BGY vs FNGD: Correlation
How closely do Blackrock Enhanced International Dividend Trust (BGY) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) trade together? Their weekly returns over three years give a correlation of -0.50, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BGY and FNGD?
On 3 years of weekly data the BGY/FNGD correlation comes out at -0.50, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.46 over 1 year against -0.50 over 3. The 5-year figure is -0.56, and annualized covariance runs at -601.4 %².
Among the 13 assets we track against BGY, FNGD sits near the bottom by co-movement, at rank #11. The last year tells two different stories: BGY led by 67.6 percentage points, +11.9% for BGY against -55.7% for FNGD. Risk is not evenly split, since FNGD carries 4.8 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.
BGY vs FNGD: side by side
| BGY (Blackrock Enhanced International Dividend Trust) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | +11.9% | -55.7% |
| 5-year return | +38.4% | -99.4% |
| Volatility (ann.) | 15.7% | 75.7% |
| Beta vs S&P 500 | 0.77 | -4.54 |
| Max drawdown (3Y) | -15.5% | -97.6% |
| Market cap | $0.5B | – |
| P/E (trailing) | 6.6 | 20.6 |
| Dividend yield | 8.63% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BGY | FNGD |
|---|---|---|
| 2022 | -13.6% | +52.2% |
| 2023 | +13.4% | -90.1% |
| 2024 | +8.7% | -76.6% |
| 2025 | +21.3% | -61.4% |
| 2026 | +6.4% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BGY and FNGD good diversifiers for each other?
Yes: at -0.50, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between BGY and FNGD?
Using weekly returns as of 2026-08-27: -0.50 over 3 years, with -0.46 over the last year and -0.56 over 5 years.
Is FNGD a good diversifier for BGY?
Yes: at -0.50, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.50 mean?
A reading of -0.50 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
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Related comparisons
Hubs: BGY correlations · FNGD correlations
