FNGD vs HLNE: Correlation
MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Hamilton Lane Incorporated (HLNE) show a negative relationship: their 3-year correlation of weekly returns is -0.38.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and HLNE?
On 3 years of weekly data the FNGD/HLNE correlation comes out at -0.38, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.32 over 1 year against -0.38 over 3. The 5-year figure is -0.49, and annualized covariance runs at -1072.5 %².
Within FNGD's tracked universe of 1743 assets, HLNE comes in at #1270 by 3-year correlation. The last year tells two different stories: HLNE led by 26.3 percentage points, -55.7% for FNGD against -29.4% for HLNE. Risk is not evenly split, since FNGD carries 2.0 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 HLNE: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | HLNE (Hamilton Lane Incorporated) | |
|---|---|---|
| 1-year return | -55.7% | -29.4% |
| 5-year return | -99.4% | +32.3% |
| Volatility (ann.) | 75.7% | 37.2% |
| Beta vs S&P 500 | -4.54 | 1.23 |
| Max drawdown (3Y) | -97.6% | -62.3% |
| Market cap | – | $5.9B |
| P/E (trailing) | 20.6 | 16.0 |
| Dividend yield | 0.00% | 2.11% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | HLNE |
|---|---|---|
| 2022 | +52.2% | -37.0% |
| 2023 | -90.1% | +81.4% |
| 2024 | -76.6% | +32.4% |
| 2025 | -61.4% | -7.9% |
| 2026 | -49.5% | -19.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and HLNE good diversifiers for each other?
By historical standards, yes. A correlation of -0.38 means the two rarely move for the same reasons.
FAQ
What is the correlation between FNGD and HLNE?
The FNGD/HLNE correlation stands at -0.38 on a 3-year window (1 year: -0.32, 5 years: -0.49), computed from weekly returns as of 2026-08-27.
Is HLNE a good diversifier for FNGD?
By historical standards, yes. A correlation of -0.38 means the two rarely move for the same reasons.
What does a correlation of -0.38 mean?
A reading of -0.38 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: FNGD correlations · HLNE correlations
