FNGD vs HUT: Correlation
How closely do MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Hut 8 Corp. (HUT) trade together? Their weekly returns over three years give a correlation of -0.29, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and HUT?
Over the past 3 years, FNGD and HUT moved with a correlation of -0.29, which is negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.35) sits close to the 3-year figure. Over 5 years the correlation is -0.42, and the annualized covariance of weekly returns is -2083.3 %².
Within FNGD's tracked universe of 1743 assets, HUT comes in at #774 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months HUT outperformed by 286.4 percentage points (-55.7% for FNGD against +230.7% for HUT).
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 HUT: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | HUT (Hut 8 Corp.) | |
|---|---|---|
| 1-year return | -55.7% | +230.7% |
| 5-year return | -99.4% | +110.5% |
| Volatility (ann.) | 75.7% | 94.2% |
| Beta vs S&P 500 | -4.54 | 2.26 |
| Max drawdown (3Y) | -97.6% | -65.1% |
| Market cap | – | $10.7B |
| P/E (trailing) | 20.6 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | HUT |
|---|---|---|
| 2022 | +52.2% | -89.2% |
| 2023 | -90.1% | +213.9% |
| 2024 | -76.6% | +53.6% |
| 2025 | -61.4% | +124.2% |
| 2026 | -49.5% | +89.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and HUT good diversifiers for each other?
Yes: at -0.29, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between FNGD and HUT?
As of 2026-08-27, the correlation of weekly returns between FNGD and HUT is -0.29 over 3 years, -0.35 over 1 year and -0.42 over 5 years.
Is HUT a good diversifier for FNGD?
Yes: at -0.29, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.29 mean?
A reading of -0.29 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-hut.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fngd-vs-hut/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: FNGD correlations · HUT correlations
