BNT vs FNGD: Correlation
Brookfield Wealth Solutions Ltd. Class A Exchangeable (BNT) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) show a negative relationship: their 3-year correlation of weekly returns is -0.54.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BNT and FNGD?
Across a 3-year window, the weekly returns of BNT and FNGD correlate at -0.54, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.50) sits close to the 3-year figure. Stretching to 5 years gives -0.56, with an annualized covariance of -1159.6 %².
Among the 28 assets we track against BNT, FNGD sits near the bottom by co-movement, at rank #26. Correlation aside, the last 12 months split them widely, with BNT ahead by 51.2 points (-4.5% versus -55.7%). Risk is not evenly split, since FNGD carries 2.7 times the volatility of the other side.
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.
BNT vs FNGD: side by side
| BNT (Brookfield Wealth Solutions Ltd. Class A Exchangeable) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | -4.5% | -55.7% |
| 5-year return | +3.6% | -99.4% |
| Volatility (ann.) | 28.1% | 75.7% |
| Beta vs S&P 500 | 1.44 | -4.54 |
| Max drawdown (3Y) | -27.6% | -97.6% |
| Market cap | $11.4B | – |
| P/E (trailing) | 50.0 | 20.6 |
| Dividend yield | 0.62% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BNT | FNGD |
|---|---|---|
| 2022 | -49.5% | +52.2% |
| 2023 | +30.1% | -90.1% |
| 2024 | +43.3% | -76.6% |
| 2025 | +20.6% | -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 BNT and FNGD good diversifiers for each other?
By historical standards, yes. A correlation of -0.54 means the two rarely move for the same reasons.
FAQ
What is the correlation between BNT and FNGD?
The BNT/FNGD correlation stands at -0.54 on a 3-year window (1 year: -0.50, 5 years: -0.56), computed from weekly returns as of 2026-08-27.
Is FNGD a good diversifier for BNT?
By historical standards, yes. A correlation of -0.54 means the two rarely move for the same reasons.
What does a correlation of -0.54 mean?
On the −1 to +1 scale, -0.54 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
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Related comparisons
Hubs: BNT correlations · FNGD correlations
