FNGD vs HWM: Correlation
MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Howmet Aerospace (HWM) show a negative relationship: their 3-year correlation of weekly returns is -0.44.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and HWM?
On 3 years of weekly data the FNGD/HWM correlation comes out at -0.44, 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 -0.44 over 3 years. The 5-year figure is -0.44, and annualized covariance runs at -1071.5 %².
By 3-year correlation, HWM places #1478 of the 1743 assets tracked against FNGD. The last year tells two different stories: HWM led by 108.4 percentage points, -55.7% for FNGD against +52.7% for HWM. Risk is not evenly split, since FNGD carries 2.4 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 HWM: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | HWM (Howmet Aerospace) | |
|---|---|---|
| 1-year return | -55.7% | +52.7% |
| 5-year return | -99.4% | +754.4% |
| Volatility (ann.) | 75.7% | 32.1% |
| Beta vs S&P 500 | -4.54 | 1.24 |
| Max drawdown (3Y) | -97.6% | -19.4% |
| Market cap | – | $106.7B |
| P/E (trailing) | 20.6 | 58.2 |
| Dividend yield | 0.00% | 0.18% |
| Sector / category | US Listed | Industrials |
Year-by-year returns
| Year | FNGD | HWM |
|---|---|---|
| 2022 | +52.2% | +24.2% |
| 2023 | -90.1% | +37.8% |
| 2024 | -76.6% | +102.7% |
| 2025 | -61.4% | +88.0% |
| 2026 | -49.5% | +30.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and HWM good diversifiers for each other?
Yes. With a correlation of -0.44, FNGD and HWM have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between FNGD and HWM?
As of 2026-08-27, the correlation of weekly returns between FNGD and HWM is -0.44 over 3 years, -0.23 over 1 year and -0.44 over 5 years.
Is HWM a good diversifier for FNGD?
Yes. With a correlation of -0.44, FNGD and HWM have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.44 mean?
On the −1 to +1 scale, -0.44 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.
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Related comparisons
Hubs: FNGD correlations · HWM correlations
