BBVA vs FNGD: Correlation
How closely do Banco Bilbao Vizcaya Argentaria S.A. (BBVA) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) trade together? Their weekly returns over three years give a correlation of -0.34, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BBVA and FNGD?
Over the past 3 years, BBVA and FNGD moved with a correlation of -0.34, which is negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.43) sits close to the 3-year figure. Over 5 years the correlation is -0.35, and the annualized covariance of weekly returns is -765.6 %².
Among the 12 assets we track against BBVA, FNGD sits near the bottom by co-movement, at rank #10. Their recent paths diverged sharply: over the last 12 months BBVA outperformed by 123.5 percentage points (+67.8% for BBVA against -55.7% for FNGD). Risk is not evenly split, since FNGD carries 2.5 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.
BBVA vs FNGD: side by side
| BBVA (Banco Bilbao Vizcaya Argentaria S.A.) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | +67.8% | -55.7% |
| 5-year return | +503.8% | -99.4% |
| Volatility (ann.) | 29.9% | 75.7% |
| Beta vs S&P 500 | 0.88 | -4.54 |
| Max drawdown (3Y) | -22.1% | -97.6% |
| Market cap | $158.3B | – |
| P/E (trailing) | 13.2 | 20.6 |
| Dividend yield | 2.07% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BBVA | FNGD |
|---|---|---|
| 2022 | +10.1% | +52.2% |
| 2023 | +62.5% | -90.1% |
| 2024 | +14.2% | -76.6% |
| 2025 | +154.0% | -61.4% |
| 2026 | +26.9% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BBVA and FNGD good diversifiers for each other?
By historical standards, yes. A correlation of -0.34 means the two rarely move for the same reasons.
FAQ
What is the correlation between BBVA and FNGD?
Using weekly returns as of 2026-08-27: -0.34 over 3 years, with -0.43 over the last year and -0.35 over 5 years.
Is FNGD a good diversifier for BBVA?
By historical standards, yes. A correlation of -0.34 means the two rarely move for the same reasons.
What does a correlation of -0.34 mean?
A reading of -0.34 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: BBVA correlations · FNGD correlations
