BROS vs FNGD: Correlation
Dutch Bros Inc. (BROS) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) show a negative relationship: their 3-year correlation of weekly returns is -0.33.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BROS and FNGD?
On 3 years of weekly data the BROS/FNGD correlation comes out at -0.33, negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at -0.06 versus -0.33 over 3 years. The 5-year figure is -0.41, and annualized covariance runs at -1433.5 %².
Out of 10 assets tracked against BROS, FNGD lands near the bottom at #8. The last year tells two different stories: BROS led by 25.0 percentage points, -30.7% for BROS against -55.7% for FNGD.
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.
BROS vs FNGD: side by side
| BROS (Dutch Bros Inc.) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | -30.7% | -55.7% |
| 5-year return | +38.2% | -99.4% |
| Volatility (ann.) | 57.0% | 75.7% |
| Beta vs S&P 500 | 1.67 | -4.54 |
| Max drawdown (3Y) | -45.3% | -97.6% |
| Market cap | $8.9B | – |
| P/E (trailing) | 70.4 | 20.6 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BROS | FNGD |
|---|---|---|
| 2022 | -44.6% | +52.2% |
| 2023 | +12.3% | -90.1% |
| 2024 | +65.4% | -76.6% |
| 2025 | +16.9% | -61.4% |
| 2026 | -17.2% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BROS and FNGD good diversifiers for each other?
Yes: at -0.33, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between BROS and FNGD?
Using weekly returns as of 2026-08-27: -0.33 over 3 years, with -0.06 over the last year and -0.41 over 5 years.
Is FNGD a good diversifier for BROS?
Yes: at -0.33, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.33 mean?
A reading of -0.33 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
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Related comparisons
Hubs: BROS correlations · FNGD correlations
