BIO vs FNGD: Correlation
Bio-Rad Laboratories, Inc. (BIO) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) show a negative relationship: their 3-year correlation of weekly returns is -0.23.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BIO and FNGD?
Over the past 3 years, BIO and FNGD moved with a correlation of -0.23, which is 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. Over 5 years the correlation is -0.36, and the annualized covariance of weekly returns is -664.5 %².
Out of 13 assets tracked against BIO, FNGD lands near the bottom at #11. Correlation aside, the last 12 months split them widely, with BIO ahead by 88.9 points (+33.2% versus -55.7%). Risk is not evenly split, since FNGD carries 2.0 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.
BIO vs FNGD: side by side
| BIO (Bio-Rad Laboratories, Inc.) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | +33.2% | -55.7% |
| 5-year return | -52.1% | -99.4% |
| Volatility (ann.) | 38.4% | 75.7% |
| Beta vs S&P 500 | 0.85 | -4.54 |
| Max drawdown (3Y) | -45.9% | -97.6% |
| Market cap | $10.4B | – |
| P/E (trailing) | 47.4 | 20.6 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BIO | FNGD |
|---|---|---|
| 2022 | -44.3% | +52.2% |
| 2023 | -23.2% | -90.1% |
| 2024 | +1.7% | -76.6% |
| 2025 | -7.8% | -61.4% |
| 2026 | +28.7% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BIO and FNGD good diversifiers for each other?
Yes: at -0.23, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between BIO and FNGD?
The BIO/FNGD correlation stands at -0.23 on a 3-year window (1 year: -0.26, 5 years: -0.36), computed from weekly returns as of 2026-08-27.
Is FNGD a good diversifier for BIO?
Yes: at -0.23, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.23 mean?
On the −1 to +1 scale, -0.23 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
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Related comparisons
Hubs: BIO correlations · FNGD correlations
