BGT vs FNGD: Correlation
How closely do BlackRock Floating Rate Income Trust (BGT) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) trade together? Their weekly returns over three years give a correlation of -0.43, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BGT and FNGD?
Across a 3-year window, the weekly returns of BGT and FNGD correlate at -0.43, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.40) sits close to the 3-year figure. Stretching to 5 years gives -0.41, with an annualized covariance of -408.5 %².
Among the 11 assets we track against BGT, FNGD sits near the bottom by co-movement, at rank #9. Correlation aside, the last 12 months split them widely, with BGT ahead by 56.5 points (+0.8% versus -55.7%). One caveat on sizing: FNGD is 6.1 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.
BGT vs FNGD: side by side
| BGT (BlackRock Floating Rate Income Trust) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | +0.8% | -55.7% |
| 5-year return | +41.9% | -99.4% |
| Volatility (ann.) | 12.4% | 75.7% |
| Beta vs S&P 500 | 0.46 | -4.54 |
| Max drawdown (3Y) | -15.9% | -97.6% |
| Market cap | $0.3B | – |
| P/E (trailing) | 15.6 | 20.6 |
| Dividend yield | 13.12% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BGT | FNGD |
|---|---|---|
| 2022 | -16.6% | +52.2% |
| 2023 | +26.3% | -90.1% |
| 2024 | +16.1% | -76.6% |
| 2025 | -0.9% | -61.4% |
| 2026 | +6.6% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BGT and FNGD good diversifiers for each other?
Yes: at -0.43, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between BGT and FNGD?
Using weekly returns as of 2026-08-27: -0.43 over 3 years, with -0.40 over the last year and -0.41 over 5 years.
Is FNGD a good diversifier for BGT?
Yes: at -0.43, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.43 mean?
A reading of -0.43 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: BGT correlations · FNGD correlations
