BLK vs FNGD: Correlation
How closely do BlackRock (BLK) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) trade together? Their weekly returns over three years give a correlation of -0.51, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BLK and FNGD?
Over the past 3 years, BLK and FNGD moved with a correlation of -0.51, which is negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (-0.41) runs above the 3-year figure (-0.51). Over 5 years the correlation is -0.57, and the annualized covariance of weekly returns is -957.3 %².
Out of 42 assets tracked against BLK, FNGD lands near the bottom at #40. Correlation aside, the last 12 months split them widely, with BLK ahead by 61.0 points (+5.3% versus -55.7%). One caveat on sizing: FNGD is 3.1 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.
BLK vs FNGD: side by side
| BLK (BlackRock) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | +5.3% | -55.7% |
| 5-year return | +38.9% | -99.4% |
| Volatility (ann.) | 24.7% | 75.7% |
| Beta vs S&P 500 | 1.19 | -4.54 |
| Max drawdown (3Y) | -23.7% | -97.6% |
| Market cap | $189.7B | – |
| P/E (trailing) | 28.1 | 20.6 |
| Dividend yield | 1.86% | 0.00% |
| Sector / category | Financials | US Listed |
Year-by-year returns
| Year | BLK | FNGD |
|---|---|---|
| 2022 | -20.4% | +52.2% |
| 2023 | +17.9% | -90.1% |
| 2024 | +29.3% | -76.6% |
| 2025 | +6.6% | -61.4% |
| 2026 | +10.3% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BLK and FNGD good diversifiers for each other?
By historical standards, yes. A correlation of -0.51 means the two rarely move for the same reasons.
FAQ
What is the correlation between BLK and FNGD?
The BLK/FNGD correlation stands at -0.51 on a 3-year window (1 year: -0.41, 5 years: -0.57), computed from weekly returns as of 2026-08-27.
Is FNGD a good diversifier for BLK?
By historical standards, yes. A correlation of -0.51 means the two rarely move for the same reasons.
What does a correlation of -0.51 mean?
On the −1 to +1 scale, -0.51 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.
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Related comparisons
Hubs: BLK correlations · FNGD correlations
