BAM vs FNGD: Correlation
Brookfield Asset Management Inc Class A Limited Voting (BAM) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) show a negative relationship: their 3-year correlation of weekly returns is -0.57.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BAM and FNGD?
Over the past 3 years, BAM and FNGD moved with a correlation of -0.57, which is negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.53) sits close to the 3-year figure. Over 5 years the correlation is -0.52, and the annualized covariance of weekly returns is -1209.1 %².
Out of 19 assets tracked against BAM, FNGD lands near the bottom at #19. The last year tells two different stories: BAM led by 45.1 percentage points, -10.6% for BAM against -55.7% for FNGD. One caveat on sizing: FNGD is 2.7 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.
BAM vs FNGD: side by side
| BAM (Brookfield Asset Management Inc Class A Limited Voting) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | -10.6% | -55.7% |
| 5-year return | n/a | -99.4% |
| Volatility (ann.) | 28.2% | 75.7% |
| Beta vs S&P 500 | 1.35 | -4.54 |
| Max drawdown (3Y) | -30.4% | -97.6% |
| Market cap | $83.2B | – |
| P/E (trailing) | 29.9 | 20.6 |
| Dividend yield | 3.61% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BAM | FNGD |
|---|---|---|
| 2022 | – | +52.2% |
| 2023 | +45.6% | -90.1% |
| 2024 | +39.7% | -76.6% |
| 2025 | -0.2% | -61.4% |
| 2026 | +1.5% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BAM and FNGD good diversifiers for each other?
By historical standards, yes. A correlation of -0.57 means the two rarely move for the same reasons.
FAQ
What is the correlation between BAM and FNGD?
Using weekly returns as of 2026-08-27: -0.57 over 3 years, with -0.53 over the last year and -0.52 over 5 years.
Is FNGD a good diversifier for BAM?
By historical standards, yes. A correlation of -0.57 means the two rarely move for the same reasons.
What does a correlation of -0.57 mean?
On the −1 to +1 scale, -0.57 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/bam-vs-fngd.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/bam-vs-fngd/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: BAM correlations · FNGD correlations
