BAER vs FNGD: Correlation
Measured on weekly returns over the past three years, Bridger Aerospace Group Holdings, Inc. (BAER) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) carry a correlation of -0.23, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BAER and FNGD?
Over the past 3 years, BAER and FNGD moved with a correlation of -0.23, which is negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.13 lands near the 3-year figure. Over 5 years the correlation is -0.11, and the annualized covariance of weekly returns is -1725.1 %².
Among the 11 assets we track against BAER, FNGD sits near the bottom by co-movement, at rank #10. The trailing year gives BAER the advantage: -43.6% versus -55.7%, a 12.1-point spread.
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.
BAER vs FNGD: side by side
| BAER (Bridger Aerospace Group Holdings, Inc.) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | -43.6% | -55.7% |
| 5-year return | -88.1% | -99.4% |
| Volatility (ann.) | 97.4% | 75.7% |
| Beta vs S&P 500 | 1.71 | -4.54 |
| Max drawdown (3Y) | -87.8% | -97.6% |
| Market cap | $0.1B | – |
| P/E (trailing) | – | 20.6 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BAER | FNGD |
|---|---|---|
| 2022 | +3.8% | +52.2% |
| 2023 | -31.8% | -90.1% |
| 2024 | -69.2% | -76.6% |
| 2025 | -14.1% | -61.4% |
| 2026 | -37.2% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BAER and FNGD good diversifiers for each other?
Yes: at -0.23, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between BAER and FNGD?
Using weekly returns as of 2026-08-27: -0.23 over 3 years, with -0.13 over the last year and -0.11 over 5 years.
Is FNGD a good diversifier for BAER?
Yes: at -0.23, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.23 mean?
A reading of -0.23 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: BAER correlations · FNGD correlations
