FNGD vs HZO: Correlation
MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and MarineMax, Inc. (FL) (HZO) show a negative relationship: their 3-year correlation of weekly returns is -0.21.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and HZO?
Across a 3-year window, the weekly returns of FNGD and HZO correlate at -0.21, negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at -0.03 versus -0.21 over 3 years. Stretching to 5 years gives -0.25, with an annualized covariance of -930.1 %².
Among the 1743 assets we track against FNGD, HZO ranks #122 by 3-year correlation. The last year tells two different stories: HZO led by 142.5 percentage points, -55.7% for FNGD against +86.8% for HZO.
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 HZO: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | HZO (MarineMax, Inc. (FL)) | |
|---|---|---|
| 1-year return | -55.7% | +86.8% |
| 5-year return | -99.4% | +5.1% |
| Volatility (ann.) | 75.7% | 57.2% |
| Beta vs S&P 500 | -4.54 | 1.70 |
| Max drawdown (3Y) | -97.6% | -55.0% |
| Market cap | – | $1.2B |
| P/E (trailing) | 20.6 | 326.2 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | HZO |
|---|---|---|
| 2022 | +52.2% | -47.1% |
| 2023 | -90.1% | +24.6% |
| 2024 | -76.6% | -25.6% |
| 2025 | -61.4% | -16.3% |
| 2026 | -49.5% | +115.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and HZO good diversifiers for each other?
Yes: at -0.21, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between FNGD and HZO?
As of 2026-08-27, the correlation of weekly returns between FNGD and HZO is -0.21 over 3 years, -0.03 over 1 year and -0.25 over 5 years.
Is HZO a good diversifier for FNGD?
Yes: at -0.21, the two have gone their own ways historically, which is what genuine diversification looks like.
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-hzo.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/fngd-vs-hzo/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: FNGD correlations · HZO correlations
