BNS vs FNGD: Correlation
How closely do Bank Nova Scotia Halifax Pfd 3 (BNS) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) trade together? Their weekly returns over three years give a correlation of -0.29, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BNS and FNGD?
Across a 3-year window, the weekly returns of BNS and FNGD correlate at -0.29, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.32) sits close to the 3-year figure. Stretching to 5 years gives -0.38, with an annualized covariance of -376.2 %².
Among the 11 assets we track against BNS, FNGD sits near the bottom by co-movement, at rank #9. Correlation aside, the last 12 months split them widely, with BNS ahead by 107.6 points (+51.9% versus -55.7%). Note the risk asymmetry: FNGD runs 4.4 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.
BNS vs FNGD: side by side
| BNS (Bank Nova Scotia Halifax Pfd 3) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | +51.9% | -55.7% |
| 5-year return | +90.5% | -99.4% |
| Volatility (ann.) | 17.4% | 75.7% |
| Beta vs S&P 500 | 0.58 | -4.54 |
| Max drawdown (3Y) | -19.5% | -97.6% |
| Market cap | $113.3B | – |
| P/E (trailing) | 16.9 | 20.6 |
| Dividend yield | 4.74% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BNS | FNGD |
|---|---|---|
| 2022 | -28.8% | +52.2% |
| 2023 | +6.0% | -90.1% |
| 2024 | +17.6% | -76.6% |
| 2025 | +43.4% | -61.4% |
| 2026 | +27.3% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BNS and FNGD good diversifiers for each other?
Yes: at -0.29, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between BNS and FNGD?
As of 2026-08-27, the correlation of weekly returns between BNS and FNGD is -0.29 over 3 years, -0.32 over 1 year and -0.38 over 5 years.
Is FNGD a good diversifier for BNS?
Yes: at -0.29, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.29 mean?
A reading of -0.29 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: BNS correlations · FNGD correlations
