BCV vs FNGD: Correlation
Measured on weekly returns over the past three years, Bancroft Fund, Ltd. (BCV) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) carry a correlation of -0.45, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BCV and FNGD?
Across a 3-year window, the weekly returns of BCV and FNGD correlate at -0.45, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.49 over 1 year against -0.45 over 3. Stretching to 5 years gives -0.54, with an annualized covariance of -595.6 %².
FNGD is close to the least connected end of BCV's tracked universe, ranking #18 of 20. Their recent paths diverged sharply: over the last 12 months BCV outperformed by 84.0 percentage points (+28.3% for BCV against -55.7% for FNGD). Risk is not evenly split, since FNGD carries 4.3 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.
BCV vs FNGD: side by side
| BCV (Bancroft Fund, Ltd.) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | +28.3% | -55.7% |
| 5-year return | +22.7% | -99.4% |
| Volatility (ann.) | 17.6% | 75.7% |
| Beta vs S&P 500 | 0.68 | -4.54 |
| Max drawdown (3Y) | -14.6% | -97.6% |
| Market cap | $0.1B | – |
| P/E (trailing) | 3.7 | 20.6 |
| Dividend yield | 5.42% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BCV | FNGD |
|---|---|---|
| 2022 | -33.7% | +52.2% |
| 2023 | +5.6% | -90.1% |
| 2024 | +19.8% | -76.6% |
| 2025 | +33.4% | -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 BCV and FNGD good diversifiers for each other?
Yes. With a correlation of -0.45, BCV and FNGD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between BCV and FNGD?
The BCV/FNGD correlation stands at -0.45 on a 3-year window (1 year: -0.49, 5 years: -0.54), computed from weekly returns as of 2026-08-27.
Is FNGD a good diversifier for BCV?
Yes. With a correlation of -0.45, BCV and FNGD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.45 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/bcv-vs-fngd.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/bcv-vs-fngd/)
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Related comparisons
Hubs: BCV correlations · FNGD correlations
