FNGD vs KEEL: Correlation
Measured on weekly returns over the past three years, MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Keel Infrastructure Corp. (KEEL) carry a correlation of -0.25, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and KEEL?
On 3 years of weekly data the FNGD/KEEL correlation comes out at -0.25, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.35 over 1 year against -0.25 over 3. The 5-year figure is -0.37, and annualized covariance runs at -2091.4 %².
Among the 1743 assets we track against FNGD, KEEL ranks #426 by 3-year correlation. Correlation aside, the last 12 months split them widely, with KEEL ahead by 217.6 points (-55.7% versus +161.9%).
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 KEEL: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | KEEL (Keel Infrastructure Corp.) | |
|---|---|---|
| 1-year return | -55.7% | +161.9% |
| 5-year return | -99.4% | -41.1% |
| Volatility (ann.) | 75.7% | 108.4% |
| Beta vs S&P 500 | -4.54 | 2.18 |
| Max drawdown (3Y) | -97.6% | -81.1% |
| Market cap | – | $2.2B |
| P/E (trailing) | 20.6 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | KEEL |
|---|---|---|
| 2022 | +52.2% | -91.3% |
| 2023 | -90.1% | +561.4% |
| 2024 | -76.6% | -48.8% |
| 2025 | -61.4% | +57.7% |
| 2026 | -49.5% | +49.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and KEEL good diversifiers for each other?
Yes. With a correlation of -0.25, FNGD and KEEL have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between FNGD and KEEL?
Using weekly returns as of 2026-08-27: -0.25 over 3 years, with -0.35 over the last year and -0.37 over 5 years.
Is KEEL a good diversifier for FNGD?
Yes. With a correlation of -0.25, FNGD and KEEL have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.25 mean?
A reading of -0.25 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-keel.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fngd-vs-keel/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: FNGD correlations · KEEL correlations
