FNGD vs HTGC: Correlation
MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Hercules Capital, Inc. (HTGC) show a negative relationship: their 3-year correlation of weekly returns is -0.41.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and HTGC?
Over the past 3 years, FNGD and HTGC moved with a correlation of -0.41, which is negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.48) sits close to the 3-year figure. Over 5 years the correlation is -0.41, and the annualized covariance of weekly returns is -696.9 %².
Among the 1743 assets we track against FNGD, HTGC ranks #1385 by 3-year correlation. Correlation aside, the last 12 months split them widely, with HTGC ahead by 57.1 points (-55.7% versus +1.4%). Note the risk asymmetry: FNGD runs 3.4 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 HTGC: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | HTGC (Hercules Capital, Inc.) | |
|---|---|---|
| 1-year return | -55.7% | +1.4% |
| 5-year return | -99.4% | +82.3% |
| Volatility (ann.) | 75.7% | 22.4% |
| Beta vs S&P 500 | -4.54 | 0.79 |
| Max drawdown (3Y) | -97.6% | -28.0% |
| Market cap | – | $3.3B |
| P/E (trailing) | 20.6 | 8.7 |
| Dividend yield | 0.00% | 9.07% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | HTGC |
|---|---|---|
| 2022 | +52.2% | -9.5% |
| 2023 | -90.1% | +42.9% |
| 2024 | -76.6% | +32.8% |
| 2025 | -61.4% | +3.5% |
| 2026 | -49.5% | +1.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and HTGC good diversifiers for each other?
By historical standards, yes. A correlation of -0.41 means the two rarely move for the same reasons.
FAQ
What is the correlation between FNGD and HTGC?
As of 2026-08-27, the correlation of weekly returns between FNGD and HTGC is -0.41 over 3 years, -0.48 over 1 year and -0.41 over 5 years.
Is HTGC a good diversifier for FNGD?
By historical standards, yes. A correlation of -0.41 means the two rarely move for the same reasons.
What does a correlation of -0.41 mean?
A reading of -0.41 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: FNGD correlations · HTGC correlations
