BBAI vs FNGD: Correlation
Measured on weekly returns over the past three years, BigBear.ai, Inc. (BBAI) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) carry a correlation of -0.40, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BBAI and FNGD?
On 3 years of weekly data the BBAI/FNGD correlation comes out at -0.40, negative, meaning they tend to move in opposite directions. Lately the two have drifted apart, with the 1-year correlation at -0.64 versus -0.40 over 3 years. The 5-year figure is -0.25, and annualized covariance runs at -3859.5 %².
Among the 12 assets we track against BBAI, FNGD sits near the bottom by co-movement, at rank #12. Correlation aside, the last 12 months split them widely, with BBAI ahead by 17.9 points (-37.8% versus -55.7%). Risk is not evenly split, since BBAI carries 1.7 times the volatility of the other side.
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.
BBAI vs FNGD: side by side
| BBAI (BigBear.ai, Inc.) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | -37.8% | -55.7% |
| 5-year return | -67.6% | -99.4% |
| Volatility (ann.) | 126.2% | 75.7% |
| Beta vs S&P 500 | 3.30 | -4.54 |
| Max drawdown (3Y) | -75.6% | -97.6% |
| Market cap | $1.5B | – |
| P/E (trailing) | – | 20.6 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BBAI | FNGD |
|---|---|---|
| 2022 | -88.1% | +52.2% |
| 2023 | +217.5% | -90.1% |
| 2024 | +107.9% | -76.6% |
| 2025 | +21.3% | -61.4% |
| 2026 | -40.9% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BBAI and FNGD good diversifiers for each other?
By historical standards, yes. A correlation of -0.40 means the two rarely move for the same reasons.
FAQ
What is the correlation between BBAI and FNGD?
The BBAI/FNGD correlation stands at -0.40 on a 3-year window (1 year: -0.64, 5 years: -0.25), computed from weekly returns as of 2026-08-27.
Is FNGD a good diversifier for BBAI?
By historical standards, yes. A correlation of -0.40 means the two rarely move for the same reasons.
What does a correlation of -0.40 mean?
A reading of -0.40 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
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Related comparisons
Hubs: BBAI correlations · FNGD correlations
