BLW vs FNGD: Correlation
Blackrock Limited Duration Income Trust (BLW) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) show a negative relationship: their 3-year correlation of weekly returns is -0.43.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BLW and FNGD?
Over the past 3 years, BLW and FNGD moved with a correlation of -0.43, which is negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.51) sits close to the 3-year figure. Over 5 years the correlation is -0.48, and the annualized covariance of weekly returns is -320.1 %².
Among the 17 assets we track against BLW, FNGD sits near the bottom by co-movement, at rank #15. Their recent paths diverged sharply: over the last 12 months BLW outperformed by 55.5 percentage points (-0.2% for BLW against -55.7% for FNGD). Risk is not evenly split, since FNGD carries 7.7 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.
BLW vs FNGD: side by side
| BLW (Blackrock Limited Duration Income Trust) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | -0.2% | -55.7% |
| 5-year return | +16.7% | -99.4% |
| Volatility (ann.) | 9.8% | 75.7% |
| Beta vs S&P 500 | 0.38 | -4.54 |
| Max drawdown (3Y) | -11.2% | -97.6% |
| Market cap | $0.5B | – |
| P/E (trailing) | 10.4 | 20.6 |
| Dividend yield | 10.69% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BLW | FNGD |
|---|---|---|
| 2022 | -15.9% | +52.2% |
| 2023 | +17.3% | -90.1% |
| 2024 | +11.1% | -76.6% |
| 2025 | +7.1% | -61.4% |
| 2026 | -0.8% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BLW and FNGD good diversifiers for each other?
Yes: at -0.43, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between BLW and FNGD?
As of 2026-08-27, the correlation of weekly returns between BLW and FNGD is -0.43 over 3 years, -0.51 over 1 year and -0.48 over 5 years.
Is FNGD a good diversifier for BLW?
Yes: at -0.43, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.43 mean?
A reading of -0.43 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
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Related comparisons
Hubs: BLW correlations · FNGD correlations
