FNGD vs HPE: Correlation
Measured on weekly returns over the past three years, MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Hewlett Packard Enterprise (HPE) carry a correlation of -0.40, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and HPE?
Across a 3-year window, the weekly returns of FNGD and HPE correlate at -0.40, negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (-0.21) runs above the 3-year figure (-0.40). Stretching to 5 years gives -0.39, with an annualized covariance of -1319.9 %².
Within FNGD's tracked universe of 1743 assets, HPE comes in at #1355 by 3-year correlation. The last year tells two different stories: HPE led by 200.1 percentage points, -55.7% for FNGD against +144.4% for HPE. One caveat on sizing: FNGD is 1.7 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 HPE: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | HPE (Hewlett Packard Enterprise) | |
|---|---|---|
| 1-year return | -55.7% | +144.4% |
| 5-year return | -99.4% | +309.3% |
| Volatility (ann.) | 75.7% | 43.8% |
| Beta vs S&P 500 | -4.54 | 1.47 |
| Max drawdown (3Y) | -97.6% | -48.4% |
| Market cap | – | $72.0B |
| P/E (trailing) | 20.6 | 51.3 |
| Dividend yield | 0.00% | 0.99% |
| Sector / category | US Listed | Information Technology |
Year-by-year returns
| Year | FNGD | HPE |
|---|---|---|
| 2022 | +52.2% | +4.5% |
| 2023 | -90.1% | +9.7% |
| 2024 | -76.6% | +29.1% |
| 2025 | -61.4% | +15.5% |
| 2026 | -49.5% | +128.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and HPE good diversifiers for each other?
By historical standards, yes. A correlation of -0.40 means the two rarely move for the same reasons.
FAQ
What is the correlation between FNGD and HPE?
As of 2026-08-27, the correlation of weekly returns between FNGD and HPE is -0.40 over 3 years, -0.21 over 1 year and -0.39 over 5 years.
Is HPE a good diversifier for FNGD?
By historical standards, yes. A correlation of -0.40 means the two rarely move for the same reasons.
What does a correlation of -0.40 mean?
A reading of -0.40 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 · HPE correlations
