BN vs FNGD: Correlation
How closely do Brookfield Corporation Class A Limited Voting Shares (BN) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) trade together? Their weekly returns over three years give a correlation of -0.53, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BN and FNGD?
Over the past 3 years, BN and FNGD moved with a correlation of -0.53, which is negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.46 over 1 year against -0.53 over 3. Over 5 years the correlation is -0.56, and the annualized covariance of weekly returns is -1156.4 %².
Among the 32 assets we track against BN, FNGD sits near the bottom by co-movement, at rank #30. The last year tells two different stories: BN led by 51.2 percentage points, -4.5% for BN against -55.7% for FNGD. One caveat on sizing: FNGD is 2.6 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.
BN vs FNGD: side by side
| BN (Brookfield Corporation Class A Limited Voting Shares) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | -4.5% | -55.7% |
| 5-year return | +42.1% | -99.4% |
| Volatility (ann.) | 28.8% | 75.7% |
| Beta vs S&P 500 | 1.47 | -4.54 |
| Max drawdown (3Y) | -27.8% | -97.6% |
| Market cap | $92.5B | – |
| P/E (trailing) | 76.7 | 20.6 |
| Dividend yield | 0.62% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BN | FNGD |
|---|---|---|
| 2022 | -34.6% | +52.2% |
| 2023 | +28.6% | -90.1% |
| 2024 | +44.2% | -76.6% |
| 2025 | +20.5% | -61.4% |
| 2026 | -9.4% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BN and FNGD good diversifiers for each other?
Yes. With a correlation of -0.53, BN and FNGD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between BN and FNGD?
The BN/FNGD correlation stands at -0.53 on a 3-year window (1 year: -0.46, 5 years: -0.56), computed from weekly returns as of 2026-08-27.
Is FNGD a good diversifier for BN?
Yes. With a correlation of -0.53, BN and FNGD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.53 mean?
On the −1 to +1 scale, -0.53 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/bn-vs-fngd.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/bn-vs-fngd/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: BN correlations · FNGD correlations
