BCSF vs FNGD: Correlation
Measured on weekly returns over the past three years, Bain Capital Specialty Finance, Inc. (BCSF) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) carry a correlation of -0.28, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BCSF and FNGD?
On 3 years of weekly data the BCSF/FNGD correlation comes out at -0.28, negative, meaning they tend to move in opposite directions. Lately the two have drifted apart, with the 1-year correlation at -0.39 versus -0.28 over 3 years. The 5-year figure is -0.33, and annualized covariance runs at -400.8 %².
Out of 15 assets tracked against BCSF, FNGD lands near the bottom at #13. Correlation aside, the last 12 months split them widely, with BCSF ahead by 43.7 points (-12.0% versus -55.7%). One caveat on sizing: FNGD is 4.0 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.
BCSF vs FNGD: side by side
| BCSF (Bain Capital Specialty Finance, Inc.) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | -12.0% | -55.7% |
| 5-year return | +39.1% | -99.4% |
| Volatility (ann.) | 18.9% | 75.7% |
| Beta vs S&P 500 | 0.60 | -4.54 |
| Max drawdown (3Y) | -26.4% | -97.6% |
| Market cap | $0.8B | – |
| P/E (trailing) | 12.0 | 20.6 |
| Dividend yield | 14.12% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BCSF | FNGD |
|---|---|---|
| 2022 | -13.3% | +52.2% |
| 2023 | +42.0% | -90.1% |
| 2024 | +29.5% | -76.6% |
| 2025 | -9.6% | -61.4% |
| 2026 | -8.5% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BCSF and FNGD good diversifiers for each other?
Yes: at -0.28, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between BCSF and FNGD?
The BCSF/FNGD correlation stands at -0.28 on a 3-year window (1 year: -0.39, 5 years: -0.33), computed from weekly returns as of 2026-08-27.
Is FNGD a good diversifier for BCSF?
Yes: at -0.28, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.28 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/bcsf-vs-fngd.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/bcsf-vs-fngd/)
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Related comparisons
Hubs: BCSF correlations · FNGD correlations
