BTDR vs FNGD: Correlation
Measured on weekly returns over the past three years, Bitdeer Technologies Group (BTDR) 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 BTDR and FNGD?
Across a 3-year window, the weekly returns of BTDR and FNGD correlate at -0.31, negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.20) than the 3-year average (-0.31). Stretching to 5 years gives -0.20, with an annualized covariance of -2568.3 %².
Among the 12 assets we track against BTDR, FNGD sits near the bottom by co-movement, at rank #11. Their recent paths diverged sharply: over the last 12 months BTDR outperformed by 39.3 percentage points (-16.4% for BTDR against -55.7% for FNGD).
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.
BTDR vs FNGD: side by side
| BTDR (Bitdeer Technologies Group) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | -16.4% | -55.7% |
| 5-year return | +14.6% | -99.4% |
| Volatility (ann.) | 110.8% | 75.7% |
| Beta vs S&P 500 | 2.58 | -4.54 |
| Max drawdown (3Y) | -79.1% | -97.6% |
| Market cap | $3.1B | – |
| P/E (trailing) | – | 20.6 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BTDR | FNGD |
|---|---|---|
| 2022 | +4.6% | +52.2% |
| 2023 | -5.4% | -90.1% |
| 2024 | +119.8% | -76.6% |
| 2025 | -48.3% | -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 BTDR and FNGD good diversifiers for each other?
By historical standards, yes. A correlation of -0.31 means the two rarely move for the same reasons.
FAQ
What is the correlation between BTDR and FNGD?
Using weekly returns as of 2026-08-27: -0.31 over 3 years, with -0.20 over the last year and -0.20 over 5 years.
Is FNGD a good diversifier for BTDR?
By historical standards, yes. A correlation of -0.31 means the two rarely move for the same reasons.
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/btdr-vs-fngd.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/btdr-vs-fngd/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: BTDR correlations · FNGD correlations
