BGC vs FNGD: Correlation
Measured on weekly returns over the past three years, BGC Group, Inc. (BGC) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) carry a correlation of -0.25, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BGC and FNGD?
On 3 years of weekly data the BGC/FNGD correlation comes out at -0.25, negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at 0.00 versus -0.25 over 3 years. The 5-year figure is -0.33, and annualized covariance runs at -631.5 %².
FNGD is close to the least connected end of BGC's tracked universe, ranking #8 of 10. Their recent paths diverged sharply: over the last 12 months BGC outperformed by 77.2 percentage points (+21.5% for BGC against -55.7% for FNGD). One caveat on sizing: FNGD is 2.2 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
BGC vs FNGD: side by side
| BGC (BGC Group, Inc.) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | +21.5% | -55.7% |
| 5-year return | +146.1% | -99.4% |
| Volatility (ann.) | 34.0% | 75.7% |
| Beta vs S&P 500 | 0.90 | -4.54 |
| Max drawdown (3Y) | -34.5% | -97.6% |
| Market cap | $5.8B | – |
| P/E (trailing) | 29.5 | 20.6 |
| Dividend yield | 0.67% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BGC | FNGD |
|---|---|---|
| 2022 | -18.1% | +52.2% |
| 2023 | +93.0% | -90.1% |
| 2024 | +26.5% | -76.6% |
| 2025 | -0.6% | -61.4% |
| 2026 | +36.3% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BGC and FNGD good diversifiers for each other?
Yes: at -0.25, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between BGC and FNGD?
Using weekly returns as of 2026-08-27: -0.25 over 3 years, with 0.00 over the last year and -0.33 over 5 years.
Is FNGD a good diversifier for BGC?
Yes: at -0.25, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.25 mean?
On the −1 to +1 scale, -0.25 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/bgc-vs-fngd.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/bgc-vs-fngd/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: BGC correlations · FNGD correlations
