FNGD vs KE: Correlation
How closely do MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Kimball Electronics, Inc. (KE) trade together? Their weekly returns over three years give a correlation of -0.29, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and KE?
Over the past 3 years, FNGD and KE moved with a correlation of -0.29, which is negative, meaning they tend to move in opposite directions. The link has loosened recently: the 1-year correlation (-0.44) runs below the 3-year figure (-0.29). Over 5 years the correlation is -0.36, and the annualized covariance of weekly returns is -918.2 %².
Among the 1743 assets we track against FNGD, KE ranks #778 by 3-year correlation. The last year tells two different stories: KE led by 40.7 percentage points, -55.7% for FNGD against -15.0% for KE. One caveat on sizing: FNGD is 1.8 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 KE: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | KE (Kimball Electronics, Inc.) | |
|---|---|---|
| 1-year return | -55.7% | -15.0% |
| 5-year return | -99.4% | +0.6% |
| Volatility (ann.) | 75.7% | 42.0% |
| Beta vs S&P 500 | -4.54 | 1.22 |
| Max drawdown (3Y) | -97.6% | -58.5% |
| Market cap | – | $0.6B |
| P/E (trailing) | 20.6 | 21.3 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | KE |
|---|---|---|
| 2022 | +52.2% | +3.8% |
| 2023 | -90.1% | +19.3% |
| 2024 | -76.6% | -30.5% |
| 2025 | -61.4% | +48.5% |
| 2026 | -49.5% | -13.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and KE good diversifiers for each other?
Yes. With a correlation of -0.29, FNGD and KE have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between FNGD and KE?
As of 2026-08-27, the correlation of weekly returns between FNGD and KE is -0.29 over 3 years, -0.44 over 1 year and -0.36 over 5 years.
Is KE a good diversifier for FNGD?
Yes. With a correlation of -0.29, FNGD and KE have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.29 mean?
On the −1 to +1 scale, -0.29 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/fngd-vs-ke.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fngd-vs-ke/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: FNGD correlations · KE correlations
