BCAB vs FNGD: Correlation
Measured on weekly returns over the past three years, BioAtla, Inc. (BCAB) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) carry a correlation of -0.29, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BCAB and FNGD?
On 3 years of weekly data the BCAB/FNGD correlation comes out at -0.29, negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.11) than the 3-year average (-0.29). The 5-year figure is -0.29, and annualized covariance runs at -2622.9 %².
Among the 11 assets we track against BCAB, FNGD sits near the bottom by co-movement, at rank #11. Their recent paths diverged sharply: over the last 12 months FNGD outperformed by 30.3 percentage points (-86.0% for BCAB against -55.7% for FNGD). Risk is not evenly split, since BCAB carries 1.6 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.
BCAB vs FNGD: side by side
| BCAB (BioAtla, Inc.) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | -86.0% | -55.7% |
| 5-year return | -99.8% | -99.4% |
| Volatility (ann.) | 119.3% | 75.7% |
| Beta vs S&P 500 | 2.75 | -4.54 |
| Max drawdown (3Y) | -98.4% | -97.6% |
| Market cap | – | – |
| P/E (trailing) | – | 20.6 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BCAB | FNGD |
|---|---|---|
| 2022 | -58.0% | +52.2% |
| 2023 | -70.2% | -90.1% |
| 2024 | -76.0% | -76.6% |
| 2025 | -3.9% | -61.4% |
| 2026 | -88.9% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BCAB and FNGD good diversifiers for each other?
By historical standards, yes. A correlation of -0.29 means the two rarely move for the same reasons.
FAQ
What is the correlation between BCAB and FNGD?
Using weekly returns as of 2026-08-27: -0.29 over 3 years, with -0.11 over the last year and -0.29 over 5 years.
Is FNGD a good diversifier for BCAB?
By historical standards, yes. A correlation of -0.29 means the two rarely move for the same reasons.
What does a correlation of -0.29 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/bcab-vs-fngd.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/bcab-vs-fngd/)
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Related comparisons
Hubs: BCAB correlations · FNGD correlations
