FNGD vs KGC: Correlation
Measured on weekly returns over the past three years, MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Kinross Gold Corporation (KGC) carry a correlation of -0.24, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and KGC?
On 3 years of weekly data the FNGD/KGC correlation comes out at -0.24, negative, meaning they tend to move in opposite directions. The past 12 months show a weaker link (-0.36) than the 3-year average (-0.24). The 5-year figure is -0.27, and annualized covariance runs at -862.6 %².
Among the 1743 assets we track against FNGD, KGC ranks #337 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months KGC outperformed by 117.2 percentage points (-55.7% for FNGD against +61.5% for KGC). Note the risk asymmetry: FNGD runs 1.6 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 KGC: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | KGC (Kinross Gold Corporation) | |
|---|---|---|
| 1-year return | -55.7% | +61.5% |
| 5-year return | -99.4% | +495.9% |
| Volatility (ann.) | 75.7% | 47.3% |
| Beta vs S&P 500 | -4.54 | 0.97 |
| Max drawdown (3Y) | -97.6% | -40.7% |
| Market cap | – | $38.6B |
| P/E (trailing) | 20.6 | 12.3 |
| Dividend yield | 0.00% | 0.48% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | KGC |
|---|---|---|
| 2022 | +52.2% | -27.6% |
| 2023 | -90.1% | +51.8% |
| 2024 | -76.6% | +55.6% |
| 2025 | -61.4% | +205.7% |
| 2026 | -49.5% | +15.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and KGC good diversifiers for each other?
Yes. With a correlation of -0.24, FNGD and KGC have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between FNGD and KGC?
As of 2026-08-27, the correlation of weekly returns between FNGD and KGC is -0.24 over 3 years, -0.36 over 1 year and -0.27 over 5 years.
Is KGC a good diversifier for FNGD?
Yes. With a correlation of -0.24, FNGD and KGC 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-kgc.json
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[](https://www.pairbook.io/pair/fngd-vs-kgc/)
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Related comparisons
Hubs: FNGD correlations · KGC correlations
