BTBT vs FNGD: Correlation
Bit Digital, Inc. (BTBT) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) show a negative relationship: their 3-year correlation of weekly returns is -0.32.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BTBT and FNGD?
Across a 3-year window, the weekly returns of BTBT and FNGD correlate at -0.32, negative, meaning they tend to move in opposite directions. Lately the two have drifted apart, with the 1-year correlation at -0.50 versus -0.32 over 3 years. Stretching to 5 years gives -0.44, with an annualized covariance of -2096.7 %².
Among the 24 assets we track against BTBT, FNGD sits near the bottom by co-movement, at rank #23. Over the last 12 months BTBT came out ahead by 13.7 percentage points (-42.0% against -55.7%).
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.
BTBT vs FNGD: side by side
| BTBT (Bit Digital, Inc.) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | -42.0% | -55.7% |
| 5-year return | -87.6% | -99.4% |
| Volatility (ann.) | 85.4% | 75.7% |
| Beta vs S&P 500 | 2.24 | -4.54 |
| Max drawdown (3Y) | -78.1% | -97.6% |
| Market cap | $0.6B | – |
| P/E (trailing) | – | 20.6 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BTBT | FNGD |
|---|---|---|
| 2022 | -90.1% | +52.2% |
| 2023 | +605.0% | -90.1% |
| 2024 | -30.7% | -76.6% |
| 2025 | -35.5% | -61.4% |
| 2026 | -15.9% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BTBT and FNGD good diversifiers for each other?
Yes: at -0.32, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between BTBT and FNGD?
As of 2026-08-27, the correlation of weekly returns between BTBT and FNGD is -0.32 over 3 years, -0.50 over 1 year and -0.44 over 5 years.
Is FNGD a good diversifier for BTBT?
Yes: at -0.32, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.32 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
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Related comparisons
Hubs: BTBT correlations · FNGD correlations
