FNGD vs KKR: Correlation
Measured on weekly returns over the past three years, MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and KKR & Co. (KKR) carry a correlation of -0.56, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and KKR?
Across a 3-year window, the weekly returns of FNGD and KKR correlate at -0.56, negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at -0.40 versus -0.56 over 3 years. Stretching to 5 years gives -0.59, with an annualized covariance of -1616.7 %².
Within FNGD's tracked universe of 1743 assets, KKR comes in at #1651 by 3-year correlation. The last year tells two different stories: KKR led by 34.1 percentage points, -55.7% for FNGD against -21.6% for KKR. Risk is not evenly split, since FNGD carries 2.0 times the volatility of the other side.
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 KKR: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | KKR (KKR & Co.) | |
|---|---|---|
| 1-year return | -55.7% | -21.6% |
| 5-year return | -99.4% | +77.3% |
| Volatility (ann.) | 75.7% | 37.8% |
| Beta vs S&P 500 | -4.54 | 1.76 |
| Max drawdown (3Y) | -97.6% | -49.4% |
| Market cap | – | $101.0B |
| P/E (trailing) | 20.6 | 34.7 |
| Dividend yield | 0.00% | 0.70% |
| Sector / category | US Listed | Financials |
Year-by-year returns
| Year | FNGD | KKR |
|---|---|---|
| 2022 | +52.2% | -37.0% |
| 2023 | -90.1% | +80.5% |
| 2024 | -76.6% | +79.6% |
| 2025 | -61.4% | -13.3% |
| 2026 | -49.5% | -13.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and KKR good diversifiers for each other?
Yes: at -0.56, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between FNGD and KKR?
As of 2026-08-27, the correlation of weekly returns between FNGD and KKR is -0.56 over 3 years, -0.40 over 1 year and -0.59 over 5 years.
Is KKR a good diversifier for FNGD?
Yes: at -0.56, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.56 mean?
On the −1 to +1 scale, -0.56 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.
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Related comparisons
Hubs: FNGD correlations · KKR correlations
