BR vs FNGD: Correlation
Broadridge Financial Solutions (BR) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) show a negative relationship: their 3-year correlation of weekly returns is -0.34.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BR and FNGD?
On 3 years of weekly data the BR/FNGD correlation comes out at -0.34, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.35 over 1 year against -0.34 over 3. The 5-year figure is -0.45, and annualized covariance runs at -591.6 %².
Out of 45 assets tracked against BR, FNGD lands near the bottom at #45. The last year tells two different stories: BR led by 28.1 percentage points, -27.6% for BR against -55.7% for FNGD. Note the risk asymmetry: FNGD runs 3.3 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.
BR vs FNGD: side by side
| BR (Broadridge Financial Solutions) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | -27.6% | -55.7% |
| 5-year return | +16.0% | -99.4% |
| Volatility (ann.) | 22.6% | 75.7% |
| Beta vs S&P 500 | 0.65 | -4.54 |
| Max drawdown (3Y) | -48.2% | -97.6% |
| Market cap | $20.9B | – |
| P/E (trailing) | 18.9 | 20.6 |
| Dividend yield | 2.15% | 0.00% |
| Sector / category | Industrials | US Listed |
Year-by-year returns
| Year | BR | FNGD |
|---|---|---|
| 2022 | -25.3% | +52.2% |
| 2023 | +56.2% | -90.1% |
| 2024 | +11.7% | -76.6% |
| 2025 | +0.3% | -61.4% |
| 2026 | -17.0% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BR and FNGD good diversifiers for each other?
Yes. With a correlation of -0.34, BR and FNGD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between BR and FNGD?
As of 2026-08-27, the correlation of weekly returns between BR and FNGD is -0.34 over 3 years, -0.35 over 1 year and -0.45 over 5 years.
Is FNGD a good diversifier for BR?
Yes. With a correlation of -0.34, BR and FNGD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.34 mean?
A reading of -0.34 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/br-vs-fngd.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/br-vs-fngd/)
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Related comparisons
Hubs: BR correlations · FNGD correlations
