FNGD vs KALU: Correlation
MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Kaiser Aluminum Corporation (KALU) show a negative relationship: their 3-year correlation of weekly returns is -0.35.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and KALU?
On 3 years of weekly data the FNGD/KALU correlation comes out at -0.35, negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (-0.16) runs above the 3-year figure (-0.35). The 5-year figure is -0.36, and annualized covariance runs at -1228.4 %².
Among the 1743 assets we track against FNGD, KALU ranks #1143 by 3-year correlation. Correlation aside, the last 12 months split them widely, with KALU ahead by 159.5 points (-55.7% versus +103.8%). One caveat on sizing: FNGD is 1.6 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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 KALU: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | KALU (Kaiser Aluminum Corporation) | |
|---|---|---|
| 1-year return | -55.7% | +103.8% |
| 5-year return | -99.4% | +51.7% |
| Volatility (ann.) | 75.7% | 46.6% |
| Beta vs S&P 500 | -4.54 | 1.72 |
| Max drawdown (3Y) | -97.6% | -48.9% |
| Market cap | – | $2.6B |
| P/E (trailing) | 20.6 | 11.6 |
| Dividend yield | 0.00% | 1.98% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | KALU |
|---|---|---|
| 2022 | +52.2% | -16.2% |
| 2023 | -90.1% | -2.1% |
| 2024 | -76.6% | +2.7% |
| 2025 | -61.4% | +70.1% |
| 2026 | -49.5% | +38.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and KALU good diversifiers for each other?
By historical standards, yes. A correlation of -0.35 means the two rarely move for the same reasons.
FAQ
What is the correlation between FNGD and KALU?
As of 2026-08-27, the correlation of weekly returns between FNGD and KALU is -0.35 over 3 years, -0.16 over 1 year and -0.36 over 5 years.
Is KALU a good diversifier for FNGD?
By historical standards, yes. A correlation of -0.35 means the two rarely move for the same reasons.
What does a correlation of -0.35 mean?
A reading of -0.35 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: FNGD correlations · KALU correlations
