BIT vs FNGD: Correlation
BlackRock Multi-Sector Income Trust (BIT) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) show a negative relationship: their 3-year correlation of weekly returns is -0.44.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BIT and FNGD?
Across a 3-year window, the weekly returns of BIT and FNGD correlate at -0.44, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.44 over 1 year against -0.44 over 3. Stretching to 5 years gives -0.43, with an annualized covariance of -347.6 %².
Among the 11 assets we track against BIT, FNGD sits near the bottom by co-movement, at rank #9. Their recent paths diverged sharply: over the last 12 months BIT outperformed by 53.4 percentage points (-2.3% for BIT against -55.7% for FNGD). One caveat on sizing: FNGD is 7.2 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.
BIT vs FNGD: side by side
| BIT (BlackRock Multi-Sector Income Trust) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | -2.3% | -55.7% |
| 5-year return | +5.8% | -99.4% |
| Volatility (ann.) | 10.5% | 75.7% |
| Beta vs S&P 500 | 0.42 | -4.54 |
| Max drawdown (3Y) | -11.6% | -97.6% |
| Market cap | $0.7B | – |
| P/E (trailing) | 11.3 | 20.6 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BIT | FNGD |
|---|---|---|
| 2022 | -14.6% | +52.2% |
| 2023 | +16.5% | -90.1% |
| 2024 | +7.2% | -76.6% |
| 2025 | -0.7% | -61.4% |
| 2026 | -1.1% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BIT and FNGD good diversifiers for each other?
Yes: at -0.44, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between BIT and FNGD?
As of 2026-08-27, the correlation of weekly returns between BIT and FNGD is -0.44 over 3 years, -0.44 over 1 year and -0.43 over 5 years.
Is FNGD a good diversifier for BIT?
Yes: at -0.44, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.44 mean?
A reading of -0.44 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/bit-vs-fngd.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/bit-vs-fngd/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: BIT correlations · FNGD correlations
