BRK.B vs FNGD: Correlation
How closely do Berkshire Hathaway (BRK.B) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) trade together? Their weekly returns over three years give a correlation of -0.19, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BRK.B and FNGD?
Over the past 3 years, BRK.B and FNGD moved with a correlation of -0.19, which is negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (0.05) than the 3-year average (-0.19). Over 5 years the correlation is -0.32, and the annualized covariance of weekly returns is -226.1 %².
Among the 31 assets we track against BRK.B, FNGD ranks #23 by 3-year correlation. Correlation aside, the last 12 months split them widely, with BRK.B ahead by 57.3 points (+1.6% versus -55.7%). Note the risk asymmetry: FNGD runs 4.8 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.
BRK.B vs FNGD: side by side
| BRK.B (Berkshire Hathaway) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | +1.6% | -55.7% |
| 5-year return | +76.3% | -99.4% |
| Volatility (ann.) | 15.9% | 75.7% |
| Beta vs S&P 500 | 0.43 | -4.54 |
| Max drawdown (3Y) | -14.9% | -97.6% |
| Market cap | $1,078.3B | – |
| P/E (trailing) | 12.7 | 20.6 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | Financials | US Listed |
Year-by-year returns
| Year | BRK.B | FNGD |
|---|---|---|
| 2022 | +3.3% | +52.2% |
| 2023 | +15.5% | -90.1% |
| 2024 | +27.1% | -76.6% |
| 2025 | +10.9% | -61.4% |
| 2026 | +0.2% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BRK.B and FNGD good diversifiers for each other?
By historical standards, yes. A correlation of -0.19 means the two rarely move for the same reasons.
FAQ
What is the correlation between BRK.B and FNGD?
Using weekly returns as of 2026-08-27: -0.19 over 3 years, with 0.05 over the last year and -0.32 over 5 years.
Is FNGD a good diversifier for BRK.B?
By historical standards, yes. A correlation of -0.19 means the two rarely move for the same reasons.
What does a correlation of -0.19 mean?
A reading of -0.19 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: BRK.B correlations · FNGD correlations
