BCO vs FNGD: Correlation
Brinks Company (The) (BCO) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) show a negative relationship: their 3-year correlation of weekly returns is -0.23.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BCO and FNGD?
On 3 years of weekly data the BCO/FNGD correlation comes out at -0.23, negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at -0.10 versus -0.23 over 3 years. The 5-year figure is -0.31, and annualized covariance runs at -525.8 %².
Out of 12 assets tracked against BCO, FNGD lands near the bottom at #10. Their recent paths diverged sharply: over the last 12 months BCO outperformed by 53.9 percentage points (-1.8% for BCO against -55.7% for FNGD). One caveat on sizing: FNGD is 2.5 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.
BCO vs FNGD: side by side
| BCO (Brinks Company (The)) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | -1.8% | -55.7% |
| 5-year return | +48.9% | -99.4% |
| Volatility (ann.) | 30.5% | 75.7% |
| Beta vs S&P 500 | 0.85 | -4.54 |
| Max drawdown (3Y) | -31.9% | -97.6% |
| Market cap | $4.5B | – |
| P/E (trailing) | 25.8 | 20.6 |
| Dividend yield | 0.91% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BCO | FNGD |
|---|---|---|
| 2022 | -17.0% | +52.2% |
| 2023 | +65.9% | -90.1% |
| 2024 | +6.5% | -76.6% |
| 2025 | +27.2% | -61.4% |
| 2026 | -5.6% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BCO and FNGD good diversifiers for each other?
Yes: at -0.23, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between BCO and FNGD?
Using weekly returns as of 2026-08-27: -0.23 over 3 years, with -0.10 over the last year and -0.31 over 5 years.
Is FNGD a good diversifier for BCO?
Yes: at -0.23, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.23 mean?
On the −1 to +1 scale, -0.23 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
$ curl https://www.pairbook.io/api/v1/pairs/bco-vs-fngd.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/bco-vs-fngd/)
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Related comparisons
Hubs: BCO correlations · FNGD correlations
