FNGD vs KAI: Correlation
How closely do MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Kadant Inc (KAI) trade together? Their weekly returns over three years give a correlation of -0.37, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and KAI?
On 3 years of weekly data the FNGD/KAI correlation comes out at -0.37, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.28) sits close to the 3-year figure. The 5-year figure is -0.36, and annualized covariance runs at -1029.6 %².
By 3-year correlation, KAI places #1228 of the 1743 assets tracked against FNGD. Correlation aside, the last 12 months split them widely, with KAI ahead by 46.9 points (-55.7% versus -8.8%). Risk is not evenly split, since FNGD carries 2.0 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.
FNGD vs KAI: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | KAI (Kadant Inc) | |
|---|---|---|
| 1-year return | -55.7% | -8.8% |
| 5-year return | -99.4% | +49.3% |
| Volatility (ann.) | 75.7% | 37.1% |
| Beta vs S&P 500 | -4.54 | 1.34 |
| Max drawdown (3Y) | -97.6% | -41.2% |
| Market cap | – | $3.6B |
| P/E (trailing) | 20.6 | 32.9 |
| Dividend yield | 0.00% | 0.46% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | KAI |
|---|---|---|
| 2022 | +52.2% | -22.5% |
| 2023 | -90.1% | +58.7% |
| 2024 | -76.6% | +23.6% |
| 2025 | -61.4% | -17.0% |
| 2026 | -49.5% | +7.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and KAI good diversifiers for each other?
By historical standards, yes. A correlation of -0.37 means the two rarely move for the same reasons.
FAQ
What is the correlation between FNGD and KAI?
The FNGD/KAI correlation stands at -0.37 on a 3-year window (1 year: -0.28, 5 years: -0.36), computed from weekly returns as of 2026-08-27.
Is KAI a good diversifier for FNGD?
By historical standards, yes. A correlation of -0.37 means the two rarely move for the same reasons.
What does a correlation of -0.37 mean?
A reading of -0.37 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/fngd-vs-kai.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fngd-vs-kai/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: FNGD correlations · KAI correlations
