FNGD vs JHX: Correlation
How closely do MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and James Hardie Industries plc. (JHX) trade together? Their weekly returns over three years give a correlation of -0.35, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and JHX?
On 3 years of weekly data the FNGD/JHX correlation comes out at -0.35, negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.21) than the 3-year average (-0.35). The 5-year figure is -0.42, and annualized covariance runs at -1215.0 %².
By 3-year correlation, JHX places #1141 of the 1743 assets tracked against FNGD. The last year tells two different stories: JHX led by 101.8 percentage points, -55.7% for FNGD against +46.1% for JHX. One caveat on sizing: FNGD is 1.6 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 JHX: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | JHX (James Hardie Industries plc.) | |
|---|---|---|
| 1-year return | -55.7% | +46.1% |
| 5-year return | -99.4% | -21.2% |
| Volatility (ann.) | 75.7% | 46.3% |
| Beta vs S&P 500 | -4.54 | 1.43 |
| Max drawdown (3Y) | -97.6% | -60.3% |
| Market cap | – | $17.3B |
| P/E (trailing) | 20.6 | 135.3 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | JHX |
|---|---|---|
| 2022 | +52.2% | -55.4% |
| 2023 | -90.1% | +115.6% |
| 2024 | -76.6% | -20.3% |
| 2025 | -61.4% | -32.7% |
| 2026 | -49.5% | +43.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and JHX good diversifiers for each other?
Yes: at -0.35, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between FNGD and JHX?
As of 2026-08-27, the correlation of weekly returns between FNGD and JHX is -0.35 over 3 years, -0.21 over 1 year and -0.42 over 5 years.
Is JHX a good diversifier for FNGD?
Yes: at -0.35, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.35 mean?
A reading of -0.35 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-jhx.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/fngd-vs-jhx/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: FNGD correlations · JHX correlations
