FNGD vs KBDC: Correlation
Measured on weekly returns over the past three years, MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Kayne Anderson BDC, Inc. (KBDC) carry a correlation of -0.31, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and KBDC?
Across a 3-year window, the weekly returns of FNGD and KBDC correlate at -0.31, negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.37 lands near the 3-year figure. Stretching to 5 years gives n/a, with an annualized covariance of -384.3 %².
Among the 1743 assets we track against FNGD, KBDC ranks #897 by 3-year correlation. The last year tells two different stories: KBDC led by 56.6 percentage points, -55.7% for FNGD against +0.9% for KBDC. Risk is not evenly split, since FNGD carries 4.8 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 KBDC: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | KBDC (Kayne Anderson BDC, Inc.) | |
|---|---|---|
| 1-year return | -55.7% | +0.9% |
| 5-year return | -99.4% | n/a |
| Volatility (ann.) | 75.7% | 15.7% |
| Beta vs S&P 500 | -4.54 | 0.39 |
| Max drawdown (3Y) | -97.6% | -19.6% |
| Market cap | – | $0.9B |
| P/E (trailing) | 20.6 | 12.4 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | KBDC |
|---|---|---|
| 2022 | +52.2% | – |
| 2023 | -90.1% | – |
| 2024 | -76.6% | – |
| 2025 | -61.4% | -2.4% |
| 2026 | -49.5% | -0.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and KBDC good diversifiers for each other?
Yes: at -0.31, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between FNGD and KBDC?
As of 2026-08-27, the correlation of weekly returns between FNGD and KBDC is -0.31 over 3 years, -0.37 over 1 year and n/a over 5 years.
Is KBDC a good diversifier for FNGD?
Yes: at -0.31, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.31 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/fngd-vs-kbdc.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/fngd-vs-kbdc/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: FNGD correlations · KBDC correlations
