BCH vs FNGD: Correlation
Banco De Chile (BCH) 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 BCH and FNGD?
On 3 years of weekly data the BCH/FNGD correlation comes out at -0.24, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.18) sits close to the 3-year figure. The 5-year figure is -0.12, and annualized covariance runs at -451.0 %².
Among the 15 assets we track against BCH, FNGD sits near the bottom by co-movement, at rank #13. The last year tells two different stories: BCH led by 111.1 percentage points, +55.4% for BCH against -55.7% for FNGD. Risk is not evenly split, since FNGD carries 3.1 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.
BCH vs FNGD: side by side
| BCH (Banco De Chile) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | +55.4% | -55.7% |
| 5-year return | +219.8% | -99.4% |
| Volatility (ann.) | 24.6% | 75.7% |
| Beta vs S&P 500 | 0.63 | -4.54 |
| Max drawdown (3Y) | -20.0% | -97.6% |
| Market cap | $21.0B | – |
| P/E (trailing) | 15.8 | 20.6 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BCH | FNGD |
|---|---|---|
| 2022 | +41.2% | +52.2% |
| 2023 | +23.4% | -90.1% |
| 2024 | +6.1% | -76.6% |
| 2025 | +81.2% | -61.4% |
| 2026 | +16.1% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BCH and FNGD good diversifiers for each other?
Yes. With a correlation of -0.24, BCH and FNGD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between BCH and FNGD?
The BCH/FNGD correlation stands at -0.24 on a 3-year window (1 year: -0.18, 5 years: -0.12), computed from weekly returns as of 2026-08-27.
Is FNGD a good diversifier for BCH?
Yes. With a correlation of -0.24, BCH and FNGD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.24 mean?
On the −1 to +1 scale, -0.24 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
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Related comparisons
Hubs: BCH correlations · FNGD correlations
