FNGD vs HLI: Correlation
MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Houlihan Lokey, Inc. (HLI) show a negative relationship: their 3-year correlation of weekly returns is -0.36.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and HLI?
Over the past 3 years, FNGD and HLI moved with a correlation of -0.36, which is negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (-0.14) runs above the 3-year figure (-0.36). Over 5 years the correlation is -0.38, and the annualized covariance of weekly returns is -687.3 %².
Among the 1743 assets we track against FNGD, HLI ranks #1185 by 3-year correlation. Correlation aside, the last 12 months split them widely, with HLI ahead by 22.0 points (-55.7% versus -33.7%). Risk is not evenly split, since FNGD carries 3.0 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 HLI: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | HLI (Houlihan Lokey, Inc.) | |
|---|---|---|
| 1-year return | -55.7% | -33.7% |
| 5-year return | -99.4% | +58.6% |
| Volatility (ann.) | 75.7% | 25.5% |
| Beta vs S&P 500 | -4.54 | 0.95 |
| Max drawdown (3Y) | -97.6% | -40.3% |
| Market cap | – | $9.1B |
| P/E (trailing) | 20.6 | 21.8 |
| Dividend yield | 0.00% | 1.93% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | HLI |
|---|---|---|
| 2022 | +52.2% | -13.9% |
| 2023 | -90.1% | +40.7% |
| 2024 | -76.6% | +47.0% |
| 2025 | -61.4% | +1.6% |
| 2026 | -49.5% | -24.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and HLI good diversifiers for each other?
Yes. With a correlation of -0.36, FNGD and HLI have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between FNGD and HLI?
The FNGD/HLI correlation stands at -0.36 on a 3-year window (1 year: -0.14, 5 years: -0.38), computed from weekly returns as of 2026-08-27.
Is HLI a good diversifier for FNGD?
Yes. With a correlation of -0.36, FNGD and HLI have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.36 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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/fngd-vs-hli.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fngd-vs-hli/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: FNGD correlations · HLI correlations
