BBIO vs FNGD: Correlation
Measured on weekly returns over the past three years, BridgeBio Pharma, Inc. (BBIO) 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 BBIO and FNGD?
Across a 3-year window, the weekly returns of BBIO and FNGD correlate at -0.24, negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at -0.06 versus -0.24 over 3 years. Stretching to 5 years gives -0.22, with an annualized covariance of -848.6 %².
Among the 10 assets we track against BBIO, FNGD sits near the bottom by co-movement, at rank #8. Correlation aside, the last 12 months split them widely, with BBIO ahead by 114.4 points (+58.7% versus -55.7%). One caveat on sizing: FNGD is 1.6 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.
BBIO vs FNGD: side by side
| BBIO (BridgeBio Pharma, Inc.) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | +58.7% | -55.7% |
| 5-year return | +61.9% | -99.4% |
| Volatility (ann.) | 46.9% | 75.7% |
| Beta vs S&P 500 | 1.02 | -4.54 |
| Max drawdown (3Y) | -49.1% | -97.6% |
| Market cap | $15.4B | – |
| P/E (trailing) | – | 20.6 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BBIO | FNGD |
|---|---|---|
| 2022 | -54.3% | +52.2% |
| 2023 | +429.8% | -90.1% |
| 2024 | -32.0% | -76.6% |
| 2025 | +178.8% | -61.4% |
| 2026 | +2.9% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BBIO 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 BBIO and FNGD?
Using weekly returns as of 2026-08-27: -0.24 over 3 years, with -0.06 over the last year and -0.22 over 5 years.
Is FNGD a good diversifier for BBIO?
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?
A reading of -0.24 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: BBIO correlations · FNGD correlations
