FNGD vs KEN: Correlation
MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Kenon Holdings Ltd. (KEN) show a negative relationship: their 3-year correlation of weekly returns is -0.24.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and KEN?
Over the past 3 years, FNGD and KEN moved with a correlation of -0.24, which is negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.18 lands near the 3-year figure. Over 5 years the correlation is -0.23, and the annualized covariance of weekly returns is -685.9 %².
By 3-year correlation, KEN places #336 of the 1743 assets tracked against FNGD. Correlation aside, the last 12 months split them widely, with KEN ahead by 114.7 points (-55.7% versus +59.0%). One caveat on sizing: FNGD is 2.0 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 KEN: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | KEN (Kenon Holdings Ltd.) | |
|---|---|---|
| 1-year return | -55.7% | +59.0% |
| 5-year return | -99.4% | +294.3% |
| Volatility (ann.) | 75.7% | 37.7% |
| Beta vs S&P 500 | -4.54 | 0.72 |
| Max drawdown (3Y) | -97.6% | -33.2% |
| Market cap | – | – |
| P/E (trailing) | 20.6 | 43.0 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | KEN |
|---|---|---|
| 2022 | +52.2% | -11.7% |
| 2023 | -90.1% | -18.2% |
| 2024 | -76.6% | +67.6% |
| 2025 | -61.4% | +126.2% |
| 2026 | -49.5% | +8.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and KEN good diversifiers for each other?
Yes. With a correlation of -0.24, FNGD and KEN have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between FNGD and KEN?
As of 2026-08-27, the correlation of weekly returns between FNGD and KEN is -0.24 over 3 years, -0.18 over 1 year and -0.23 over 5 years.
Is KEN a good diversifier for FNGD?
Yes. With a correlation of -0.24, FNGD and KEN have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.24 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-ken.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fngd-vs-ken/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: FNGD correlations · KEN correlations
