BDCZ vs FNGD: Correlation
ETRACS MarketVector Business Development Companies Liquid (BDCZ) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) show a negative relationship: their 3-year correlation of weekly returns is -0.35.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BDCZ and FNGD?
Over the past 3 years, BDCZ and FNGD moved with a correlation of -0.35, which is negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.44 lands near the 3-year figure. Over 5 years the correlation is -0.42, and the annualized covariance of weekly returns is -427.9 %².
FNGD is close to the least connected end of BDCZ's tracked universe, ranking #47 of 49. The last year tells two different stories: BDCZ led by 51.7 percentage points, -4.0% for BDCZ against -55.7% for FNGD. Note the risk asymmetry: FNGD runs 4.7 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
BDCZ vs FNGD: side by side
| BDCZ (ETRACS MarketVector Business Development Companies Liquid) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | -4.0% | -55.7% |
| 5-year return | +29.0% | -99.4% |
| Volatility (ann.) | 16.0% | 75.7% |
| Beta vs S&P 500 | 0.58 | -4.54 |
| Max drawdown (3Y) | -20.8% | -97.6% |
| Market cap | – | – |
| P/E (trailing) | – | 20.6 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BDCZ | FNGD |
|---|---|---|
| 2022 | -9.1% | +52.2% |
| 2023 | +25.3% | -90.1% |
| 2024 | +12.2% | -76.6% |
| 2025 | -3.7% | -61.4% |
| 2026 | +0.4% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BDCZ and FNGD good diversifiers for each other?
Yes: at -0.35, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between BDCZ and FNGD?
Using weekly returns as of 2026-08-27: -0.35 over 3 years, with -0.44 over the last year and -0.42 over 5 years.
Is FNGD a good diversifier for BDCZ?
Yes: at -0.35, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.35 mean?
A reading of -0.35 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/bdcz-vs-fngd.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/bdcz-vs-fngd/)
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Related comparisons
Hubs: BDCZ correlations · FNGD correlations
