BBY vs FNGD: Correlation
Best Buy (BBY) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) show a negative relationship: their 3-year correlation of weekly returns is -0.24.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BBY and FNGD?
Over the past 3 years, BBY and FNGD moved with a correlation of -0.24, which is negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.21) sits close to the 3-year figure. Over 5 years the correlation is -0.35, and the annualized covariance of weekly returns is -694.6 %².
FNGD is close to the least connected end of BBY's tracked universe, ranking #31 of 33. The last year tells two different stories: BBY led by 72.6 percentage points, +16.9% for BBY against -55.7% for FNGD. Note the risk asymmetry: FNGD runs 2.0 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
BBY vs FNGD: side by side
| BBY (Best Buy) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | +16.9% | -55.7% |
| 5-year return | -11.2% | -99.4% |
| Volatility (ann.) | 37.6% | 75.7% |
| Beta vs S&P 500 | 0.97 | -4.54 |
| Max drawdown (3Y) | -44.3% | -97.6% |
| Market cap | – | – |
| P/E (trailing) | 16.2 | 20.6 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | Consumer Discretionary | US Listed |
Year-by-year returns
| Year | BBY | FNGD |
|---|---|---|
| 2022 | -17.5% | +52.2% |
| 2023 | +2.5% | -90.1% |
| 2024 | +14.4% | -76.6% |
| 2025 | -17.8% | -61.4% |
| 2026 | +28.4% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BBY and FNGD good diversifiers for each other?
Yes: at -0.24, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between BBY and FNGD?
As of 2026-08-27, the correlation of weekly returns between BBY and FNGD is -0.24 over 3 years, -0.21 over 1 year and -0.35 over 5 years.
Is FNGD a good diversifier for BBY?
Yes: at -0.24, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.24 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/bby-vs-fngd.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/bby-vs-fngd/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: BBY correlations · FNGD correlations
