BKE vs FNGD: Correlation
Measured on weekly returns over the past three years, Buckle, Inc. (The) (BKE) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) carry a correlation of -0.19, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BKE and FNGD?
On 3 years of weekly data the BKE/FNGD correlation comes out at -0.19, negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.14 lands near the 3-year figure. The 5-year figure is -0.25, and annualized covariance runs at -452.3 %².
Out of 21 assets tracked against BKE, FNGD lands near the bottom at #19. The last year tells two different stories: BKE led by 37.8 percentage points, -17.9% for BKE against -55.7% for FNGD. Note the risk asymmetry: FNGD runs 2.4 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
BKE vs FNGD: side by side
| BKE (Buckle, Inc. (The)) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | -17.9% | -55.7% |
| 5-year return | +83.6% | -99.4% |
| Volatility (ann.) | 31.1% | 75.7% |
| Beta vs S&P 500 | 0.85 | -4.54 |
| Max drawdown (3Y) | -33.9% | -97.6% |
| Market cap | $2.2B | – |
| P/E (trailing) | 10.2 | 20.6 |
| Dividend yield | 1.58% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BKE | FNGD |
|---|---|---|
| 2022 | +10.9% | +52.2% |
| 2023 | +15.0% | -90.1% |
| 2024 | +17.5% | -76.6% |
| 2025 | +14.0% | -61.4% |
| 2026 | -13.2% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BKE and FNGD good diversifiers for each other?
By historical standards, yes. A correlation of -0.19 means the two rarely move for the same reasons.
FAQ
What is the correlation between BKE and FNGD?
As of 2026-08-27, the correlation of weekly returns between BKE and FNGD is -0.19 over 3 years, -0.14 over 1 year and -0.25 over 5 years.
Is FNGD a good diversifier for BKE?
By historical standards, yes. A correlation of -0.19 means the two rarely move for the same reasons.
What does a correlation of -0.19 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/bke-vs-fngd.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/bke-vs-fngd/)
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Related comparisons
Hubs: BKE correlations · FNGD correlations
