FNGD vs HQH: Correlation
How closely do MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and abrdn Healthcare Investors Shares of Beneficial Interest (HQH) trade together? Their weekly returns over three years give a correlation of -0.38, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and HQH?
Across a 3-year window, the weekly returns of FNGD and HQH correlate at -0.38, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.32) sits close to the 3-year figure. Stretching to 5 years gives -0.47, with an annualized covariance of -633.7 %².
Among the 1743 assets we track against FNGD, HQH ranks #1272 by 3-year correlation. Correlation aside, the last 12 months split them widely, with HQH ahead by 115.5 points (-55.7% versus +59.8%). Note the risk asymmetry: FNGD runs 3.5 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 HQH: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | HQH (abrdn Healthcare Investors Shares of Beneficial Interest) | |
|---|---|---|
| 1-year return | -55.7% | +59.8% |
| 5-year return | -99.4% | +51.1% |
| Volatility (ann.) | 75.7% | 21.8% |
| Beta vs S&P 500 | -4.54 | 0.83 |
| Max drawdown (3Y) | -97.6% | -21.1% |
| Market cap | – | – |
| P/E (trailing) | 20.6 | 5.2 |
| Dividend yield | 0.00% | 9.62% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | HQH |
|---|---|---|
| 2022 | +52.2% | -17.3% |
| 2023 | -90.1% | +1.2% |
| 2024 | -76.6% | +10.2% |
| 2025 | -61.4% | +34.1% |
| 2026 | -49.5% | +33.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and HQH good diversifiers for each other?
Yes. With a correlation of -0.38, FNGD and HQH have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between FNGD and HQH?
Using weekly returns as of 2026-08-27: -0.38 over 3 years, with -0.32 over the last year and -0.47 over 5 years.
Is HQH a good diversifier for FNGD?
Yes. With a correlation of -0.38, FNGD and HQH have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.38 mean?
On the −1 to +1 scale, -0.38 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/fngd-vs-hqh.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/fngd-vs-hqh/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: FNGD correlations · HQH correlations
