FNGD vs HPF: Correlation
Measured on weekly returns over the past three years, MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and John Hancock Pfd Income Fund II Pfd Income Fund II (HPF) carry a correlation of -0.33, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and HPF?
Over the past 3 years, FNGD and HPF moved with a correlation of -0.33, which is negative, meaning they tend to move in opposite directions. Lately the two have drifted apart, with the 1-year correlation at -0.70 versus -0.33 over 3 years. Over 5 years the correlation is -0.39, and the annualized covariance of weekly returns is -367.4 %².
Within FNGD's tracked universe of 1743 assets, HPF comes in at #1036 by 3-year correlation. The last year tells two different stories: HPF led by 61.3 percentage points, -55.7% for FNGD against +5.6% for HPF. Risk is not evenly split, since FNGD carries 5.1 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 HPF: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | HPF (John Hancock Pfd Income Fund II Pfd Income Fund II) | |
|---|---|---|
| 1-year return | -55.7% | +5.6% |
| 5-year return | -99.4% | +6.9% |
| Volatility (ann.) | 75.7% | 14.7% |
| Beta vs S&P 500 | -4.54 | 0.53 |
| Max drawdown (3Y) | -97.6% | -16.9% |
| Market cap | – | $0.3B |
| P/E (trailing) | 20.6 | 12.0 |
| Dividend yield | 0.00% | 7.09% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | HPF |
|---|---|---|
| 2022 | +52.2% | -18.4% |
| 2023 | -90.1% | +10.8% |
| 2024 | -76.6% | +14.5% |
| 2025 | -61.4% | +6.4% |
| 2026 | -49.5% | +3.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and HPF good diversifiers for each other?
Yes: at -0.33, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between FNGD and HPF?
The FNGD/HPF correlation stands at -0.33 on a 3-year window (1 year: -0.70, 5 years: -0.39), computed from weekly returns as of 2026-08-27.
Is HPF a good diversifier for FNGD?
Yes: at -0.33, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.33 mean?
A reading of -0.33 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-hpf.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/fngd-vs-hpf/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: FNGD correlations · HPF correlations
