BIPC vs FNGD: Correlation
Brookfield Infrastructure Corporation (BIPC) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) show a negative relationship: their 3-year correlation of weekly returns is -0.21.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BIPC and FNGD?
Over the past 3 years, BIPC and FNGD moved with a correlation of -0.21, which is negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.10) than the 3-year average (-0.21). Over 5 years the correlation is -0.22, and the annualized covariance of weekly returns is -483.9 %².
Out of 12 assets tracked against BIPC, FNGD lands near the bottom at #10. Correlation aside, the last 12 months split them widely, with BIPC ahead by 56.9 points (+1.2% versus -55.7%). Risk is not evenly split, since FNGD carries 2.5 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.
BIPC vs FNGD: side by side
| BIPC (Brookfield Infrastructure Corporation) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | +1.2% | -55.7% |
| 5-year return | +13.3% | -99.4% |
| Volatility (ann.) | 30.4% | 75.7% |
| Beta vs S&P 500 | 0.95 | -4.54 |
| Max drawdown (3Y) | -33.7% | -97.6% |
| Market cap | $4.8B | – |
| P/E (trailing) | – | 20.6 |
| Dividend yield | 4.47% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BIPC | FNGD |
|---|---|---|
| 2022 | -11.9% | +52.2% |
| 2023 | -5.7% | -90.1% |
| 2024 | +18.4% | -76.6% |
| 2025 | +18.3% | -61.4% |
| 2026 | -11.5% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BIPC and FNGD good diversifiers for each other?
Yes. With a correlation of -0.21, BIPC and FNGD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between BIPC and FNGD?
The BIPC/FNGD correlation stands at -0.21 on a 3-year window (1 year: -0.10, 5 years: -0.22), computed from weekly returns as of 2026-08-27.
Is FNGD a good diversifier for BIPC?
Yes. With a correlation of -0.21, BIPC and FNGD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.21 mean?
A reading of -0.21 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
$ curl https://www.pairbook.io/api/v1/pairs/bipc-vs-fngd.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/bipc-vs-fngd/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: BIPC correlations · FNGD correlations
