation
MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Western Asset High Income Fund II Inc. (HIX) show a negative relationship: their 3-year correlation of weekly returns is -0.40.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and HIX?
Across a 3-year window, the weekly returns of FNGD and HIX correlate at -0.40, negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.42 lands near the 3-year figure. Stretching to 5 years gives -0.43, with an annualized covariance of -403.7 %².
By 3-year correlation, HIX places #1354 of the 1743 assets tracked against FNGD. Their recent paths diverged sharply: over the last 12 months HIX outperformed by 60.7 percentage points (-55.7% for FNGD against +5.0% for HIX). One caveat on sizing: FNGD is 5.6 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 HIX: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | HIX (Western Asset High Income Fund II Inc.) | |
|---|---|---|
| 1-year return | -55.7% | +5.0% |
| 5-year return | -99.4% | -2.9% |
| Volatility (ann.) | 75.7% | 13.4% |
| Beta vs S&P 500 | -4.54 | 0.55 |
| Max drawdown (3Y) | -97.6% | -13.8% |
| Market cap | – | $0.4B |
| P/E (trailing) | 20.6 | 7.6 |
| Dividend yield | 0.00% | 15.04% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | HIX |
|---|---|---|
| 2022 | +52.2% | -24.6% |
| 2023 | -90.1% | +15.7% |
| 2024 | -76.6% | -3.1% |
| 2025 | -61.4% | +13.6% |
| 2026 | -49.5% | +3.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and HIX good diversifiers for each other?
Yes. With a correlation of -0.40, FNGD and HIX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between FNGD and HIX?
As of 2026-08-27, the correlation of weekly returns between FNGD and HIX is -0.40 over 3 years, -0.42 over 1 year and -0.43 over 5 years.
Is HIX a good diversifier for FNGD?
Yes. With a correlation of -0.40, FNGD and HIX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.40 mean?
On the −1 to +1 scale, -0.40 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-hix.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fngd-vs-hix/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: FNGD correlations · HIX correlations
