BRKR vs FNGD: Correlation
Measured on weekly returns over the past three years, Bruker Corporation (BRKR) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) carry a correlation of -0.28, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BRKR and FNGD?
On 3 years of weekly data the BRKR/FNGD correlation comes out at -0.28, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.25) sits close to the 3-year figure. The 5-year figure is -0.32, and annualized covariance runs at -1035.6 %².
FNGD is close to the least connected end of BRKR's tracked universe, ranking #13 of 13. Correlation aside, the last 12 months split them widely, with BRKR ahead by 133.0 points (+77.3% versus -55.7%). Note the risk asymmetry: FNGD runs 1.5 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.
BRKR vs FNGD: side by side
| BRKR (Bruker Corporation) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | +77.3% | -55.7% |
| 5-year return | -32.8% | -99.4% |
| Volatility (ann.) | 49.5% | 75.7% |
| Beta vs S&P 500 | 1.17 | -4.54 |
| Max drawdown (3Y) | -68.7% | -97.6% |
| Market cap | $9.0B | – |
| P/E (trailing) | – | 20.6 |
| Dividend yield | 0.35% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BRKR | FNGD |
|---|---|---|
| 2022 | -18.3% | +52.2% |
| 2023 | +7.8% | -90.1% |
| 2024 | -20.0% | -76.6% |
| 2025 | -19.2% | -61.4% |
| 2026 | +26.1% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BRKR and FNGD good diversifiers for each other?
Yes. With a correlation of -0.28, BRKR and FNGD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between BRKR and FNGD?
The BRKR/FNGD correlation stands at -0.28 on a 3-year window (1 year: -0.25, 5 years: -0.32), computed from weekly returns as of 2026-08-27.
Is FNGD a good diversifier for BRKR?
Yes. With a correlation of -0.28, BRKR and FNGD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.28 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/brkr-vs-fngd.json
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[](https://www.pairbook.io/pair/brkr-vs-fngd/)
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Related comparisons
Hubs: BRKR correlations · FNGD correlations
