BSL vs FNGD: Correlation
Measured on weekly returns over the past three years, Blackstone Senior Floating Rate 2027 Term Fund (BSL) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) carry a correlation of -0.26, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BSL and FNGD?
On 3 years of weekly data the BSL/FNGD correlation comes out at -0.26, negative, meaning they tend to move in opposite directions. The past 12 months show a weaker link (-0.39) than the 3-year average (-0.26). The 5-year figure is -0.30, and annualized covariance runs at -137.6 %².
Among the 10 assets we track against BSL, FNGD sits near the bottom by co-movement, at rank #8. Their recent paths diverged sharply: over the last 12 months BSL outperformed by 54.5 percentage points (-1.2% for BSL against -55.7% for FNGD). One caveat on sizing: FNGD is 11.0 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
BSL vs FNGD: side by side
| BSL (Blackstone Senior Floating Rate 2027 Term Fund) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | -1.2% | -55.7% |
| 5-year return | +23.5% | -99.4% |
| Volatility (ann.) | 6.9% | 75.7% |
| Beta vs S&P 500 | 0.20 | -4.54 |
| Max drawdown (3Y) | -7.9% | -97.6% |
| Market cap | – | – |
| P/E (trailing) | 22.8 | 20.6 |
| Dividend yield | 8.86% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BSL | FNGD |
|---|---|---|
| 2022 | -22.9% | +52.2% |
| 2023 | +20.0% | -90.1% |
| 2024 | +18.2% | -76.6% |
| 2025 | +2.2% | -61.4% |
| 2026 | +0.7% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BSL and FNGD good diversifiers for each other?
By historical standards, yes. A correlation of -0.26 means the two rarely move for the same reasons.
FAQ
What is the correlation between BSL and FNGD?
Using weekly returns as of 2026-08-27: -0.26 over 3 years, with -0.39 over the last year and -0.30 over 5 years.
Is FNGD a good diversifier for BSL?
By historical standards, yes. A correlation of -0.26 means the two rarely move for the same reasons.
What does a correlation of -0.26 mean?
A reading of -0.26 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
$ curl https://www.pairbook.io/api/v1/pairs/bsl-vs-fngd.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/bsl-vs-fngd/)
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Related comparisons
Hubs: BSL correlations · FNGD correlations
