FNGD vs JBHT: Correlation
Measured on weekly returns over the past three years, MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and J.B. Hunt (JBHT) carry a correlation of -0.20, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and JBHT?
Across a 3-year window, the weekly returns of FNGD and JBHT correlate at -0.20, negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (0.05) than the 3-year average (-0.20). Stretching to 5 years gives -0.31, with an annualized covariance of -458.8 %².
Within FNGD's tracked universe of 1743 assets, JBHT comes in at #89 by 3-year correlation. The last year tells two different stories: JBHT led by 137.8 percentage points, -55.7% for FNGD against +82.1% for JBHT. One caveat on sizing: FNGD is 2.5 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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 JBHT: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | JBHT (J.B. Hunt) | |
|---|---|---|
| 1-year return | -55.7% | +82.1% |
| 5-year return | -99.4% | +51.0% |
| Volatility (ann.) | 75.7% | 30.0% |
| Beta vs S&P 500 | -4.54 | 0.93 |
| Max drawdown (3Y) | -97.6% | -42.4% |
| Market cap | – | $24.7B |
| P/E (trailing) | 20.6 | 37.5 |
| Dividend yield | 0.00% | 0.68% |
| Sector / category | US Listed | Industrials |
Year-by-year returns
| Year | FNGD | JBHT |
|---|---|---|
| 2022 | +52.2% | -13.9% |
| 2023 | -90.1% | +15.6% |
| 2024 | -76.6% | -13.8% |
| 2025 | -61.4% | +15.2% |
| 2026 | -49.5% | +36.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and JBHT good diversifiers for each other?
By historical standards, yes. A correlation of -0.20 means the two rarely move for the same reasons.
FAQ
What is the correlation between FNGD and JBHT?
As of 2026-08-27, the correlation of weekly returns between FNGD and JBHT is -0.20 over 3 years, 0.05 over 1 year and -0.31 over 5 years.
Is JBHT a good diversifier for FNGD?
By historical standards, yes. A correlation of -0.20 means the two rarely move for the same reasons.
What does a correlation of -0.20 mean?
On the −1 to +1 scale, -0.20 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-jbht.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fngd-vs-jbht/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: FNGD correlations · JBHT correlations
