BWB vs FNGD: Correlation
Bridgewater Bancshares, Inc. (BWB) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) show a negative relationship: their 3-year correlation of weekly returns is -0.24.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BWB and FNGD?
Over the past 3 years, BWB and FNGD moved with a correlation of -0.24, which is negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.05) than the 3-year average (-0.24). Over 5 years the correlation is -0.18, and the annualized covariance of weekly returns is -564.6 %².
Out of 13 assets tracked against BWB, FNGD lands near the bottom at #11. Their recent paths diverged sharply: over the last 12 months BWB outperformed by 85.3 percentage points (+29.6% for BWB against -55.7% for FNGD). Note the risk asymmetry: FNGD runs 2.5 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
BWB vs FNGD: side by side
| BWB (Bridgewater Bancshares, Inc.) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | +29.6% | -55.7% |
| 5-year return | +31.0% | -99.4% |
| Volatility (ann.) | 30.6% | 75.7% |
| Beta vs S&P 500 | 1.00 | -4.54 |
| Max drawdown (3Y) | -22.2% | -97.6% |
| Market cap | $0.6B | – |
| P/E (trailing) | 11.5 | 20.6 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BWB | FNGD |
|---|---|---|
| 2022 | +0.3% | +52.2% |
| 2023 | -23.8% | -90.1% |
| 2024 | -0.1% | -76.6% |
| 2025 | +29.8% | -61.4% |
| 2026 | +21.6% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BWB and FNGD good diversifiers for each other?
Yes. With a correlation of -0.24, BWB and FNGD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between BWB and FNGD?
As of 2026-08-27, the correlation of weekly returns between BWB and FNGD is -0.24 over 3 years, -0.05 over 1 year and -0.18 over 5 years.
Is FNGD a good diversifier for BWB?
Yes. With a correlation of -0.24, BWB and FNGD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.24 mean?
On the −1 to +1 scale, -0.24 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/bwb-vs-fngd.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/bwb-vs-fngd/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: BWB correlations · FNGD correlations
