BEN vs FNGD: Correlation
Measured on weekly returns over the past three years, Franklin Resources (BEN) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) carry a correlation of -0.32, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BEN and FNGD?
Across a 3-year window, the weekly returns of BEN and FNGD correlate at -0.32, negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.38 lands near the 3-year figure. Stretching to 5 years gives -0.44, with an annualized covariance of -664.9 %².
Among the 28 assets we track against BEN, FNGD sits near the bottom by co-movement, at rank #26. Correlation aside, the last 12 months split them widely, with BEN ahead by 98.7 points (+43.0% versus -55.7%). Risk is not evenly split, since FNGD carries 2.7 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.
BEN vs FNGD: side by side
| BEN (Franklin Resources) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | +43.0% | -55.7% |
| 5-year return | +37.6% | -99.4% |
| Volatility (ann.) | 27.9% | 75.7% |
| Beta vs S&P 500 | 1.01 | -4.54 |
| Max drawdown (3Y) | -40.0% | -97.6% |
| Market cap | $17.7B | – |
| P/E (trailing) | 23.8 | 20.6 |
| Dividend yield | 3.74% | 0.00% |
| Sector / category | Financials | US Listed |
Year-by-year returns
| Year | BEN | FNGD |
|---|---|---|
| 2022 | -17.5% | +52.2% |
| 2023 | +17.0% | -90.1% |
| 2024 | -27.2% | -76.6% |
| 2025 | +24.8% | -61.4% |
| 2026 | +49.4% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BEN and FNGD good diversifiers for each other?
Yes: at -0.32, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between BEN and FNGD?
As of 2026-08-27, the correlation of weekly returns between BEN and FNGD is -0.32 over 3 years, -0.38 over 1 year and -0.44 over 5 years.
Is FNGD a good diversifier for BEN?
Yes: at -0.32, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.32 mean?
On the −1 to +1 scale, -0.32 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/ben-vs-fngd.json
Embed this badge (it refreshes with the data), with attribution:
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Related comparisons
Hubs: BEN correlations · FNGD correlations
