BCC vs FNGD: Correlation
Measured on weekly returns over the past three years, Boise Cascade, L.L.C. (BCC) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) carry a correlation of -0.23, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BCC and FNGD?
Over the past 3 years, BCC and FNGD moved with a correlation of -0.23, which is negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (0.00) runs above the 3-year figure (-0.23). Over 5 years the correlation is -0.28, and the annualized covariance of weekly returns is -637.1 %².
Among the 24 assets we track against BCC, FNGD sits near the bottom by co-movement, at rank #22. Correlation aside, the last 12 months split them widely, with BCC ahead by 46.2 points (-9.5% versus -55.7%). Risk is not evenly split, since FNGD carries 2.1 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.
BCC vs FNGD: side by side
| BCC (Boise Cascade, L.L.C.) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | -9.5% | -55.7% |
| 5-year return | +71.4% | -99.4% |
| Volatility (ann.) | 36.4% | 75.7% |
| Beta vs S&P 500 | 0.99 | -4.54 |
| Max drawdown (3Y) | -56.5% | -97.6% |
| Market cap | $2.7B | – |
| P/E (trailing) | 27.1 | 20.6 |
| Dividend yield | 1.10% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BCC | FNGD |
|---|---|---|
| 2022 | +1.5% | +52.2% |
| 2023 | +106.6% | -90.1% |
| 2024 | -4.0% | -76.6% |
| 2025 | -37.5% | -61.4% |
| 2026 | +7.7% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BCC and FNGD good diversifiers for each other?
Yes. With a correlation of -0.23, BCC and FNGD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between BCC and FNGD?
The BCC/FNGD correlation stands at -0.23 on a 3-year window (1 year: 0.00, 5 years: -0.28), computed from weekly returns as of 2026-08-27.
Is FNGD a good diversifier for BCC?
Yes. With a correlation of -0.23, BCC and FNGD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.23 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/bcc-vs-fngd.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/bcc-vs-fngd/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: BCC correlations · FNGD correlations
