BNGO vs FNGD: Correlation
Measured on weekly returns over the past three years, Bionano Genomics, Inc. (BNGO) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) carry a correlation of -0.23, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BNGO and FNGD?
Over the past 3 years, BNGO and FNGD moved with a correlation of -0.23, which is negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.15) sits close to the 3-year figure. Over 5 years the correlation is -0.39, and the annualized covariance of weekly returns is -1706.4 %².
FNGD is close to the least connected end of BNGO's tracked universe, ranking #9 of 11. On 12-month performance FNGD holds a 13.3-point edge, -69.0% against -55.7%.
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.
BNGO vs FNGD: side by side
| BNGO (Bionano Genomics, Inc.) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | -69.0% | -55.7% |
| 5-year return | -100.0% | -99.4% |
| Volatility (ann.) | 96.1% | 75.7% |
| Beta vs S&P 500 | 2.01 | -4.54 |
| Max drawdown (3Y) | -99.5% | -97.6% |
| Market cap | – | – |
| P/E (trailing) | – | 20.6 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BNGO | FNGD |
|---|---|---|
| 2022 | -51.2% | +52.2% |
| 2023 | -87.1% | -90.1% |
| 2024 | -84.7% | -76.6% |
| 2025 | -91.2% | -61.4% |
| 2026 | -20.9% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BNGO and FNGD good diversifiers for each other?
By historical standards, yes. A correlation of -0.23 means the two rarely move for the same reasons.
FAQ
What is the correlation between BNGO and FNGD?
Using weekly returns as of 2026-08-27: -0.23 over 3 years, with -0.15 over the last year and -0.39 over 5 years.
Is FNGD a good diversifier for BNGO?
By historical standards, yes. A correlation of -0.23 means the two rarely move for the same reasons.
What does a correlation of -0.23 mean?
A reading of -0.23 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/bngo-vs-fngd.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/bngo-vs-fngd/)
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Related comparisons
Hubs: BNGO correlations · FNGD correlations
