FNGD vs HON: Correlation
MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Honeywell Technologies (HON) show a negative relationship: their 3-year correlation of weekly returns is -0.28.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and HON?
On 3 years of weekly data the FNGD/HON correlation comes out at -0.28, negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at -0.18 versus -0.28 over 3 years. The 5-year figure is -0.32, and annualized covariance runs at -491.7 %².
Within FNGD's tracked universe of 1743 assets, HON comes in at #695 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months HON outperformed by 58.4 percentage points (-55.7% for FNGD against +2.7% for HON). One caveat on sizing: FNGD is 3.3 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 HON: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | HON (Honeywell Technologies) | |
|---|---|---|
| 1-year return | -55.7% | +2.7% |
| 5-year return | -99.4% | +6.6% |
| Volatility (ann.) | 75.7% | 23.2% |
| Beta vs S&P 500 | -4.54 | 0.74 |
| Max drawdown (3Y) | -97.6% | -22.1% |
| Market cap | – | $69.9B |
| P/E (trailing) | 20.6 | 8.5 |
| Dividend yield | 0.00% | 4.26% |
| Sector / category | US Listed | Industrials |
Year-by-year returns
| Year | FNGD | HON |
|---|---|---|
| 2022 | +52.2% | +4.9% |
| 2023 | -90.1% | +0.0% |
| 2024 | -76.6% | +10.0% |
| 2025 | -61.4% | -6.4% |
| 2026 | -49.5% | +9.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and HON good diversifiers for each other?
Yes: at -0.28, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between FNGD and HON?
The FNGD/HON correlation stands at -0.28 on a 3-year window (1 year: -0.18, 5 years: -0.32), computed from weekly returns as of 2026-08-27.
Is HON a good diversifier for FNGD?
Yes: at -0.28, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.28 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-hon.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/fngd-vs-hon/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: FNGD correlations · HON correlations
