FNGD vs HSTM: Correlation
MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and HealthStream, Inc. (HSTM) show a negative relationship: their 3-year correlation of weekly returns is -0.24.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and HSTM?
On 3 years of weekly data the FNGD/HSTM correlation comes out at -0.24, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.23) sits close to the 3-year figure. The 5-year figure is -0.29, and annualized covariance runs at -506.1 %².
Within FNGD's tracked universe of 1743 assets, HSTM comes in at #333 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months HSTM outperformed by 57.9 percentage points (-55.7% for FNGD against +2.2% for HSTM). Note the risk asymmetry: FNGD runs 2.8 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 HSTM: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | HSTM (HealthStream, Inc.) | |
|---|---|---|
| 1-year return | -55.7% | +2.2% |
| 5-year return | -99.4% | -1.6% |
| Volatility (ann.) | 75.7% | 27.4% |
| Beta vs S&P 500 | -4.54 | 0.54 |
| Max drawdown (3Y) | -97.6% | -41.4% |
| Market cap | – | $0.8B |
| P/E (trailing) | 20.6 | 40.0 |
| Dividend yield | 0.00% | 0.46% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | HSTM |
|---|---|---|
| 2022 | +52.2% | -5.8% |
| 2023 | -90.1% | +9.3% |
| 2024 | -76.6% | +18.1% |
| 2025 | -61.4% | -27.1% |
| 2026 | -49.5% | +25.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and HSTM good diversifiers for each other?
By historical standards, yes. A correlation of -0.24 means the two rarely move for the same reasons.
FAQ
What is the correlation between FNGD and HSTM?
As of 2026-08-27, the correlation of weekly returns between FNGD and HSTM is -0.24 over 3 years, -0.23 over 1 year and -0.29 over 5 years.
Is HSTM a good diversifier for FNGD?
By historical standards, yes. A correlation of -0.24 means the two rarely move for the same reasons.
What does a correlation of -0.24 mean?
A reading of -0.24 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-hstm.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fngd-vs-hstm/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: FNGD correlations · HSTM correlations
