BKSY vs FNGD: Correlation
Measured on weekly returns over the past three years, BlackSky Technology Inc. (BKSY) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) carry a correlation of -0.39, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BKSY and FNGD?
Over the past 3 years, BKSY and FNGD moved with a correlation of -0.39, which is negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.43) sits close to the 3-year figure. Over 5 years the correlation is -0.42, and the annualized covariance of weekly returns is -2701.1 %².
Among the 14 assets we track against BKSY, FNGD sits near the bottom by co-movement, at rank #14. Correlation aside, the last 12 months split them widely, with BKSY ahead by 92.0 points (+36.3% versus -55.7%).
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.
BKSY vs FNGD: side by side
| BKSY (BlackSky Technology Inc.) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | +36.3% | -55.7% |
| 5-year return | -69.1% | -99.4% |
| Volatility (ann.) | 90.5% | 75.7% |
| Beta vs S&P 500 | 2.48 | -4.54 |
| Max drawdown (3Y) | -69.1% | -97.6% |
| Market cap | $1.0B | – |
| P/E (trailing) | – | 20.6 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BKSY | FNGD |
|---|---|---|
| 2022 | -65.7% | +52.2% |
| 2023 | -9.1% | -90.1% |
| 2024 | -3.7% | -76.6% |
| 2025 | +73.8% | -61.4% |
| 2026 | +32.1% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BKSY and FNGD good diversifiers for each other?
By historical standards, yes. A correlation of -0.39 means the two rarely move for the same reasons.
FAQ
What is the correlation between BKSY and FNGD?
The BKSY/FNGD correlation stands at -0.39 on a 3-year window (1 year: -0.43, 5 years: -0.42), computed from weekly returns as of 2026-08-27.
Is FNGD a good diversifier for BKSY?
By historical standards, yes. A correlation of -0.39 means the two rarely move for the same reasons.
What does a correlation of -0.39 mean?
A reading of -0.39 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: BKSY correlations · FNGD correlations
