BILL vs FNGD: Correlation
How closely do BILL Holdings, Inc. (BILL) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) trade together? Their weekly returns over three years give a correlation of -0.26, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BILL and FNGD?
On 3 years of weekly data the BILL/FNGD correlation comes out at -0.26, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.26) sits close to the 3-year figure. The 5-year figure is -0.44, and annualized covariance runs at -1114.4 %².
Out of 13 assets tracked against BILL, FNGD lands near the bottom at #11. Correlation aside, the last 12 months split them widely, with BILL ahead by 73.1 points (+17.4% versus -55.7%).
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.
BILL vs FNGD: side by side
| BILL (BILL Holdings, Inc.) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | +17.4% | -55.7% |
| 5-year return | -82.7% | -99.4% |
| Volatility (ann.) | 57.0% | 75.7% |
| Beta vs S&P 500 | 1.26 | -4.54 |
| Max drawdown (3Y) | -73.0% | -97.6% |
| Market cap | $4.9B | – |
| P/E (trailing) | – | 20.6 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BILL | FNGD |
|---|---|---|
| 2022 | -56.3% | +52.2% |
| 2023 | -25.1% | -90.1% |
| 2024 | +3.8% | -76.6% |
| 2025 | -35.6% | -61.4% |
| 2026 | -10.4% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BILL and FNGD good diversifiers for each other?
Yes. With a correlation of -0.26, BILL and FNGD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between BILL and FNGD?
Using weekly returns as of 2026-08-27: -0.26 over 3 years, with -0.26 over the last year and -0.44 over 5 years.
Is FNGD a good diversifier for BILL?
Yes. With a correlation of -0.26, BILL and FNGD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.26 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/bill-vs-fngd.json
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Related comparisons
Hubs: BILL correlations · FNGD correlations
