BSX vs FNGD: Correlation
Measured on weekly returns over the past three years, Boston Scientific (BSX) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) carry a correlation of -0.30, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BSX and FNGD?
Over the past 3 years, BSX and FNGD moved with a correlation of -0.30, which is negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.08) than the 3-year average (-0.30). Over 5 years the correlation is -0.38, and the annualized covariance of weekly returns is -623.4 %².
Out of 33 assets tracked against BSX, FNGD lands near the bottom at #29. Their 12-month results are close: -55.9% for BSX against -55.7% for FNGD. One caveat on sizing: FNGD is 2.7 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.
BSX vs FNGD: side by side
| BSX (Boston Scientific) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | -55.9% | -55.7% |
| 5-year return | +4.1% | -99.4% |
| Volatility (ann.) | 27.6% | 75.7% |
| Beta vs S&P 500 | 0.72 | -4.54 |
| Max drawdown (3Y) | -60.6% | -97.6% |
| Market cap | $67.6B | – |
| P/E (trailing) | 19.5 | 20.6 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | Health Care | US Listed |
Year-by-year returns
| Year | BSX | FNGD |
|---|---|---|
| 2022 | +8.9% | +52.2% |
| 2023 | +24.9% | -90.1% |
| 2024 | +54.5% | -76.6% |
| 2025 | +6.8% | -61.4% |
| 2026 | -51.1% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BSX and FNGD good diversifiers for each other?
Yes: at -0.30, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between BSX and FNGD?
As of 2026-08-27, the correlation of weekly returns between BSX and FNGD is -0.30 over 3 years, -0.08 over 1 year and -0.38 over 5 years.
Is FNGD a good diversifier for BSX?
Yes: at -0.30, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.30 mean?
A reading of -0.30 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/bsx-vs-fngd.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/bsx-vs-fngd/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: BSX correlations · FNGD correlations
