BCAL vs FNGD: Correlation
California BanCorp (BCAL) 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 BCAL and FNGD?
Across a 3-year window, the weekly returns of BCAL and FNGD correlate at -0.24, negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (-0.03) runs above the 3-year figure (-0.24). Stretching to 5 years gives -0.18, with an annualized covariance of -478.1 %².
Out of 13 assets tracked against BCAL, FNGD lands near the bottom at #11. The last year tells two different stories: BCAL led by 83.7 percentage points, +28.0% for BCAL against -55.7% for FNGD. One caveat on sizing: FNGD is 2.9 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.
BCAL vs FNGD: side by side
| BCAL (California BanCorp) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | +28.0% | -55.7% |
| 5-year return | +52.2% | -99.4% |
| Volatility (ann.) | 26.5% | 75.7% |
| Beta vs S&P 500 | 0.82 | -4.54 |
| Max drawdown (3Y) | -32.3% | -97.6% |
| Market cap | $0.7B | – |
| P/E (trailing) | 11.6 | 20.6 |
| Dividend yield | 1.40% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BCAL | FNGD |
|---|---|---|
| 2022 | +12.3% | +52.2% |
| 2023 | +3.1% | -90.1% |
| 2024 | -4.7% | -76.6% |
| 2025 | +13.5% | -61.4% |
| 2026 | +15.5% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BCAL 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 BCAL and FNGD?
As of 2026-08-27, the correlation of weekly returns between BCAL and FNGD is -0.24 over 3 years, -0.03 over 1 year and -0.18 over 5 years.
Is FNGD a good diversifier for BCAL?
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/bcal-vs-fngd.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/bcal-vs-fngd/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: BCAL correlations · FNGD correlations
