FNGD vs HUBS: Correlation
Measured on weekly returns over the past three years, MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and HubSpot, Inc. (HUBS) carry a correlation of -0.38, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and HUBS?
Over the past 3 years, FNGD and HUBS moved with a correlation of -0.38, which is negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at -0.23 versus -0.38 over 3 years. Over 5 years the correlation is -0.50, and the annualized covariance of weekly returns is -1458.7 %².
By 3-year correlation, HUBS places #1273 of the 1743 assets tracked against FNGD. On 12-month performance HUBS holds a 10.2-point edge, -55.7% against -45.5%. One caveat on sizing: FNGD is 1.5 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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 HUBS: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | HUBS (HubSpot, Inc.) | |
|---|---|---|
| 1-year return | -55.7% | -45.5% |
| 5-year return | -99.4% | -63.5% |
| Volatility (ann.) | 75.7% | 50.4% |
| Beta vs S&P 500 | -4.54 | 1.18 |
| Max drawdown (3Y) | -97.6% | -79.2% |
| Market cap | – | $13.1B |
| P/E (trailing) | 20.6 | 90.7 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | HUBS |
|---|---|---|
| 2022 | +52.2% | -56.1% |
| 2023 | -90.1% | +100.8% |
| 2024 | -76.6% | +20.0% |
| 2025 | -61.4% | -42.4% |
| 2026 | -49.5% | -36.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and HUBS good diversifiers for each other?
Yes: at -0.38, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between FNGD and HUBS?
The FNGD/HUBS correlation stands at -0.38 on a 3-year window (1 year: -0.23, 5 years: -0.50), computed from weekly returns as of 2026-08-27.
Is HUBS a good diversifier for FNGD?
Yes: at -0.38, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.38 mean?
A reading of -0.38 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 · HUBS correlations
