BANC vs FNGD: Correlation
How closely do Banc of California, Inc. (BANC) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) trade together? Their weekly returns over three years give a correlation of -0.23, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BANC and FNGD?
Over the past 3 years, BANC and FNGD moved with a correlation of -0.23, which is negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (0.03) runs above the 3-year figure (-0.23). Over 5 years the correlation is -0.26, and the annualized covariance of weekly returns is -572.9 %².
Out of 14 assets tracked against BANC, FNGD lands near the bottom at #12. Correlation aside, the last 12 months split them widely, with BANC ahead by 70.4 points (+14.7% versus -55.7%). One caveat on sizing: FNGD is 2.3 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.
BANC vs FNGD: side by side
| BANC (Banc of California, Inc.) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | +14.7% | -55.7% |
| 5-year return | +18.5% | -99.4% |
| Volatility (ann.) | 33.4% | 75.7% |
| Beta vs S&P 500 | 1.08 | -4.54 |
| Max drawdown (3Y) | -31.2% | -97.6% |
| Market cap | $3.0B | – |
| P/E (trailing) | – | 20.6 |
| Dividend yield | 2.34% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BANC | FNGD |
|---|---|---|
| 2022 | -17.7% | +52.2% |
| 2023 | -13.0% | -90.1% |
| 2024 | +18.3% | -76.6% |
| 2025 | +28.0% | -61.4% |
| 2026 | -1.6% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BANC 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 BANC and FNGD?
Using weekly returns as of 2026-08-27: -0.23 over 3 years, with 0.03 over the last year and -0.26 over 5 years.
Is FNGD a good diversifier for BANC?
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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/banc-vs-fngd.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/banc-vs-fngd/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: BANC correlations · FNGD correlations
