FNGD vs KG: Correlation
Measured on weekly returns over the past three years, MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Kestrel Group, Ltd. (KG) carry a correlation of -0.22, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and KG?
On 3 years of weekly data the FNGD/KG correlation comes out at -0.22, negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.25 lands near the 3-year figure. The 5-year figure is -0.23, and annualized covariance runs at -1262.2 %².
Among the 1743 assets we track against FNGD, KG ranks #175 by 3-year correlation. Correlation aside, the last 12 months split them widely, with FNGD ahead by 17.1 points (-55.7% versus -72.8%).
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 KG: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | KG (Kestrel Group, Ltd.) | |
|---|---|---|
| 1-year return | -55.7% | -72.8% |
| 5-year return | -99.4% | -87.8% |
| Volatility (ann.) | 75.7% | 75.1% |
| Beta vs S&P 500 | -4.54 | 1.49 |
| Max drawdown (3Y) | -97.6% | -85.0% |
| Market cap | – | $0.1B |
| P/E (trailing) | 20.6 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | KG |
|---|---|---|
| 2022 | +52.2% | -31.0% |
| 2023 | -90.1% | +8.5% |
| 2024 | -76.6% | -26.2% |
| 2025 | -61.4% | -69.7% |
| 2026 | -49.5% | -26.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and KG good diversifiers for each other?
Yes. With a correlation of -0.22, FNGD and KG have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between FNGD and KG?
The FNGD/KG correlation stands at -0.22 on a 3-year window (1 year: -0.25, 5 years: -0.23), computed from weekly returns as of 2026-08-27.
Is KG a good diversifier for FNGD?
Yes. With a correlation of -0.22, FNGD and KG have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.22 mean?
A reading of -0.22 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-kg.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/fngd-vs-kg/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: FNGD correlations · KG correlations
