FNGD vs HRI: Correlation
MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Herc Holdings Inc. (HRI) show a negative relationship: their 3-year correlation of weekly returns is -0.23.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and HRI?
On 3 years of weekly data the FNGD/HRI correlation comes out at -0.23, negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.09) than the 3-year average (-0.23). The 5-year figure is -0.31, and annualized covariance runs at -962.5 %².
Among the 1743 assets we track against FNGD, HRI ranks #246 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months HRI outperformed by 74.6 percentage points (-55.7% for FNGD against +18.9% for HRI).
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 HRI: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | HRI (Herc Holdings Inc.) | |
|---|---|---|
| 1-year return | -55.7% | +18.9% |
| 5-year return | -99.4% | +27.3% |
| Volatility (ann.) | 75.7% | 54.2% |
| Beta vs S&P 500 | -4.54 | 1.68 |
| Max drawdown (3Y) | -97.6% | -60.9% |
| Market cap | – | $5.2B |
| P/E (trailing) | 20.6 | 92.0 |
| Dividend yield | 0.00% | 1.79% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | HRI |
|---|---|---|
| 2022 | +52.2% | -14.4% |
| 2023 | -90.1% | +15.5% |
| 2024 | -76.6% | +29.4% |
| 2025 | -61.4% | -20.1% |
| 2026 | -49.5% | +5.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and HRI good diversifiers for each other?
Yes. With a correlation of -0.23, FNGD and HRI have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between FNGD and HRI?
Using weekly returns as of 2026-08-27: -0.23 over 3 years, with -0.09 over the last year and -0.31 over 5 years.
Is HRI a good diversifier for FNGD?
Yes. With a correlation of -0.23, FNGD and HRI have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.23 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-hri.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fngd-vs-hri/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: FNGD correlations · HRI correlations
