BSAC vs FNGD: Correlation
Measured on weekly returns over the past three years, Banco Santander - Chile (BSAC) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) carry a correlation of -0.22, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BSAC and FNGD?
On 3 years of weekly data the BSAC/FNGD correlation comes out at -0.22, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.20) sits close to the 3-year figure. The 5-year figure is -0.18, and annualized covariance runs at -429.7 %².
FNGD is close to the least connected end of BSAC's tracked universe, ranking #13 of 15. Their recent paths diverged sharply: over the last 12 months BSAC outperformed by 110.2 percentage points (+54.5% for BSAC against -55.7% for FNGD). Note the risk asymmetry: FNGD runs 2.9 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.
BSAC vs FNGD: side by side
| BSAC (Banco Santander - Chile) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | +54.5% | -55.7% |
| 5-year return | +119.0% | -99.4% |
| Volatility (ann.) | 25.9% | 75.7% |
| Beta vs S&P 500 | 0.63 | -4.54 |
| Max drawdown (3Y) | -18.4% | -97.6% |
| Market cap | $16.4B | – |
| P/E (trailing) | 13.4 | 20.6 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BSAC | FNGD |
|---|---|---|
| 2022 | +3.0% | +52.2% |
| 2023 | +31.7% | -90.1% |
| 2024 | +0.9% | -76.6% |
| 2025 | +74.3% | -61.4% |
| 2026 | +17.7% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BSAC and FNGD good diversifiers for each other?
Yes. With a correlation of -0.22, BSAC and FNGD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between BSAC and FNGD?
The BSAC/FNGD correlation stands at -0.22 on a 3-year window (1 year: -0.20, 5 years: -0.18), computed from weekly returns as of 2026-08-27.
Is FNGD a good diversifier for BSAC?
Yes. With a correlation of -0.22, BSAC and FNGD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.22 mean?
On the −1 to +1 scale, -0.22 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: BSAC correlations · FNGD correlations
