BXP vs FNGD: Correlation
BXP, Inc. (BXP) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) show a negative relationship: their 3-year correlation of weekly returns is -0.17.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BXP and FNGD?
Over the past 3 years, BXP and FNGD moved with a correlation of -0.17, which is negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.11 lands near the 3-year figure. Over 5 years the correlation is -0.25, and the annualized covariance of weekly returns is -431.2 %².
Out of 45 assets tracked against BXP, FNGD lands near the bottom at #41. Correlation aside, the last 12 months split them widely, with BXP ahead by 58.6 points (+2.9% versus -55.7%). Risk is not evenly split, since FNGD carries 2.3 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.
BXP vs FNGD: side by side
| BXP (BXP, Inc.) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | +2.9% | -55.7% |
| 5-year return | -18.9% | -99.4% |
| Volatility (ann.) | 33.1% | 75.7% |
| Beta vs S&P 500 | 1.02 | -4.54 |
| Max drawdown (3Y) | -39.0% | -97.6% |
| Market cap | $12.7B | – |
| P/E (trailing) | 37.8 | 20.6 |
| Dividend yield | 3.98% | 0.00% |
| Sector / category | Real Estate | US Listed |
Year-by-year returns
| Year | BXP | FNGD |
|---|---|---|
| 2022 | -38.6% | +52.2% |
| 2023 | +11.0% | -90.1% |
| 2024 | +12.3% | -76.6% |
| 2025 | -4.7% | -61.4% |
| 2026 | +6.2% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BXP and FNGD good diversifiers for each other?
By historical standards, yes. A correlation of -0.17 means the two rarely move for the same reasons.
FAQ
What is the correlation between BXP and FNGD?
Using weekly returns as of 2026-08-27: -0.17 over 3 years, with -0.11 over the last year and -0.25 over 5 years.
Is FNGD a good diversifier for BXP?
By historical standards, yes. A correlation of -0.17 means the two rarely move for the same reasons.
What does a correlation of -0.17 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/bxp-vs-fngd.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/bxp-vs-fngd/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: BXP correlations · FNGD correlations
