BATRK vs FNGD: Correlation
Measured on weekly returns over the past three years, Atlanta Braves Holdings, Inc. - Series C (BATRK) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) carry a correlation of -0.24, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BATRK and FNGD?
Across a 3-year window, the weekly returns of BATRK and FNGD correlate at -0.24, negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (-0.11) runs above the 3-year figure (-0.24). Stretching to 5 years gives -0.26, with an annualized covariance of -341.7 %².
FNGD is close to the least connected end of BATRK's tracked universe, ranking #10 of 12. Correlation aside, the last 12 months split them widely, with BATRK ahead by 69.0 points (+13.3% versus -55.7%). 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.
BATRK vs FNGD: side by side
| BATRK (Atlanta Braves Holdings, Inc. - Series C) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | +13.3% | -55.7% |
| 5-year return | +96.3% | -99.4% |
| Volatility (ann.) | 19.0% | 75.7% |
| Beta vs S&P 500 | 0.50 | -4.54 |
| Max drawdown (3Y) | -18.7% | -97.6% |
| Market cap | $3.3B | – |
| P/E (trailing) | – | 20.6 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BATRK | FNGD |
|---|---|---|
| 2022 | +14.7% | +52.2% |
| 2023 | +22.8% | -90.1% |
| 2024 | -3.3% | -76.6% |
| 2025 | +3.1% | -61.4% |
| 2026 | +28.8% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BATRK and FNGD good diversifiers for each other?
By historical standards, yes. A correlation of -0.24 means the two rarely move for the same reasons.
FAQ
What is the correlation between BATRK and FNGD?
As of 2026-08-27, the correlation of weekly returns between BATRK and FNGD is -0.24 over 3 years, -0.11 over 1 year and -0.26 over 5 years.
Is FNGD a good diversifier for BATRK?
By historical standards, yes. A correlation of -0.24 means the two rarely move for the same reasons.
What does a correlation of -0.24 mean?
On the −1 to +1 scale, -0.24 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/batrk-vs-fngd.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/batrk-vs-fngd/)
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Related comparisons
Hubs: BATRK correlations · FNGD correlations
