FNGD vs HLIO: Correlation
MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Helios Technologies, Inc. (HLIO) show a negative relationship: their 3-year correlation of weekly returns is -0.26.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and HLIO?
Over the past 3 years, FNGD and HLIO moved with a correlation of -0.26, which is negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.12) than the 3-year average (-0.26). Over 5 years the correlation is -0.33, and the annualized covariance of weekly returns is -840.6 %².
Within FNGD's tracked universe of 1743 assets, HLIO comes in at #503 by 3-year correlation. Correlation aside, the last 12 months split them widely, with HLIO ahead by 93.5 points (-55.7% versus +37.8%). One caveat on sizing: FNGD is 1.8 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 HLIO: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | HLIO (Helios Technologies, Inc.) | |
|---|---|---|
| 1-year return | -55.7% | +37.8% |
| 5-year return | -99.4% | -5.7% |
| Volatility (ann.) | 75.7% | 42.8% |
| Beta vs S&P 500 | -4.54 | 1.18 |
| Max drawdown (3Y) | -97.6% | -55.9% |
| Market cap | – | $2.5B |
| P/E (trailing) | 20.6 | 34.9 |
| Dividend yield | 0.00% | 0.56% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | HLIO |
|---|---|---|
| 2022 | +52.2% | -48.0% |
| 2023 | -90.1% | -16.2% |
| 2024 | -76.6% | -0.8% |
| 2025 | -61.4% | +21.0% |
| 2026 | -49.5% | +39.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and HLIO good diversifiers for each other?
Yes: at -0.26, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between FNGD and HLIO?
Using weekly returns as of 2026-08-27: -0.26 over 3 years, with -0.12 over the last year and -0.33 over 5 years.
Is HLIO a good diversifier for FNGD?
Yes: at -0.26, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.26 mean?
A reading of -0.26 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-hlio.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/fngd-vs-hlio/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: FNGD correlations · HLIO correlations
