BNY vs FNGD: Correlation
Measured on weekly returns over the past three years, BNY Mellon (BNY) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) carry a correlation of -0.39, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BNY and FNGD?
Across a 3-year window, the weekly returns of BNY and FNGD correlate at -0.39, negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.24) than the 3-year average (-0.39). Stretching to 5 years gives -0.40, with an annualized covariance of -594.2 %².
FNGD is close to the least connected end of BNY's tracked universe, ranking #29 of 31. Correlation aside, the last 12 months split them widely, with BNY ahead by 112.9 points (+57.2% versus -55.7%). One caveat on sizing: FNGD is 3.7 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.
BNY vs FNGD: side by side
| BNY (BNY Mellon) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | +57.2% | -55.7% |
| 5-year return | +236.7% | -99.4% |
| Volatility (ann.) | 20.2% | 75.7% |
| Beta vs S&P 500 | 0.89 | -4.54 |
| Max drawdown (3Y) | -17.6% | -97.6% |
| Market cap | $110.1B | – |
| P/E (trailing) | 19.0 | 20.6 |
| Dividend yield | 1.30% | 0.00% |
| Sector / category | Financials | US Listed |
Year-by-year returns
| Year | BNY | FNGD |
|---|---|---|
| 2022 | -19.1% | +52.2% |
| 2023 | +18.5% | -90.1% |
| 2024 | +51.9% | -76.6% |
| 2025 | +54.4% | -61.4% |
| 2026 | +41.5% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BNY and FNGD good diversifiers for each other?
By historical standards, yes. A correlation of -0.39 means the two rarely move for the same reasons.
FAQ
What is the correlation between BNY and FNGD?
As of 2026-08-27, the correlation of weekly returns between BNY and FNGD is -0.39 over 3 years, -0.24 over 1 year and -0.40 over 5 years.
Is FNGD a good diversifier for BNY?
By historical standards, yes. A correlation of -0.39 means the two rarely move for the same reasons.
What does a correlation of -0.39 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.
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Related comparisons
Hubs: BNY correlations · FNGD correlations
