BFH vs FNGD: Correlation
Bread Financial Holdings, Inc. (BFH) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) show a negative relationship: their 3-year correlation of weekly returns is -0.28.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BFH and FNGD?
On 3 years of weekly data the BFH/FNGD correlation comes out at -0.28, negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at -0.14 versus -0.28 over 3 years. The 5-year figure is -0.32, and annualized covariance runs at -891.1 %².
Out of 11 assets tracked against BFH, FNGD lands near the bottom at #9. The last year tells two different stories: BFH led by 122.5 percentage points, +66.8% for BFH against -55.7% for FNGD. Note the risk asymmetry: FNGD runs 1.8 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.
BFH vs FNGD: side by side
| BFH (Bread Financial Holdings, Inc.) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | +66.8% | -55.7% |
| 5-year return | +55.9% | -99.4% |
| Volatility (ann.) | 42.0% | 75.7% |
| Beta vs S&P 500 | 1.26 | -4.54 |
| Max drawdown (3Y) | -36.7% | -97.6% |
| Market cap | $4.2B | – |
| P/E (trailing) | 8.3 | 20.6 |
| Dividend yield | 0.84% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BFH | FNGD |
|---|---|---|
| 2022 | -42.4% | +52.2% |
| 2023 | -10.2% | -90.1% |
| 2024 | +89.0% | -76.6% |
| 2025 | +23.1% | -61.4% |
| 2026 | +46.7% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BFH and FNGD good diversifiers for each other?
Yes. With a correlation of -0.28, BFH and FNGD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between BFH and FNGD?
The BFH/FNGD correlation stands at -0.28 on a 3-year window (1 year: -0.14, 5 years: -0.32), computed from weekly returns as of 2026-08-27.
Is FNGD a good diversifier for BFH?
Yes. With a correlation of -0.28, BFH and FNGD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.28 mean?
On the −1 to +1 scale, -0.28 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/bfh-vs-fngd.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/bfh-vs-fngd/)
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Related comparisons
Hubs: BFH correlations · FNGD correlations
