BW vs FNGD: Correlation
Measured on weekly returns over the past three years, Babcock & Wilcox Enterprises, Inc. (BW) 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 BW and FNGD?
Across a 3-year window, the weekly returns of BW and FNGD correlate at -0.26, negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at -0.08 versus -0.26 over 3 years. Stretching to 5 years gives -0.29, with an annualized covariance of -2738.1 %².
FNGD is close to the least connected end of BW's tracked universe, ranking #9 of 10. Their recent paths diverged sharply: over the last 12 months BW outperformed by 373.1 percentage points (+317.4% for BW against -55.7% for FNGD). Risk is not evenly split, since BW carries 1.8 times the volatility of the other side.
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.
BW vs FNGD: side by side
| BW (Babcock & Wilcox Enterprises, Inc.) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | +317.4% | -55.7% |
| 5-year return | +5.9% | -99.4% |
| Volatility (ann.) | 137.1% | 75.7% |
| Beta vs S&P 500 | 3.26 | -4.54 |
| Max drawdown (3Y) | -95.2% | -97.6% |
| Market cap | $1.1B | – |
| P/E (trailing) | – | 20.6 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BW | FNGD |
|---|---|---|
| 2022 | -36.0% | +52.2% |
| 2023 | -74.7% | -90.1% |
| 2024 | +12.3% | -76.6% |
| 2025 | +286.6% | -61.4% |
| 2026 | +21.1% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BW 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 BW and FNGD?
As of 2026-08-27, the correlation of weekly returns between BW and FNGD is -0.26 over 3 years, -0.08 over 1 year and -0.29 over 5 years.
Is FNGD a good diversifier for BW?
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/bw-vs-fngd.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/bw-vs-fngd/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: BW correlations · FNGD correlations
