BHE vs FNGD: Correlation
Benchmark Electronics, Inc. (BHE) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) show a negative relationship: their 3-year correlation of weekly returns is -0.33.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BHE and FNGD?
On 3 years of weekly data the BHE/FNGD correlation comes out at -0.33, negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at -0.11 versus -0.33 over 3 years. The 5-year figure is -0.33, and annualized covariance runs at -914.1 %².
Among the 16 assets we track against BHE, FNGD sits near the bottom by co-movement, at rank #14. Their recent paths diverged sharply: over the last 12 months BHE outperformed by 137.1 percentage points (+81.4% for BHE against -55.7% for FNGD). Note the risk asymmetry: FNGD runs 2.1 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.
BHE vs FNGD: side by side
| BHE (Benchmark Electronics, Inc.) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | +81.4% | -55.7% |
| 5-year return | +202.1% | -99.4% |
| Volatility (ann.) | 36.4% | 75.7% |
| Beta vs S&P 500 | 1.21 | -4.54 |
| Max drawdown (3Y) | -36.7% | -97.6% |
| Market cap | $2.6B | – |
| P/E (trailing) | 49.5 | 20.6 |
| Dividend yield | 0.94% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BHE | FNGD |
|---|---|---|
| 2022 | +1.1% | +52.2% |
| 2023 | +6.3% | -90.1% |
| 2024 | +67.1% | -76.6% |
| 2025 | -4.2% | -61.4% |
| 2026 | +73.2% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BHE and FNGD good diversifiers for each other?
By historical standards, yes. A correlation of -0.33 means the two rarely move for the same reasons.
FAQ
What is the correlation between BHE and FNGD?
The BHE/FNGD correlation stands at -0.33 on a 3-year window (1 year: -0.11, 5 years: -0.33), computed from weekly returns as of 2026-08-27.
Is FNGD a good diversifier for BHE?
By historical standards, yes. A correlation of -0.33 means the two rarely move for the same reasons.
What does a correlation of -0.33 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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/bhe-vs-fngd.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/bhe-vs-fngd/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: BHE correlations · FNGD correlations
