BMO vs FNGD: Correlation
How closely do Bank Of Montreal (BMO) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) trade together? Their weekly returns over three years give a correlation of -0.36, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BMO and FNGD?
Over the past 3 years, BMO and FNGD moved with a correlation of -0.36, which is negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.29 lands near the 3-year figure. Over 5 years the correlation is -0.42, and the annualized covariance of weekly returns is -548.6 %².
Out of 11 assets tracked against BMO, FNGD lands near the bottom at #9. Correlation aside, the last 12 months split them widely, with BMO ahead by 102.4 points (+46.7% versus -55.7%). Note the risk asymmetry: FNGD runs 3.7 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
BMO vs FNGD: side by side
| BMO (Bank Of Montreal) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | +46.7% | -55.7% |
| 5-year return | +109.4% | -99.4% |
| Volatility (ann.) | 20.3% | 75.7% |
| Beta vs S&P 500 | 0.75 | -4.54 |
| Max drawdown (3Y) | -17.6% | -97.6% |
| Market cap | $120.0B | – |
| P/E (trailing) | 19.4 | 20.6 |
| Dividend yield | 3.86% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BMO | FNGD |
|---|---|---|
| 2022 | -12.4% | +52.2% |
| 2023 | +14.6% | -90.1% |
| 2024 | +3.0% | -76.6% |
| 2025 | +38.3% | -61.4% |
| 2026 | +34.6% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BMO and FNGD good diversifiers for each other?
By historical standards, yes. A correlation of -0.36 means the two rarely move for the same reasons.
FAQ
What is the correlation between BMO and FNGD?
Using weekly returns as of 2026-08-27: -0.36 over 3 years, with -0.29 over the last year and -0.42 over 5 years.
Is FNGD a good diversifier for BMO?
By historical standards, yes. A correlation of -0.36 means the two rarely move for the same reasons.
What does a correlation of -0.36 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/bmo-vs-fngd.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/bmo-vs-fngd/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: BMO correlations · FNGD correlations
