BAC vs FNGD: Correlation
How closely do Bank of America (BAC) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) trade together? Their weekly returns over three years give a correlation of -0.36, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BAC and FNGD?
Over the past 3 years, BAC and FNGD moved with a correlation of -0.36, which is negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.12) than the 3-year average (-0.36). Over 5 years the correlation is -0.38, and the annualized covariance of weekly returns is -716.2 %².
Out of 45 assets tracked against BAC, FNGD lands near the bottom at #43. Correlation aside, the last 12 months split them widely, with BAC ahead by 79.8 points (+24.1% versus -55.7%). One caveat on sizing: FNGD is 2.9 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.
BAC vs FNGD: side by side
| BAC (Bank of America) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | +24.1% | -55.7% |
| 5-year return | +66.0% | -99.4% |
| Volatility (ann.) | 26.5% | 75.7% |
| Beta vs S&P 500 | 1.11 | -4.54 |
| Max drawdown (3Y) | -27.5% | -97.6% |
| Market cap | $427.7B | – |
| P/E (trailing) | 14.1 | 20.6 |
| Dividend yield | 1.80% | 0.00% |
| Sector / category | Financials | US Listed |
Year-by-year returns
| Year | BAC | FNGD |
|---|---|---|
| 2022 | -23.8% | +52.2% |
| 2023 | +4.8% | -90.1% |
| 2024 | +33.9% | -76.6% |
| 2025 | +28.0% | -61.4% |
| 2026 | +12.4% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BAC and FNGD good diversifiers for each other?
By historical standards, yes. A correlation of -0.36 means the two rarely move for the same reasons.
FAQ
What is the correlation between BAC and FNGD?
Using weekly returns as of 2026-08-27: -0.36 over 3 years, with -0.12 over the last year and -0.38 over 5 years.
Is FNGD a good diversifier for BAC?
By historical standards, yes. A correlation of -0.36 means the two rarely move for the same reasons.
What does a correlation of -0.36 mean?
A reading of -0.36 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/bac-vs-fngd.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/bac-vs-fngd/)
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Related comparisons
Hubs: BAC correlations · FNGD correlations
