BELFA vs FNGD: Correlation
Measured on weekly returns over the past three years, Bel Fuse Inc. (BELFA) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) carry a correlation of -0.23, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BELFA and FNGD?
Across a 3-year window, the weekly returns of BELFA and FNGD correlate 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 -0.09 versus -0.23 over 3 years. Stretching to 5 years gives -0.25, with an annualized covariance of -854.4 %².
Among the 10 assets we track against BELFA, FNGD sits near the bottom by co-movement, at rank #8. Correlation aside, the last 12 months split them widely, with BELFA ahead by 136.2 points (+80.5% versus -55.7%). Note the risk asymmetry: FNGD runs 1.6 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.
BELFA vs FNGD: side by side
| BELFA (Bel Fuse Inc.) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | +80.5% | -55.7% |
| 5-year return | +1292.5% | -99.4% |
| Volatility (ann.) | 48.6% | 75.7% |
| Beta vs S&P 500 | 1.30 | -4.54 |
| Max drawdown (3Y) | -43.4% | -97.6% |
| Market cap | $3.1B | – |
| P/E (trailing) | 54.3 | 20.6 |
| Dividend yield | 0.11% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BELFA | FNGD |
|---|---|---|
| 2022 | +117.0% | +52.2% |
| 2023 | +102.0% | -90.1% |
| 2024 | +39.8% | -76.6% |
| 2025 | +69.0% | -61.4% |
| 2026 | +40.6% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BELFA and FNGD good diversifiers for each other?
Yes. With a correlation of -0.23, BELFA and FNGD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between BELFA and FNGD?
Using weekly returns as of 2026-08-27: -0.23 over 3 years, with -0.09 over the last year and -0.25 over 5 years.
Is FNGD a good diversifier for BELFA?
Yes. With a correlation of -0.23, BELFA and FNGD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
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.
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Related comparisons
Hubs: BELFA correlations · FNGD correlations
