FNGD vs HMC: Correlation
How closely do MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Honda Motor Company, Ltd. (HMC) trade together? Their weekly returns over three years give a correlation of -0.24, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and HMC?
On 3 years of weekly data the FNGD/HMC correlation comes out at -0.24, negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.11) than the 3-year average (-0.24). The 5-year figure is -0.28, and annualized covariance runs at -501.3 %².
By 3-year correlation, HMC places #332 of the 1743 assets tracked against FNGD. The last year tells two different stories: HMC led by 48.2 percentage points, -55.7% for FNGD against -7.5% for HMC. Note the risk asymmetry: FNGD runs 2.7 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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 HMC: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | HMC (Honda Motor Company, Ltd.) | |
|---|---|---|
| 1-year return | -55.7% | -7.5% |
| 5-year return | -99.4% | +21.7% |
| Volatility (ann.) | 75.7% | 28.1% |
| Beta vs S&P 500 | -4.54 | 0.61 |
| Max drawdown (3Y) | -97.6% | -35.2% |
| Market cap | – | $40.7B |
| P/E (trailing) | 20.6 | – |
| Dividend yield | 0.00% | 222.86% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | HMC |
|---|---|---|
| 2022 | +52.2% | -16.6% |
| 2023 | -90.1% | +39.9% |
| 2024 | -76.6% | -3.8% |
| 2025 | -61.4% | +5.9% |
| 2026 | -49.5% | +6.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and HMC good diversifiers for each other?
Yes. With a correlation of -0.24, FNGD and HMC have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between FNGD and HMC?
The FNGD/HMC correlation stands at -0.24 on a 3-year window (1 year: -0.11, 5 years: -0.28), computed from weekly returns as of 2026-08-27.
Is HMC a good diversifier for FNGD?
Yes. With a correlation of -0.24, FNGD and HMC have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.24 mean?
A reading of -0.24 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-hmc.json
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Related comparisons
Hubs: FNGD correlations · HMC correlations
