FNGD vs HYT: Correlation
How closely do MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Blackrock Corporate High Yield Fund, Inc. (HYT) trade together? Their weekly returns over three years give a correlation of -0.50, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and HYT?
On 3 years of weekly data the FNGD/HYT correlation comes out at -0.50, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.56) sits close to the 3-year figure. The 5-year figure is -0.54, and annualized covariance runs at -439.3 %².
Within FNGD's tracked universe of 1743 assets, HYT comes in at #1584 by 3-year correlation. The last year tells two different stories: HYT led by 54.1 percentage points, -55.7% for FNGD against -1.6% for HYT. Risk is not evenly split, since FNGD carries 6.5 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 HYT: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | HYT (Blackrock Corporate High Yield Fund, Inc.) | |
|---|---|---|
| 1-year return | -55.7% | -1.6% |
| 5-year return | -99.4% | +7.9% |
| Volatility (ann.) | 75.7% | 11.6% |
| Beta vs S&P 500 | -4.54 | 0.52 |
| Max drawdown (3Y) | -97.6% | -14.0% |
| Market cap | – | $1.4B |
| P/E (trailing) | 20.6 | 9.1 |
| Dividend yield | 0.00% | 11.29% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | HYT |
|---|---|---|
| 2022 | +52.2% | -22.6% |
| 2023 | -90.1% | +19.9% |
| 2024 | -76.6% | +14.4% |
| 2025 | -61.4% | +0.0% |
| 2026 | -49.5% | +0.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and HYT good diversifiers for each other?
Yes. With a correlation of -0.50, FNGD and HYT have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between FNGD and HYT?
As of 2026-08-27, the correlation of weekly returns between FNGD and HYT is -0.50 over 3 years, -0.56 over 1 year and -0.54 over 5 years.
Is HYT a good diversifier for FNGD?
Yes. With a correlation of -0.50, FNGD and HYT have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.50 mean?
On the −1 to +1 scale, -0.50 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-hyt.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/fngd-vs-hyt/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: FNGD correlations · HYT correlations
