BATRA vs FNGD: Correlation
How closely do Atlanta Braves Holdings, Inc. - Series A (BATRA) 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 BATRA and FNGD?
Over the past 3 years, BATRA and FNGD moved with a correlation of -0.20, which is negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.07) than the 3-year average (-0.20). Over 5 years the correlation is -0.22, and the annualized covariance of weekly returns is -280.6 %².
FNGD is close to the least connected end of BATRA's tracked universe, ranking #10 of 12. The last year tells two different stories: BATRA led by 73.6 percentage points, +17.9% for BATRA against -55.7% for FNGD. One caveat on sizing: FNGD is 4.0 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.
BATRA vs FNGD: side by side
| BATRA (Atlanta Braves Holdings, Inc. - Series A) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | +17.9% | -55.7% |
| 5-year return | +113.7% | -99.4% |
| Volatility (ann.) | 18.8% | 75.7% |
| Beta vs S&P 500 | 0.46 | -4.54 |
| Max drawdown (3Y) | -16.6% | -97.6% |
| Market cap | $3.6B | – |
| P/E (trailing) | – | 20.6 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BATRA | FNGD |
|---|---|---|
| 2022 | +13.6% | +52.2% |
| 2023 | +30.9% | -90.1% |
| 2024 | -4.6% | -76.6% |
| 2025 | +4.1% | -61.4% |
| 2026 | +31.2% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BATRA 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 BATRA and FNGD?
The BATRA/FNGD correlation stands at -0.20 on a 3-year window (1 year: -0.07, 5 years: -0.22), computed from weekly returns as of 2026-08-27.
Is FNGD a good diversifier for BATRA?
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?
A reading of -0.20 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/batra-vs-fngd.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/batra-vs-fngd/)
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Related comparisons
Hubs: BATRA correlations · FNGD correlations
