BME vs FNGD: Correlation
Measured on weekly returns over the past three years, Blackrock Health Sciences Trust (BME) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) carry a correlation of -0.21, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BME and FNGD?
On 3 years of weekly data the BME/FNGD correlation comes out at -0.21, negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at -0.06 versus -0.21 over 3 years. The 5-year figure is -0.31, and annualized covariance runs at -228.1 %².
Among the 34 assets we track against BME, FNGD sits near the bottom by co-movement, at rank #32. The last year tells two different stories: BME led by 91.7 percentage points, +36.0% for BME against -55.7% for FNGD. Risk is not evenly split, since FNGD carries 5.3 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.
BME vs FNGD: side by side
| BME (Blackrock Health Sciences Trust) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | +36.0% | -55.7% |
| 5-year return | +33.5% | -99.4% |
| Volatility (ann.) | 14.4% | 75.7% |
| Beta vs S&P 500 | 0.45 | -4.54 |
| Max drawdown (3Y) | -14.4% | -97.6% |
| Market cap | – | – |
| P/E (trailing) | 7.8 | 20.6 |
| Dividend yield | 6.80% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BME | FNGD |
|---|---|---|
| 2022 | -4.6% | +52.2% |
| 2023 | -1.1% | -90.1% |
| 2024 | -0.1% | -76.6% |
| 2025 | +17.9% | -61.4% |
| 2026 | +17.9% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BME and FNGD good diversifiers for each other?
Yes. With a correlation of -0.21, BME and FNGD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between BME and FNGD?
The BME/FNGD correlation stands at -0.21 on a 3-year window (1 year: -0.06, 5 years: -0.31), computed from weekly returns as of 2026-08-27.
Is FNGD a good diversifier for BME?
Yes. With a correlation of -0.21, BME and FNGD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.21 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/bme-vs-fngd.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/bme-vs-fngd/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: BME correlations · FNGD correlations
