BDJ vs FNGD: Correlation
Blackrock Enhanced Equity Dividend Trust (BDJ) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) show a negative relationship: their 3-year correlation of weekly returns is -0.43.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BDJ and FNGD?
Over the past 3 years, BDJ and FNGD moved with a correlation of -0.43, which is negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.37) sits close to the 3-year figure. Over 5 years the correlation is -0.49, and the annualized covariance of weekly returns is -494.8 %².
Among the 16 assets we track against BDJ, FNGD sits near the bottom by co-movement, at rank #14. The last year tells two different stories: BDJ led by 74.7 percentage points, +19.0% for BDJ against -55.7% for FNGD. Risk is not evenly split, since FNGD carries 5.0 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.
BDJ vs FNGD: side by side
| BDJ (Blackrock Enhanced Equity Dividend Trust) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | +19.0% | -55.7% |
| 5-year return | +53.5% | -99.4% |
| Volatility (ann.) | 15.1% | 75.7% |
| Beta vs S&P 500 | 0.72 | -4.54 |
| Max drawdown (3Y) | -14.4% | -97.6% |
| Market cap | $1.7B | – |
| P/E (trailing) | 6.2 | 20.6 |
| Dividend yield | 7.57% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BDJ | FNGD |
|---|---|---|
| 2022 | -1.7% | +52.2% |
| 2023 | -6.7% | -90.1% |
| 2024 | +16.8% | -76.6% |
| 2025 | +26.1% | -61.4% |
| 2026 | +8.9% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BDJ and FNGD good diversifiers for each other?
By historical standards, yes. A correlation of -0.43 means the two rarely move for the same reasons.
FAQ
What is the correlation between BDJ and FNGD?
The BDJ/FNGD correlation stands at -0.43 on a 3-year window (1 year: -0.37, 5 years: -0.49), computed from weekly returns as of 2026-08-27.
Is FNGD a good diversifier for BDJ?
By historical standards, yes. A correlation of -0.43 means the two rarely move for the same reasons.
What does a correlation of -0.43 mean?
On the −1 to +1 scale, -0.43 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/bdj-vs-fngd.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/bdj-vs-fngd/)
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Related comparisons
Hubs: BDJ correlations · FNGD correlations
