FNGD vs KEX: Correlation
MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Kirby Corporation (KEX) show a negative relationship: their 3-year correlation of weekly returns is -0.32.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and KEX?
Over the past 3 years, FNGD and KEX moved with a correlation of -0.32, which is negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (0.01) runs above the 3-year figure (-0.32). Over 5 years the correlation is -0.33, and the annualized covariance of weekly returns is -816.4 %².
Among the 1743 assets we track against FNGD, KEX ranks #967 by 3-year correlation. Correlation aside, the last 12 months split them widely, with KEX ahead by 98.0 points (-55.7% versus +42.3%). Note the risk asymmetry: FNGD runs 2.2 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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 KEX: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | KEX (Kirby Corporation) | |
|---|---|---|
| 1-year return | -55.7% | +42.3% |
| 5-year return | -99.4% | +160.1% |
| Volatility (ann.) | 75.7% | 33.9% |
| Beta vs S&P 500 | -4.54 | 1.08 |
| Max drawdown (3Y) | -97.6% | -38.8% |
| Market cap | – | $7.4B |
| P/E (trailing) | 20.6 | 21.5 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | KEX |
|---|---|---|
| 2022 | +52.2% | +8.3% |
| 2023 | -90.1% | +22.0% |
| 2024 | -76.6% | +34.8% |
| 2025 | -61.4% | +4.1% |
| 2026 | -49.5% | +26.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and KEX good diversifiers for each other?
By historical standards, yes. A correlation of -0.32 means the two rarely move for the same reasons.
FAQ
What is the correlation between FNGD and KEX?
As of 2026-08-27, the correlation of weekly returns between FNGD and KEX is -0.32 over 3 years, 0.01 over 1 year and -0.33 over 5 years.
Is KEX a good diversifier for FNGD?
By historical standards, yes. A correlation of -0.32 means the two rarely move for the same reasons.
What does a correlation of -0.32 mean?
A reading of -0.32 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-kex.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fngd-vs-kex/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: FNGD correlations · KEX correlations
