BANX vs FNGD: Correlation
How closely do ArrowMark Financial Corp. - Closed End Fund (BANX) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) trade together? Their weekly returns over three years give a correlation of -0.20, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BANX and FNGD?
On 3 years of weekly data the BANX/FNGD correlation comes out at -0.20, negative, meaning they tend to move in opposite directions. The link has loosened recently: the 1-year correlation (-0.38) runs below the 3-year figure (-0.20). The 5-year figure is -0.18, and annualized covariance runs at -217.9 %².
FNGD is close to the least connected end of BANX's tracked universe, ranking #10 of 12. Their recent paths diverged sharply: over the last 12 months BANX outperformed by 68.7 percentage points (+13.0% for BANX against -55.7% for FNGD). One caveat on sizing: FNGD is 5.1 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.
BANX vs FNGD: side by side
| BANX (ArrowMark Financial Corp. - Closed End Fund) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | +13.0% | -55.7% |
| 5-year return | +58.6% | -99.4% |
| Volatility (ann.) | 14.7% | 75.7% |
| Beta vs S&P 500 | 0.32 | -4.54 |
| Max drawdown (3Y) | -13.7% | -97.6% |
| Market cap | $0.2B | – |
| P/E (trailing) | 8.4 | 20.6 |
| Dividend yield | 8.75% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BANX | FNGD |
|---|---|---|
| 2022 | -15.3% | +52.2% |
| 2023 | +20.4% | -90.1% |
| 2024 | +27.7% | -76.6% |
| 2025 | +15.6% | -61.4% |
| 2026 | +0.9% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BANX and FNGD good diversifiers for each other?
By historical standards, yes. A correlation of -0.20 means the two rarely move for the same reasons.
FAQ
What is the correlation between BANX and FNGD?
As of 2026-08-27, the correlation of weekly returns between BANX and FNGD is -0.20 over 3 years, -0.38 over 1 year and -0.18 over 5 years.
Is FNGD a good diversifier for BANX?
By historical standards, yes. A correlation of -0.20 means the two rarely move for the same reasons.
What does a correlation of -0.20 mean?
On the −1 to +1 scale, -0.20 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/banx-vs-fngd.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/banx-vs-fngd/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: BANX correlations · FNGD correlations
