BLKB vs FNGD: Correlation
Blackbaud, Inc. (BLKB) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) show a negative relationship: their 3-year correlation of weekly returns is -0.28.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BLKB and FNGD?
Across a 3-year window, the weekly returns of BLKB and FNGD correlate at -0.28, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.32) sits close to the 3-year figure. Stretching to 5 years gives -0.31, with an annualized covariance of -817.0 %².
Among the 16 assets we track against BLKB, FNGD sits near the bottom by co-movement, at rank #15. Their recent paths diverged sharply: over the last 12 months BLKB outperformed by 28.7 percentage points (-27.0% for BLKB against -55.7% for FNGD). Risk is not evenly split, since FNGD carries 1.9 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.
BLKB vs FNGD: side by side
| BLKB (Blackbaud, Inc.) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | -27.0% | -55.7% |
| 5-year return | -30.1% | -99.4% |
| Volatility (ann.) | 39.2% | 75.7% |
| Beta vs S&P 500 | 0.81 | -4.54 |
| Max drawdown (3Y) | -69.8% | -97.6% |
| Market cap | $2.2B | – |
| P/E (trailing) | 14.7 | 20.6 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BLKB | FNGD |
|---|---|---|
| 2022 | -25.5% | +52.2% |
| 2023 | +47.3% | -90.1% |
| 2024 | -14.7% | -76.6% |
| 2025 | -14.3% | -61.4% |
| 2026 | -23.3% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BLKB and FNGD good diversifiers for each other?
By historical standards, yes. A correlation of -0.28 means the two rarely move for the same reasons.
FAQ
What is the correlation between BLKB and FNGD?
Using weekly returns as of 2026-08-27: -0.28 over 3 years, with -0.32 over the last year and -0.31 over 5 years.
Is FNGD a good diversifier for BLKB?
By historical standards, yes. A correlation of -0.28 means the two rarely move for the same reasons.
What does a correlation of -0.28 mean?
On the −1 to +1 scale, -0.28 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/blkb-vs-fngd.json
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[](https://www.pairbook.io/pair/blkb-vs-fngd/)
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Related comparisons
Hubs: BLKB correlations · FNGD correlations
