FNGD vs HWC: Correlation
Measured on weekly returns over the past three years, MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Hancock Whitney Corporation (HWC) carry a correlation of -0.21, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and HWC?
Over the past 3 years, FNGD and HWC moved with a correlation of -0.21, which is negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (0.06) than the 3-year average (-0.21). Over 5 years the correlation is -0.26, and the annualized covariance of weekly returns is -483.4 %².
By 3-year correlation, HWC places #121 of the 1743 assets tracked against FNGD. The last year tells two different stories: HWC led by 77.3 percentage points, -55.7% for FNGD against +21.6% for HWC. Note the risk asymmetry: FNGD runs 2.5 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 HWC: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | HWC (Hancock Whitney Corporation) | |
|---|---|---|
| 1-year return | -55.7% | +21.6% |
| 5-year return | -99.4% | +89.0% |
| Volatility (ann.) | 75.7% | 30.7% |
| Beta vs S&P 500 | -4.54 | 1.03 |
| Max drawdown (3Y) | -97.6% | -23.9% |
| Market cap | – | $6.0B |
| P/E (trailing) | 20.6 | 14.7 |
| Dividend yield | 0.00% | 2.53% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | HWC |
|---|---|---|
| 2022 | +52.2% | -1.2% |
| 2023 | -90.1% | +3.3% |
| 2024 | -76.6% | +16.1% |
| 2025 | -61.4% | +20.0% |
| 2026 | -49.5% | +19.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and HWC good diversifiers for each other?
Yes. With a correlation of -0.21, FNGD and HWC have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between FNGD and HWC?
As of 2026-08-27, the correlation of weekly returns between FNGD and HWC is -0.21 over 3 years, 0.06 over 1 year and -0.26 over 5 years.
Is HWC a good diversifier for FNGD?
Yes. With a correlation of -0.21, FNGD and HWC have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.21 mean?
On the −1 to +1 scale, -0.21 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/fngd-vs-hwc.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fngd-vs-hwc/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: FNGD correlations · HWC correlations
