FNGD vs KLAC: Correlation
How closely do MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and KLA Corporation (KLAC) trade together? Their weekly returns over three years give a correlation of -0.51, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and KLAC?
Over the past 3 years, FNGD and KLAC moved with a correlation of -0.51, which is negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at -0.23 versus -0.51 over 3 years. Over 5 years the correlation is -0.58, and the annualized covariance of weekly returns is -1758.1 %².
Among the 1743 assets we track against FNGD, KLAC ranks #1602 by 3-year correlation. Correlation aside, the last 12 months split them widely, with KLAC ahead by 163.6 points (-55.7% versus +107.9%). Note the risk asymmetry: FNGD runs 1.7 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 KLAC: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | KLAC (KLA Corporation) | |
|---|---|---|
| 1-year return | -55.7% | +107.9% |
| 5-year return | -99.4% | +463.9% |
| Volatility (ann.) | 75.7% | 45.6% |
| Beta vs S&P 500 | -4.54 | 1.84 |
| Max drawdown (3Y) | -97.6% | -43.6% |
| Market cap | – | $240.1B |
| P/E (trailing) | 20.6 | 50.2 |
| Dividend yield | 0.00% | 0.44% |
| Sector / category | US Listed | Information Technology |
Year-by-year returns
| Year | FNGD | KLAC |
|---|---|---|
| 2022 | +52.2% | -11.2% |
| 2023 | -90.1% | +56.0% |
| 2024 | -76.6% | +9.4% |
| 2025 | -61.4% | +94.5% |
| 2026 | -49.5% | +51.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and KLAC good diversifiers for each other?
Yes. With a correlation of -0.51, FNGD and KLAC have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between FNGD and KLAC?
As of 2026-08-27, the correlation of weekly returns between FNGD and KLAC is -0.51 over 3 years, -0.23 over 1 year and -0.58 over 5 years.
Is KLAC a good diversifier for FNGD?
Yes. With a correlation of -0.51, FNGD and KLAC have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.51 mean?
On the −1 to +1 scale, -0.51 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-klac.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fngd-vs-klac/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: FNGD correlations · KLAC correlations
