BOOT vs FNGD: Correlation
Boot Barn Holdings, Inc. (BOOT) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) show a negative relationship: their 3-year correlation of weekly returns is -0.36.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BOOT and FNGD?
Over the past 3 years, BOOT and FNGD moved with a correlation of -0.36, which is negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.22) than the 3-year average (-0.36). Over 5 years the correlation is -0.47, and the annualized covariance of weekly returns is -1315.5 %².
Out of 12 assets tracked against BOOT, FNGD lands near the bottom at #10. The last year tells two different stories: BOOT led by 43.6 percentage points, -12.1% for BOOT against -55.7% for FNGD. Risk is not evenly split, since FNGD carries 1.6 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.
BOOT vs FNGD: side by side
| BOOT (Boot Barn Holdings, Inc.) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | -12.1% | -55.7% |
| 5-year return | +77.0% | -99.4% |
| Volatility (ann.) | 47.6% | 75.7% |
| Beta vs S&P 500 | 1.52 | -4.54 |
| Max drawdown (3Y) | -48.9% | -97.6% |
| Market cap | $4.7B | – |
| P/E (trailing) | 20.2 | 20.6 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BOOT | FNGD |
|---|---|---|
| 2022 | -49.2% | +52.2% |
| 2023 | +22.8% | -90.1% |
| 2024 | +97.8% | -76.6% |
| 2025 | +16.2% | -61.4% |
| 2026 | -11.8% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BOOT and FNGD good diversifiers for each other?
By historical standards, yes. A correlation of -0.36 means the two rarely move for the same reasons.
FAQ
What is the correlation between BOOT and FNGD?
As of 2026-08-27, the correlation of weekly returns between BOOT and FNGD is -0.36 over 3 years, -0.22 over 1 year and -0.47 over 5 years.
Is FNGD a good diversifier for BOOT?
By historical standards, yes. A correlation of -0.36 means the two rarely move for the same reasons.
What does a correlation of -0.36 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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/boot-vs-fngd.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/boot-vs-fngd/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: BOOT correlations · FNGD correlations
