BGX vs FNGD: Correlation
Blackstone Long Short Credit Income Fund (BGX) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) show a negative relationship: their 3-year correlation of weekly returns is -0.44.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BGX and FNGD?
On 3 years of weekly data the BGX/FNGD correlation comes out at -0.44, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.39 over 1 year against -0.44 over 3. The 5-year figure is -0.45, and annualized covariance runs at -332.9 %².
Among the 14 assets we track against BGX, FNGD sits near the bottom by co-movement, at rank #12. The last year tells two different stories: BGX led by 49.1 percentage points, -6.6% for BGX against -55.7% for FNGD. Risk is not evenly split, since FNGD carries 7.6 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.
BGX vs FNGD: side by side
| BGX (Blackstone Long Short Credit Income Fund) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | -6.6% | -55.7% |
| 5-year return | +15.1% | -99.4% |
| Volatility (ann.) | 10.0% | 75.7% |
| Beta vs S&P 500 | 0.39 | -4.54 |
| Max drawdown (3Y) | -14.1% | -97.6% |
| Market cap | $0.1B | – |
| P/E (trailing) | 15.3 | 20.6 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BGX | FNGD |
|---|---|---|
| 2022 | -20.6% | +52.2% |
| 2023 | +18.9% | -90.1% |
| 2024 | +19.8% | -76.6% |
| 2025 | +2.1% | -61.4% |
| 2026 | -3.3% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BGX 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 BGX and FNGD?
The BGX/FNGD correlation stands at -0.44 on a 3-year window (1 year: -0.39, 5 years: -0.45), computed from weekly returns as of 2026-08-27.
Is FNGD a good diversifier for BGX?
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?
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.
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Related comparisons
Hubs: BGX correlations · FNGD correlations
