FNGD vs HWBK: Correlation
Measured on weekly returns over the past three years, MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Hawthorn Bancshares, Inc. (HWBK) carry a correlation of -0.22, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and HWBK?
Across a 3-year window, the weekly returns of FNGD and HWBK correlate at -0.22, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.13 over 1 year against -0.22 over 3. Stretching to 5 years gives -0.19, with an annualized covariance of -565.7 %².
Within FNGD's tracked universe of 1743 assets, HWBK comes in at #172 by 3-year correlation. The last year tells two different stories: HWBK led by 77.1 percentage points, -55.7% for FNGD against +21.4% for HWBK. Risk is not evenly split, since FNGD carries 2.3 times the volatility of the other side.
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 HWBK: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | HWBK (Hawthorn Bancshares, Inc.) | |
|---|---|---|
| 1-year return | -55.7% | +21.4% |
| 5-year return | -99.4% | +114.2% |
| Volatility (ann.) | 75.7% | 33.4% |
| Beta vs S&P 500 | -4.54 | 0.50 |
| Max drawdown (3Y) | -97.6% | -27.9% |
| Market cap | – | $0.3B |
| P/E (trailing) | 20.6 | 10.6 |
| Dividend yield | 0.00% | 2.10% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | HWBK |
|---|---|---|
| 2022 | +52.2% | -10.3% |
| 2023 | -90.1% | +25.6% |
| 2024 | -76.6% | +15.4% |
| 2025 | -61.4% | +26.3% |
| 2026 | -49.5% | +13.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and HWBK good diversifiers for each other?
Yes. With a correlation of -0.22, FNGD and HWBK have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between FNGD and HWBK?
The FNGD/HWBK correlation stands at -0.22 on a 3-year window (1 year: -0.13, 5 years: -0.19), computed from weekly returns as of 2026-08-27.
Is HWBK a good diversifier for FNGD?
Yes. With a correlation of -0.22, FNGD and HWBK have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.22 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-hwbk.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/fngd-vs-hwbk/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: FNGD correlations · HWBK correlations
