BFRG vs FNGD: Correlation
How closely do Bullfrog AI Holdings, Inc. (BFRG) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) trade together? Their weekly returns over three years give a correlation of -0.32, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BFRG and FNGD?
Across a 3-year window, the weekly returns of BFRG 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 -0.36 lands near the 3-year figure. Stretching to 5 years gives n/a, with an annualized covariance of -3346.5 %².
Out of 10 assets tracked against BFRG, FNGD lands near the bottom at #10. Neither side won the trailing year by much: -55.1% against -55.7%. Note the risk asymmetry: BFRG 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.
BFRG vs FNGD: side by side
| BFRG (Bullfrog AI Holdings, Inc.) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | -55.1% | -55.7% |
| 5-year return | n/a | -99.4% |
| Volatility (ann.) | 136.8% | 75.7% |
| Beta vs S&P 500 | 3.10 | -4.54 |
| Max drawdown (3Y) | -93.8% | -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 | BFRG | FNGD |
|---|---|---|
| 2022 | – | +52.2% |
| 2023 | – | -90.1% |
| 2024 | -38.7% | -76.6% |
| 2025 | -55.8% | -61.4% |
| 2026 | -36.0% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BFRG and FNGD good diversifiers for each other?
Yes. With a correlation of -0.32, BFRG and FNGD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between BFRG and FNGD?
Using weekly returns as of 2026-08-27: -0.32 over 3 years, with -0.36 over the last year and n/a over 5 years.
Is FNGD a good diversifier for BFRG?
Yes. With a correlation of -0.32, BFRG and FNGD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.32 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
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Related comparisons
Hubs: BFRG correlations · FNGD correlations
