BXC vs FNGD: Correlation
How closely do Bluelinx Holdings Inc. (BXC) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) trade together? Their weekly returns over three years give a correlation of -0.25, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BXC and FNGD?
Over the past 3 years, BXC and FNGD moved with a correlation of -0.25, which is negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.19 lands near the 3-year figure. Over 5 years the correlation is -0.26, and the annualized covariance of weekly returns is -1167.0 %².
Among the 33 assets we track against BXC, FNGD sits near the bottom by co-movement, at rank #31. The last year tells two different stories: BXC led by 53.1 percentage points, -2.6% for BXC 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.
BXC vs FNGD: side by side
| BXC (Bluelinx Holdings Inc.) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | -2.6% | -55.7% |
| 5-year return | +33.6% | -99.4% |
| Volatility (ann.) | 62.7% | 75.7% |
| Beta vs S&P 500 | 1.54 | -4.54 |
| Max drawdown (3Y) | -65.6% | -97.6% |
| Market cap | $0.6B | – |
| P/E (trailing) | – | 20.6 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BXC | FNGD |
|---|---|---|
| 2022 | -25.7% | +52.2% |
| 2023 | +59.3% | -90.1% |
| 2024 | -9.8% | -76.6% |
| 2025 | -39.9% | -61.4% |
| 2026 | +29.8% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BXC and FNGD good diversifiers for each other?
Yes: at -0.25, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between BXC and FNGD?
Using weekly returns as of 2026-08-27: -0.25 over 3 years, with -0.19 over the last year and -0.26 over 5 years.
Is FNGD a good diversifier for BXC?
Yes: at -0.25, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.25 mean?
On the −1 to +1 scale, -0.25 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/bxc-vs-fngd.json
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[](https://www.pairbook.io/pair/bxc-vs-fngd/)
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Related comparisons
Hubs: BXC correlations · FNGD correlations
