BX vs FNGD: Correlation
How closely do Blackstone Inc. (BX) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) trade together? Their weekly returns over three years give a correlation of -0.42, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BX and FNGD?
On 3 years of weekly data the BX/FNGD correlation comes out at -0.42, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.36 over 1 year against -0.42 over 3. The 5-year figure is -0.52, and annualized covariance runs at -1080.7 %².
FNGD is close to the least connected end of BX's tracked universe, ranking #33 of 35. Their recent paths diverged sharply: over the last 12 months BX outperformed by 42.8 percentage points (-12.9% for BX against -55.7% for FNGD). Risk is not evenly split, since FNGD carries 2.2 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.
BX vs FNGD: side by side
| BX (Blackstone Inc.) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | -12.9% | -55.7% |
| 5-year return | +37.5% | -99.4% |
| Volatility (ann.) | 34.0% | 75.7% |
| Beta vs S&P 500 | 1.36 | -4.54 |
| Max drawdown (3Y) | -46.5% | -97.6% |
| Market cap | $171.7B | – |
| P/E (trailing) | 32.1 | 20.6 |
| Dividend yield | 3.65% | 0.00% |
| Sector / category | Financials | US Listed |
Year-by-year returns
| Year | BX | FNGD |
|---|---|---|
| 2022 | -40.0% | +52.2% |
| 2023 | +82.7% | -90.1% |
| 2024 | +35.1% | -76.6% |
| 2025 | -7.8% | -61.4% |
| 2026 | -3.9% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BX and FNGD good diversifiers for each other?
Yes. With a correlation of -0.42, BX and FNGD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between BX and FNGD?
The BX/FNGD correlation stands at -0.42 on a 3-year window (1 year: -0.36, 5 years: -0.52), computed from weekly returns as of 2026-08-27.
Is FNGD a good diversifier for BX?
Yes. With a correlation of -0.42, BX and FNGD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.42 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/bx-vs-fngd.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/bx-vs-fngd/)
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Related comparisons
Hubs: BX correlations · FNGD correlations
