BA vs FNGD: Correlation
How closely do Boeing (BA) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) 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 BA and FNGD?
Over the past 3 years, BA and FNGD moved with a correlation of -0.50, which is negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.45 lands near the 3-year figure. Over 5 years the correlation is -0.45, and the annualized covariance of weekly returns is -1368.9 %².
Out of 37 assets tracked against BA, FNGD lands near the bottom at #35. Correlation aside, the last 12 months split them widely, with BA ahead by 44.8 points (-10.9% versus -55.7%). Note the risk asymmetry: FNGD runs 2.1 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
BA vs FNGD: side by side
| BA (Boeing) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | -10.9% | -55.7% |
| 5-year return | -3.6% | -99.4% |
| Volatility (ann.) | 36.4% | 75.7% |
| Beta vs S&P 500 | 1.43 | -4.54 |
| Max drawdown (3Y) | -48.3% | -97.6% |
| Market cap | $165.9B | – |
| P/E (trailing) | 76.3 | 20.6 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | Industrials | US Listed |
Year-by-year returns
| Year | BA | FNGD |
|---|---|---|
| 2022 | -5.4% | +52.2% |
| 2023 | +36.8% | -90.1% |
| 2024 | -32.1% | -76.6% |
| 2025 | +22.7% | -61.4% |
| 2026 | -3.3% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BA and FNGD good diversifiers for each other?
Yes. With a correlation of -0.50, BA and FNGD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between BA and FNGD?
The BA/FNGD correlation stands at -0.50 on a 3-year window (1 year: -0.45, 5 years: -0.45), computed from weekly returns as of 2026-08-27.
Is FNGD a good diversifier for BA?
Yes. With a correlation of -0.50, BA and FNGD 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/ba-vs-fngd.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/ba-vs-fngd/)
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Related comparisons
Hubs: BA correlations · FNGD correlations
