BRZE vs FNGD: Correlation
Measured on weekly returns over the past three years, Braze, Inc. (BRZE) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) carry a correlation of -0.34, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BRZE and FNGD?
Across a 3-year window, the weekly returns of BRZE and FNGD correlate at -0.34, negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (-0.19) runs above the 3-year figure (-0.34). Stretching to 5 years gives -0.47, with an annualized covariance of -1433.0 %².
Among the 12 assets we track against BRZE, FNGD sits near the bottom by co-movement, at rank #10. The last year tells two different stories: BRZE led by 83.7 percentage points, +28.0% for BRZE 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.
BRZE vs FNGD: side by side
| BRZE (Braze, Inc.) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | +28.0% | -55.7% |
| 5-year return | -63.5% | -99.4% |
| Volatility (ann.) | 56.3% | 75.7% |
| Beta vs S&P 500 | 1.29 | -4.54 |
| Max drawdown (3Y) | -73.6% | -97.6% |
| Market cap | $3.8B | – |
| P/E (trailing) | – | 20.6 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BRZE | FNGD |
|---|---|---|
| 2022 | -64.6% | +52.2% |
| 2023 | +94.8% | -90.1% |
| 2024 | -21.2% | -76.6% |
| 2025 | -18.1% | -61.4% |
| 2026 | -0.6% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BRZE and FNGD good diversifiers for each other?
Yes. With a correlation of -0.34, BRZE and FNGD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between BRZE and FNGD?
As of 2026-08-27, the correlation of weekly returns between BRZE and FNGD is -0.34 over 3 years, -0.19 over 1 year and -0.47 over 5 years.
Is FNGD a good diversifier for BRZE?
Yes. With a correlation of -0.34, BRZE and FNGD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.34 mean?
On the −1 to +1 scale, -0.34 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
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Related comparisons
Hubs: BRZE correlations · FNGD correlations
