BLDR vs FNGD: Correlation
Builders FirstSource (BLDR) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) show a negative relationship: their 3-year correlation of weekly returns is -0.25.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BLDR and FNGD?
Over the past 3 years, BLDR and FNGD moved with a correlation of -0.25, which is negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.15) sits close to the 3-year figure. Over 5 years the correlation is -0.34, and the annualized covariance of weekly returns is -876.4 %².
FNGD is close to the least connected end of BLDR's tracked universe, ranking #45 of 48. Neither side won the trailing year by much: -52.6% against -55.7%. Note the risk asymmetry: FNGD runs 1.7 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.
BLDR vs FNGD: side by side
| BLDR (Builders FirstSource) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | -52.6% | -55.7% |
| 5-year return | +25.8% | -99.4% |
| Volatility (ann.) | 45.6% | 75.7% |
| Beta vs S&P 500 | 1.36 | -4.54 |
| Max drawdown (3Y) | -68.7% | -97.6% |
| Market cap | $7.2B | – |
| P/E (trailing) | 74.7 | 20.6 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | Industrials | US Listed |
Year-by-year returns
| Year | BLDR | FNGD |
|---|---|---|
| 2022 | -24.3% | +52.2% |
| 2023 | +157.3% | -90.1% |
| 2024 | -14.4% | -76.6% |
| 2025 | -28.0% | -61.4% |
| 2026 | -34.7% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BLDR and FNGD good diversifiers for each other?
Yes: at -0.25, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between BLDR and FNGD?
Using weekly returns as of 2026-08-27: -0.25 over 3 years, with -0.15 over the last year and -0.34 over 5 years.
Is FNGD a good diversifier for BLDR?
Yes: at -0.25, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.25 mean?
A reading of -0.25 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/bldr-vs-fngd.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/bldr-vs-fngd/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: BLDR correlations · FNGD correlations
