BSY vs FNGD: Correlation
Measured on weekly returns over the past three years, Bentley Systems, Incorporated (BSY) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) carry a correlation of -0.31, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BSY and FNGD?
Across a 3-year window, the weekly returns of BSY and FNGD correlate at -0.31, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.25 over 1 year against -0.31 over 3. Stretching to 5 years gives -0.51, with an annualized covariance of -697.5 %².
FNGD is close to the least connected end of BSY's tracked universe, ranking #13 of 13. Their recent paths diverged sharply: over the last 12 months BSY outperformed by 24.8 percentage points (-30.9% for BSY against -55.7% for FNGD). One caveat on sizing: FNGD is 2.6 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.
BSY vs FNGD: side by side
| BSY (Bentley Systems, Incorporated) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | -30.9% | -55.7% |
| 5-year return | -40.5% | -99.4% |
| Volatility (ann.) | 29.4% | 75.7% |
| Beta vs S&P 500 | 0.71 | -4.54 |
| Max drawdown (3Y) | -51.3% | -97.6% |
| Market cap | $11.4B | – |
| P/E (trailing) | 40.9 | 20.6 |
| Dividend yield | 0.76% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BSY | FNGD |
|---|---|---|
| 2022 | -23.3% | +52.2% |
| 2023 | +41.8% | -90.1% |
| 2024 | -10.1% | -76.6% |
| 2025 | -17.8% | -61.4% |
| 2026 | -1.1% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BSY and FNGD good diversifiers for each other?
Yes. With a correlation of -0.31, BSY and FNGD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between BSY and FNGD?
As of 2026-08-27, the correlation of weekly returns between BSY and FNGD is -0.31 over 3 years, -0.25 over 1 year and -0.51 over 5 years.
Is FNGD a good diversifier for BSY?
Yes. With a correlation of -0.31, BSY and FNGD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.31 mean?
On the −1 to +1 scale, -0.31 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
$ curl https://www.pairbook.io/api/v1/pairs/bsy-vs-fngd.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/bsy-vs-fngd/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: BSY correlations · FNGD correlations
