BGB vs FNGD: Correlation
Measured on weekly returns over the past three years, Blackstone Strategic Credit 2027 Term Fund (BGB) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) carry a correlation of -0.51, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BGB and FNGD?
Across a 3-year window, the weekly returns of BGB and FNGD correlate at -0.51, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.43 over 1 year against -0.51 over 3. Stretching to 5 years gives -0.42, with an annualized covariance of -356.6 %².
Among the 14 assets we track against BGB, FNGD sits near the bottom by co-movement, at rank #12. Their recent paths diverged sharply: over the last 12 months BGB outperformed by 52.6 percentage points (-3.1% for BGB against -55.7% for FNGD). Risk is not evenly split, since FNGD carries 8.1 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.
BGB vs FNGD: side by side
| BGB (Blackstone Strategic Credit 2027 Term Fund) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | -3.1% | -55.7% |
| 5-year return | +23.0% | -99.4% |
| Volatility (ann.) | 9.3% | 75.7% |
| Beta vs S&P 500 | 0.40 | -4.54 |
| Max drawdown (3Y) | -12.8% | -97.6% |
| Market cap | – | – |
| P/E (trailing) | 16.7 | 20.6 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BGB | FNGD |
|---|---|---|
| 2022 | -16.1% | +52.2% |
| 2023 | +19.5% | -90.1% |
| 2024 | +18.7% | -76.6% |
| 2025 | +4.8% | -61.4% |
| 2026 | -0.5% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BGB and FNGD good diversifiers for each other?
Yes: at -0.51, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between BGB and FNGD?
As of 2026-08-27, the correlation of weekly returns between BGB and FNGD is -0.51 over 3 years, -0.43 over 1 year and -0.42 over 5 years.
Is FNGD a good diversifier for BGB?
Yes: at -0.51, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.51 mean?
On the −1 to +1 scale, -0.51 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
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Related comparisons
Hubs: BGB correlations · FNGD correlations
