FNGD vs KD: Correlation
MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Kyndryl Holdings, Inc. (KD) show a negative relationship: their 3-year correlation of weekly returns is -0.37.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and KD?
Across a 3-year window, the weekly returns of FNGD and KD correlate at -0.37, negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.31 lands near the 3-year figure. Stretching to 5 years gives -0.32, with an annualized covariance of -1495.8 %².
Among the 1743 assets we track against FNGD, KD ranks #1229 by 3-year correlation. Neither side won the trailing year by much: -55.7% against -58.0%.
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 KD: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | KD (Kyndryl Holdings, Inc.) | |
|---|---|---|
| 1-year return | -55.7% | -58.0% |
| 5-year return | -99.4% | -67.5% |
| Volatility (ann.) | 75.7% | 53.4% |
| Beta vs S&P 500 | -4.54 | 1.59 |
| Max drawdown (3Y) | -97.6% | -75.6% |
| Market cap | – | $2.9B |
| P/E (trailing) | 20.6 | 34.0 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | KD |
|---|---|---|
| 2022 | +52.2% | -38.6% |
| 2023 | -90.1% | +86.9% |
| 2024 | -76.6% | +66.5% |
| 2025 | -61.4% | -23.2% |
| 2026 | -49.5% | -50.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and KD good diversifiers for each other?
Yes. With a correlation of -0.37, FNGD and KD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between FNGD and KD?
Using weekly returns as of 2026-08-27: -0.37 over 3 years, with -0.31 over the last year and -0.32 over 5 years.
Is KD a good diversifier for FNGD?
Yes. With a correlation of -0.37, FNGD and KD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.37 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-kd.json
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Related comparisons
Hubs: FNGD correlations · KD correlations
