BHVN vs FNGD: Correlation
How closely do Biohaven Ltd. (BHVN) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) trade together? Their weekly returns over three years give a correlation of -0.23, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BHVN and FNGD?
Over the past 3 years, BHVN and FNGD moved with a correlation of -0.23, which is negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.22 over 1 year against -0.23 over 3. Over 5 years the correlation is -0.20, and the annualized covariance of weekly returns is -1351.3 %².
Out of 10 assets tracked against BHVN, FNGD lands near the bottom at #8. Their recent paths diverged sharply: over the last 12 months BHVN outperformed by 59.0 percentage points (+3.3% for BHVN against -55.7% for FNGD).
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.
BHVN vs FNGD: side by side
| BHVN (Biohaven Ltd.) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | +3.3% | -55.7% |
| 5-year return | n/a | -99.4% |
| Volatility (ann.) | 78.0% | 75.7% |
| Beta vs S&P 500 | 1.60 | -4.54 |
| Max drawdown (3Y) | -87.0% | -97.6% |
| Market cap | $2.4B | – |
| P/E (trailing) | – | 20.6 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BHVN | FNGD |
|---|---|---|
| 2022 | – | +52.2% |
| 2023 | +208.4% | -90.1% |
| 2024 | -12.7% | -76.6% |
| 2025 | -69.8% | -61.4% |
| 2026 | +42.8% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BHVN and FNGD good diversifiers for each other?
By historical standards, yes. A correlation of -0.23 means the two rarely move for the same reasons.
FAQ
What is the correlation between BHVN and FNGD?
Using weekly returns as of 2026-08-27: -0.23 over 3 years, with -0.22 over the last year and -0.20 over 5 years.
Is FNGD a good diversifier for BHVN?
By historical standards, yes. A correlation of -0.23 means the two rarely move for the same reasons.
What does a correlation of -0.23 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/bhvn-vs-fngd.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/bhvn-vs-fngd/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: BHVN correlations · FNGD correlations
