BSTZ vs FNGD: Correlation
How closely do BlackRock Science and Technology Term Trust (BSTZ) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) trade together? Their weekly returns over three years give a correlation of -0.66, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BSTZ and FNGD?
On 3 years of weekly data the BSTZ/FNGD correlation comes out at -0.66, negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.55) than the 3-year average (-0.66). The 5-year figure is -0.71, and annualized covariance runs at -1183.8 %².
FNGD is close to the least connected end of BSTZ's tracked universe, ranking #21 of 21. Correlation aside, the last 12 months split them widely, with BSTZ ahead by 113.1 points (+57.4% versus -55.7%). Note the risk asymmetry: FNGD runs 3.2 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.
BSTZ vs FNGD: side by side
| BSTZ (BlackRock Science and Technology Term Trust) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | +57.4% | -55.7% |
| 5-year return | +31.6% | -99.4% |
| Volatility (ann.) | 23.7% | 75.7% |
| Beta vs S&P 500 | 1.19 | -4.54 |
| Max drawdown (3Y) | -25.3% | -97.6% |
| Market cap | $2.1B | – |
| P/E (trailing) | 6.7 | 20.6 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BSTZ | FNGD |
|---|---|---|
| 2022 | -55.3% | +52.2% |
| 2023 | +18.7% | -90.1% |
| 2024 | +37.5% | -76.6% |
| 2025 | +25.1% | -61.4% |
| 2026 | +44.7% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BSTZ and FNGD good diversifiers for each other?
Yes. With a correlation of -0.66, BSTZ and FNGD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between BSTZ and FNGD?
Using weekly returns as of 2026-08-27: -0.66 over 3 years, with -0.55 over the last year and -0.71 over 5 years.
Is FNGD a good diversifier for BSTZ?
Yes. With a correlation of -0.66, BSTZ and FNGD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.66 mean?
A reading of -0.66 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/bstz-vs-fngd.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/bstz-vs-fngd/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: BSTZ correlations · FNGD correlations
