BMEZ vs FNGD: Correlation
How closely do BlackRock Health Sciences Term Trust (BMEZ) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) trade together? Their weekly returns over three years give a correlation of -0.43, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BMEZ and FNGD?
Across a 3-year window, the weekly returns of BMEZ and FNGD correlate at -0.43, negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.35 lands near the 3-year figure. Stretching to 5 years gives -0.50, with an annualized covariance of -535.9 %².
FNGD is close to the least connected end of BMEZ's tracked universe, ranking #21 of 23. The last year tells two different stories: BMEZ led by 87.1 percentage points, +31.4% for BMEZ against -55.7% for FNGD. One caveat on sizing: FNGD is 4.6 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.
BMEZ vs FNGD: side by side
| BMEZ (BlackRock Health Sciences Term Trust) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | +31.4% | -55.7% |
| 5-year return | +0.9% | -99.4% |
| Volatility (ann.) | 16.5% | 75.7% |
| Beta vs S&P 500 | 0.63 | -4.54 |
| Max drawdown (3Y) | -18.3% | -97.6% |
| Market cap | $1.1B | – |
| P/E (trailing) | 6.7 | 20.6 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BMEZ | FNGD |
|---|---|---|
| 2022 | -32.7% | +52.2% |
| 2023 | +5.1% | -90.1% |
| 2024 | +9.5% | -76.6% |
| 2025 | +18.7% | -61.4% |
| 2026 | +20.6% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BMEZ and FNGD good diversifiers for each other?
Yes. With a correlation of -0.43, BMEZ and FNGD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between BMEZ and FNGD?
Using weekly returns as of 2026-08-27: -0.43 over 3 years, with -0.35 over the last year and -0.50 over 5 years.
Is FNGD a good diversifier for BMEZ?
Yes. With a correlation of -0.43, BMEZ and FNGD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
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
$ curl https://www.pairbook.io/api/v1/pairs/bmez-vs-fngd.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/bmez-vs-fngd/)
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Related comparisons
Hubs: BMEZ correlations · FNGD correlations
