BBUC vs FNGD: Correlation
How closely do Brookfield Business Corporation Class A Subordinate Voting (BBUC) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) trade together? Their weekly returns over three years give a correlation of -0.27, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BBUC and FNGD?
Across a 3-year window, the weekly returns of BBUC and FNGD correlate at -0.27, negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.16) than the 3-year average (-0.27). Stretching to 5 years gives -0.36, with an annualized covariance of -866.2 %².
FNGD is close to the least connected end of BBUC's tracked universe, ranking #11 of 13. The last year tells two different stories: BBUC led by 36.4 percentage points, -19.3% for BBUC against -55.7% for FNGD. Risk is not evenly split, since FNGD carries 1.8 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.
BBUC vs FNGD: side by side
| BBUC (Brookfield Business Corporation Class A Subordinate Voting) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | -19.3% | -55.7% |
| 5-year return | -20.8% | -99.4% |
| Volatility (ann.) | 41.8% | 75.7% |
| Beta vs S&P 500 | 1.45 | -4.54 |
| Max drawdown (3Y) | -29.3% | -97.6% |
| Market cap | $5.7B | – |
| P/E (trailing) | – | 20.6 |
| Dividend yield | 0.89% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BBUC | FNGD |
|---|---|---|
| 2022 | – | +52.2% |
| 2023 | +25.6% | -90.1% |
| 2024 | +5.4% | -76.6% |
| 2025 | +48.8% | -61.4% |
| 2026 | -21.9% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BBUC and FNGD good diversifiers for each other?
Yes. With a correlation of -0.27, BBUC and FNGD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between BBUC and FNGD?
Using weekly returns as of 2026-08-27: -0.27 over 3 years, with -0.16 over the last year and -0.36 over 5 years.
Is FNGD a good diversifier for BBUC?
Yes. With a correlation of -0.27, BBUC and FNGD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.27 mean?
On the −1 to +1 scale, -0.27 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/bbuc-vs-fngd.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/bbuc-vs-fngd/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: BBUC correlations · FNGD correlations
