FNGD vs KF: Correlation
How closely do MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Korea Fund, Inc. (The) New (KF) trade together? Their weekly returns over three years give a correlation of -0.44, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and KF?
Over the past 3 years, FNGD and KF moved with a correlation of -0.44, which is negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.49 lands near the 3-year figure. Over 5 years the correlation is -0.45, and the annualized covariance of weekly returns is -1132.5 %².
Within FNGD's tracked universe of 1743 assets, KF comes in at #1480 by 3-year correlation. Correlation aside, the last 12 months split them widely, with KF ahead by 200.1 points (-55.7% versus +144.4%). One caveat on sizing: FNGD is 2.2 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 KF: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | KF (Korea Fund, Inc. (The) New) | |
|---|---|---|
| 1-year return | -55.7% | +144.4% |
| 5-year return | -99.4% | +138.0% |
| Volatility (ann.) | 75.7% | 33.8% |
| Beta vs S&P 500 | -4.54 | 1.18 |
| Max drawdown (3Y) | -97.6% | -35.2% |
| Market cap | – | $0.3B |
| P/E (trailing) | 20.6 | 2.9 |
| Dividend yield | 0.00% | 2.17% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | KF |
|---|---|---|
| 2022 | +52.2% | -30.0% |
| 2023 | -90.1% | +12.3% |
| 2024 | -76.6% | -19.3% |
| 2025 | -61.4% | +104.8% |
| 2026 | -49.5% | +78.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and KF good diversifiers for each other?
By historical standards, yes. A correlation of -0.44 means the two rarely move for the same reasons.
FAQ
What is the correlation between FNGD and KF?
Using weekly returns as of 2026-08-27: -0.44 over 3 years, with -0.49 over the last year and -0.45 over 5 years.
Is KF a good diversifier for FNGD?
By historical standards, yes. A correlation of -0.44 means the two rarely move for the same reasons.
What does a correlation of -0.44 mean?
On the −1 to +1 scale, -0.44 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-kf.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/fngd-vs-kf/)
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Related comparisons
Hubs: FNGD correlations · KF correlations
