FNGD vs KEYS: Correlation
How closely do MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Keysight Technologies (KEYS) trade together? Their weekly returns over three years give a correlation of -0.49, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and KEYS?
Across a 3-year window, the weekly returns of FNGD and KEYS correlate at -0.49, negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at -0.34 versus -0.49 over 3 years. Stretching to 5 years gives -0.53, with an annualized covariance of -1371.6 %².
Among the 1743 assets we track against FNGD, KEYS ranks #1570 by 3-year correlation. Correlation aside, the last 12 months split them widely, with KEYS ahead by 153.1 points (-55.7% versus +97.4%). Note the risk asymmetry: FNGD runs 2.1 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 KEYS: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | KEYS (Keysight Technologies) | |
|---|---|---|
| 1-year return | -55.7% | +97.4% |
| 5-year return | -99.4% | +81.9% |
| Volatility (ann.) | 75.7% | 36.8% |
| Beta vs S&P 500 | -4.54 | 1.58 |
| Max drawdown (3Y) | -97.6% | -31.4% |
| Market cap | – | $55.5B |
| P/E (trailing) | 20.6 | 43.5 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | Information Technology |
Year-by-year returns
| Year | FNGD | KEYS |
|---|---|---|
| 2022 | +52.2% | -17.2% |
| 2023 | -90.1% | -7.0% |
| 2024 | -76.6% | +1.0% |
| 2025 | -61.4% | +26.5% |
| 2026 | -49.5% | +60.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and KEYS good diversifiers for each other?
Yes: at -0.49, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between FNGD and KEYS?
Using weekly returns as of 2026-08-27: -0.49 over 3 years, with -0.34 over the last year and -0.53 over 5 years.
Is KEYS a good diversifier for FNGD?
Yes: at -0.49, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.49 mean?
On the −1 to +1 scale, -0.49 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-keys.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/fngd-vs-keys/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: FNGD correlations · KEYS correlations
