BGH vs FNGD: Correlation
Measured on weekly returns over the past three years, Barings Global Short Duration High Yield Fund (BGH) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) carry a correlation of -0.44, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BGH and FNGD?
Over the past 3 years, BGH and FNGD moved with a correlation of -0.44, which is negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.51 over 1 year against -0.44 over 3. Over 5 years the correlation is -0.42, and the annualized covariance of weekly returns is -441.7 %².
Among the 13 assets we track against BGH, FNGD sits near the bottom by co-movement, at rank #11. The last year tells two different stories: BGH led by 52.9 percentage points, -2.8% for BGH against -55.7% for FNGD. Note the risk asymmetry: FNGD runs 5.7 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.
BGH vs FNGD: side by side
| BGH (Barings Global Short Duration High Yield Fund) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | -2.8% | -55.7% |
| 5-year return | +37.9% | -99.4% |
| Volatility (ann.) | 13.2% | 75.7% |
| Beta vs S&P 500 | 0.54 | -4.54 |
| Max drawdown (3Y) | -16.9% | -97.6% |
| Market cap | – | – |
| P/E (trailing) | 14.2 | 20.6 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BGH | FNGD |
|---|---|---|
| 2022 | -19.9% | +52.2% |
| 2023 | +18.2% | -90.1% |
| 2024 | +27.3% | -76.6% |
| 2025 | +8.5% | -61.4% |
| 2026 | +1.0% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BGH and FNGD good diversifiers for each other?
Yes: at -0.44, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between BGH and FNGD?
Using weekly returns as of 2026-08-27: -0.44 over 3 years, with -0.51 over the last year and -0.42 over 5 years.
Is FNGD a good diversifier for BGH?
Yes: at -0.44, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.44 mean?
On the −1 to +1 scale, -0.44 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.
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Related comparisons
Hubs: BGH correlations · FNGD correlations
