FNGD vs HYLN: Correlation
How closely do MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Hyliion Holdings Corp. (HYLN) trade together? Their weekly returns over three years give a correlation of -0.25, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and HYLN?
Over the past 3 years, FNGD and HYLN moved with a correlation of -0.25, which is negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.29 lands near the 3-year figure. Over 5 years the correlation is -0.34, and the annualized covariance of weekly returns is -2072.1 %².
By 3-year correlation, HYLN places #424 of the 1743 assets tracked against FNGD. The last year tells two different stories: HYLN led by 157.5 percentage points, -55.7% for FNGD against +101.8% for HYLN.
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 HYLN: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | HYLN (Hyliion Holdings Corp.) | |
|---|---|---|
| 1-year return | -55.7% | +101.8% |
| 5-year return | -99.4% | -60.9% |
| Volatility (ann.) | 75.7% | 108.2% |
| Beta vs S&P 500 | -4.54 | 2.37 |
| Max drawdown (3Y) | -97.6% | -70.3% |
| Market cap | – | $0.6B |
| P/E (trailing) | 20.6 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | HYLN |
|---|---|---|
| 2022 | +52.2% | -62.3% |
| 2023 | -90.1% | -65.2% |
| 2024 | -76.6% | +220.6% |
| 2025 | -61.4% | -29.5% |
| 2026 | -49.5% | +85.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and HYLN good diversifiers for each other?
Yes: at -0.25, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between FNGD and HYLN?
Using weekly returns as of 2026-08-27: -0.25 over 3 years, with -0.29 over the last year and -0.34 over 5 years.
Is HYLN a good diversifier for FNGD?
Yes: at -0.25, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.25 mean?
On the −1 to +1 scale, -0.25 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-hyln.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/fngd-vs-hyln/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: FNGD correlations · HYLN correlations
