FNGD vs HQL: Correlation
Measured on weekly returns over the past three years, MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and abrdn Life Sciences Investors Shares of Beneficial Interest (HQL) carry a correlation of -0.42, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and HQL?
Over the past 3 years, FNGD and HQL moved with a correlation of -0.42, which is negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.39 lands near the 3-year figure. Over 5 years the correlation is -0.45, and the annualized covariance of weekly returns is -755.4 %².
Within FNGD's tracked universe of 1743 assets, HQL comes in at #1416 by 3-year correlation. The last year tells two different stories: HQL led by 131.6 percentage points, -55.7% for FNGD against +75.9% for HQL. Risk is not evenly split, since FNGD carries 3.2 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 HQL: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | HQL (abrdn Life Sciences Investors Shares of Beneficial Interest) | |
|---|---|---|
| 1-year return | -55.7% | +75.9% |
| 5-year return | -99.4% | +74.1% |
| Volatility (ann.) | 75.7% | 23.5% |
| Beta vs S&P 500 | -4.54 | 0.88 |
| Max drawdown (3Y) | -97.6% | -25.1% |
| Market cap | – | – |
| P/E (trailing) | 20.6 | 3.2 |
| Dividend yield | 0.00% | 8.87% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | HQL |
|---|---|---|
| 2022 | +52.2% | -19.2% |
| 2023 | -90.1% | +4.2% |
| 2024 | -76.6% | +11.0% |
| 2025 | -61.4% | +45.5% |
| 2026 | -49.5% | +40.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and HQL good diversifiers for each other?
Yes: at -0.42, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between FNGD and HQL?
As of 2026-08-27, the correlation of weekly returns between FNGD and HQL is -0.42 over 3 years, -0.39 over 1 year and -0.45 over 5 years.
Is HQL a good diversifier for FNGD?
Yes: at -0.42, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.42 mean?
A reading of -0.42 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-hql.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/fngd-vs-hql/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: FNGD correlations · HQL correlations
