BOE vs FNGD: Correlation
Measured on weekly returns over the past three years, Blackrock Enhanced Global Dividend Trust (BOE) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) carry a correlation of -0.62, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BOE and FNGD?
Across a 3-year window, the weekly returns of BOE and FNGD correlate at -0.62, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.55) sits close to the 3-year figure. Stretching to 5 years gives -0.64, with an annualized covariance of -643.0 %².
FNGD is close to the least connected end of BOE's tracked universe, ranking #25 of 27. The last year tells two different stories: BOE led by 73.4 percentage points, +17.7% for BOE against -55.7% for FNGD. Note the risk asymmetry: FNGD runs 5.5 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.
BOE vs FNGD: side by side
| BOE (Blackrock Enhanced Global Dividend Trust) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | +17.7% | -55.7% |
| 5-year return | +46.4% | -99.4% |
| Volatility (ann.) | 13.8% | 75.7% |
| Beta vs S&P 500 | 0.79 | -4.54 |
| Max drawdown (3Y) | -14.5% | -97.6% |
| Market cap | – | – |
| P/E (trailing) | 6.8 | 20.6 |
| Dividend yield | 7.95% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BOE | FNGD |
|---|---|---|
| 2022 | -15.5% | +52.2% |
| 2023 | +12.0% | -90.1% |
| 2024 | +16.8% | -76.6% |
| 2025 | +18.8% | -61.4% |
| 2026 | +12.2% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BOE and FNGD good diversifiers for each other?
By historical standards, yes. A correlation of -0.62 means the two rarely move for the same reasons.
FAQ
What is the correlation between BOE and FNGD?
As of 2026-08-27, the correlation of weekly returns between BOE and FNGD is -0.62 over 3 years, -0.55 over 1 year and -0.64 over 5 years.
Is FNGD a good diversifier for BOE?
By historical standards, yes. A correlation of -0.62 means the two rarely move for the same reasons.
What does a correlation of -0.62 mean?
A reading of -0.62 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/boe-vs-fngd.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/boe-vs-fngd/)
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Related comparisons
Hubs: BOE correlations · FNGD correlations
