FNGD vs HLIT: Correlation
How closely do MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Harmonic Inc. (HLIT) trade together? Their weekly returns over three years give a correlation of -0.29, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and HLIT?
Over the past 3 years, FNGD and HLIT moved with a correlation of -0.29, which is negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.26 over 1 year against -0.29 over 3. Over 5 years the correlation is -0.30, and the annualized covariance of weekly returns is -1046.2 %².
Within FNGD's tracked universe of 1743 assets, HLIT comes in at #773 by 3-year correlation. Correlation aside, the last 12 months split them widely, with HLIT ahead by 85.1 points (-55.7% versus +29.4%). Risk is not evenly split, since FNGD carries 1.6 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 HLIT: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | HLIT (Harmonic Inc.) | |
|---|---|---|
| 1-year return | -55.7% | +29.4% |
| 5-year return | -99.4% | +34.2% |
| Volatility (ann.) | 75.7% | 46.9% |
| Beta vs S&P 500 | -4.54 | 1.41 |
| Max drawdown (3Y) | -97.6% | -44.3% |
| Market cap | – | $1.3B |
| P/E (trailing) | 20.6 | 51.2 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | HLIT |
|---|---|---|
| 2022 | +52.2% | +11.4% |
| 2023 | -90.1% | -0.5% |
| 2024 | -76.6% | +1.5% |
| 2025 | -61.4% | -25.2% |
| 2026 | -49.5% | +24.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and HLIT good diversifiers for each other?
Yes. With a correlation of -0.29, FNGD and HLIT have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between FNGD and HLIT?
As of 2026-08-27, the correlation of weekly returns between FNGD and HLIT is -0.29 over 3 years, -0.26 over 1 year and -0.30 over 5 years.
Is HLIT a good diversifier for FNGD?
Yes. With a correlation of -0.29, FNGD and HLIT have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.29 mean?
On the −1 to +1 scale, -0.29 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-hlit.json
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[](https://www.pairbook.io/pair/fngd-vs-hlit/)
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Related comparisons
Hubs: FNGD correlations · HLIT correlations
