FNGD vs HY: Correlation
Measured on weekly returns over the past three years, MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Hyster-Yale, Inc. (HY) carry a correlation of -0.23, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and HY?
Over the past 3 years, FNGD and HY moved with a correlation of -0.23, which is negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.22 over 1 year against -0.23 over 3. Over 5 years the correlation is -0.22, and the annualized covariance of weekly returns is -813.1 %².
Among the 1743 assets we track against FNGD, HY ranks #247 by 3-year correlation. Correlation aside, the last 12 months split them widely, with HY ahead by 49.4 points (-55.7% versus -6.3%). Note the risk asymmetry: FNGD runs 1.7 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 HY: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | HY (Hyster-Yale, Inc.) | |
|---|---|---|
| 1-year return | -55.7% | -6.3% |
| 5-year return | -99.4% | -30.4% |
| Volatility (ann.) | 75.7% | 45.8% |
| Beta vs S&P 500 | -4.54 | 1.17 |
| Max drawdown (3Y) | -97.6% | -66.4% |
| Market cap | – | $0.6B |
| P/E (trailing) | 20.6 | – |
| Dividend yield | 0.00% | 4.17% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | HY |
|---|---|---|
| 2022 | +52.2% | -35.9% |
| 2023 | -90.1% | +153.4% |
| 2024 | -76.6% | -16.3% |
| 2025 | -61.4% | -39.5% |
| 2026 | -49.5% | +19.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and HY good diversifiers for each other?
Yes. With a correlation of -0.23, FNGD and HY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between FNGD and HY?
The FNGD/HY correlation stands at -0.23 on a 3-year window (1 year: -0.22, 5 years: -0.22), computed from weekly returns as of 2026-08-27.
Is HY a good diversifier for FNGD?
Yes. With a correlation of -0.23, FNGD and HY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.23 mean?
A reading of -0.23 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-hy.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/fngd-vs-hy/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: FNGD correlations · HY correlations
