BIRK vs FNGD: Correlation
Birkenstock Holding plc (BIRK) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) show a negative relationship: their 3-year correlation of weekly returns is -0.28.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BIRK and FNGD?
Across a 3-year window, the weekly returns of BIRK and FNGD correlate at -0.28, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.20) sits close to the 3-year figure. Stretching to 5 years gives n/a, with an annualized covariance of -977.8 %².
Out of 15 assets tracked against BIRK, FNGD lands near the bottom at #13. The last year tells two different stories: BIRK led by 23.4 percentage points, -32.3% for BIRK against -55.7% for FNGD. One caveat on sizing: FNGD is 1.7 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
BIRK vs FNGD: side by side
| BIRK (Birkenstock Holding plc) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | -32.3% | -55.7% |
| 5-year return | n/a | -99.4% |
| Volatility (ann.) | 45.5% | 75.7% |
| Beta vs S&P 500 | 1.18 | -4.54 |
| Max drawdown (3Y) | -50.9% | -97.6% |
| Market cap | $5.8B | – |
| P/E (trailing) | 17.0 | 20.6 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BIRK | FNGD |
|---|---|---|
| 2022 | – | +52.2% |
| 2023 | – | -90.1% |
| 2024 | +16.3% | -76.6% |
| 2025 | -27.8% | -61.4% |
| 2026 | -13.7% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BIRK and FNGD good diversifiers for each other?
Yes. With a correlation of -0.28, BIRK and FNGD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between BIRK and FNGD?
Using weekly returns as of 2026-08-27: -0.28 over 3 years, with -0.20 over the last year and n/a over 5 years.
Is FNGD a good diversifier for BIRK?
Yes. With a correlation of -0.28, BIRK and FNGD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.28 mean?
On the −1 to +1 scale, -0.28 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
$ curl https://www.pairbook.io/api/v1/pairs/birk-vs-fngd.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/birk-vs-fngd/)
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Related comparisons
Hubs: BIRK correlations · FNGD correlations
