FNGD vs HOOD: Correlation
Measured on weekly returns over the past three years, MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Robinhood Markets (HOOD) carry a correlation of -0.57, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and HOOD?
Over the past 3 years, FNGD and HOOD moved with a correlation of -0.57, which is negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.64 over 1 year against -0.57 over 3. Over 5 years the correlation is -0.53, and the annualized covariance of weekly returns is -3090.8 %².
By 3-year correlation, HOOD places #1657 of the 1743 assets tracked against FNGD. The last year tells two different stories: HOOD led by 62.3 percentage points, -55.7% for FNGD against +6.6% for HOOD.
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 HOOD: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | HOOD (Robinhood Markets) | |
|---|---|---|
| 1-year return | -55.7% | +6.6% |
| 5-year return | -99.4% | +151.5% |
| Volatility (ann.) | 75.7% | 71.4% |
| Beta vs S&P 500 | -4.54 | 2.88 |
| Max drawdown (3Y) | -97.6% | -57.3% |
| Market cap | – | $98.7B |
| P/E (trailing) | 20.6 | 48.1 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | Financials |
Year-by-year returns
| Year | FNGD | HOOD |
|---|---|---|
| 2022 | +52.2% | -54.2% |
| 2023 | -90.1% | +56.5% |
| 2024 | -76.6% | +192.5% |
| 2025 | -61.4% | +203.5% |
| 2026 | -49.5% | -3.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and HOOD good diversifiers for each other?
Yes. With a correlation of -0.57, FNGD and HOOD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between FNGD and HOOD?
As of 2026-08-27, the correlation of weekly returns between FNGD and HOOD is -0.57 over 3 years, -0.64 over 1 year and -0.53 over 5 years.
Is HOOD a good diversifier for FNGD?
Yes. With a correlation of -0.57, FNGD and HOOD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.57 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-hood.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/fngd-vs-hood/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: FNGD correlations · HOOD correlations
