BTG vs FNGD: Correlation
Measured on weekly returns over the past three years, B2Gold Corp (BTG) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) carry a correlation of -0.26, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BTG and FNGD?
Across a 3-year window, the weekly returns of BTG and FNGD correlate at -0.26, negative, meaning they tend to move in opposite directions. The link has loosened recently: the 1-year correlation (-0.41) runs below the 3-year figure (-0.26). Stretching to 5 years gives -0.27, with an annualized covariance of -1103.0 %².
Out of 16 assets tracked against BTG, FNGD lands near the bottom at #14. Their recent paths diverged sharply: over the last 12 months BTG outperformed by 100.6 percentage points (+44.9% for BTG 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.
BTG vs FNGD: side by side
| BTG (B2Gold Corp) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | +44.9% | -55.7% |
| 5-year return | +85.7% | -99.4% |
| Volatility (ann.) | 55.7% | 75.7% |
| Beta vs S&P 500 | 1.12 | -4.54 |
| Max drawdown (3Y) | -40.7% | -97.6% |
| Market cap | $7.7B | – |
| P/E (trailing) | 10.4 | 20.6 |
| Dividend yield | 1.39% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BTG | FNGD |
|---|---|---|
| 2022 | -5.1% | +52.2% |
| 2023 | -7.2% | -90.1% |
| 2024 | -18.1% | -76.6% |
| 2025 | +87.2% | -61.4% |
| 2026 | +30.4% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BTG and FNGD good diversifiers for each other?
Yes: at -0.26, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between BTG and FNGD?
Using weekly returns as of 2026-08-27: -0.26 over 3 years, with -0.41 over the last year and -0.27 over 5 years.
Is FNGD a good diversifier for BTG?
Yes: at -0.26, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.26 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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/btg-vs-fngd.json
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[](https://www.pairbook.io/pair/btg-vs-fngd/)
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Related comparisons
Hubs: BTG correlations · FNGD correlations
