BKKT vs FNGD: Correlation
How closely do Bakkt, Inc. (BKKT) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) trade together? Their weekly returns over three years give a correlation of -0.19, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BKKT and FNGD?
Across a 3-year window, the weekly returns of BKKT and FNGD correlate at -0.19, negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.18 lands near the 3-year figure. Stretching to 5 years gives -0.22, with an annualized covariance of -2524.4 %².
FNGD is close to the least connected end of BKKT's tracked universe, ranking #9 of 11. Their recent paths diverged sharply: over the last 12 months BKKT outperformed by 53.5 percentage points (-2.2% for BKKT against -55.7% for FNGD). Risk is not evenly split, since BKKT carries 2.3 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.
BKKT vs FNGD: side by side
| BKKT (Bakkt, Inc.) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | -2.2% | -55.7% |
| 5-year return | -96.6% | -99.4% |
| Volatility (ann.) | 172.9% | 75.7% |
| Beta vs S&P 500 | 3.19 | -4.54 |
| Max drawdown (3Y) | -89.4% | -97.6% |
| Market cap | $0.4B | – |
| P/E (trailing) | – | 20.6 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BKKT | FNGD |
|---|---|---|
| 2022 | -86.0% | +52.2% |
| 2023 | +87.4% | -90.1% |
| 2024 | -55.6% | -76.6% |
| 2025 | -59.5% | -61.4% |
| 2026 | -16.1% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BKKT and FNGD good diversifiers for each other?
Yes: at -0.19, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between BKKT and FNGD?
Using weekly returns as of 2026-08-27: -0.19 over 3 years, with -0.18 over the last year and -0.22 over 5 years.
Is FNGD a good diversifier for BKKT?
Yes: at -0.19, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.19 mean?
On the −1 to +1 scale, -0.19 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/bkkt-vs-fngd.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/bkkt-vs-fngd/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: BKKT correlations · FNGD correlations
