FNGD vs KMDA: Correlation
Measured on weekly returns over the past three years, MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Kamada Ltd. (KMDA) carry a correlation of -0.28, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and KMDA?
Over the past 3 years, FNGD and KMDA moved with a correlation of -0.28, which is negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.24 lands near the 3-year figure. Over 5 years the correlation is -0.32, and the annualized covariance of weekly returns is -765.4 %².
Within FNGD's tracked universe of 1743 assets, KMDA comes in at #701 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months KMDA outperformed by 75.1 percentage points (-55.7% for FNGD against +19.4% for KMDA). One caveat on sizing: FNGD is 2.1 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 KMDA: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | KMDA (Kamada Ltd.) | |
|---|---|---|
| 1-year return | -55.7% | +19.4% |
| 5-year return | -99.4% | +62.4% |
| Volatility (ann.) | 75.7% | 36.7% |
| Beta vs S&P 500 | -4.54 | 0.75 |
| Max drawdown (3Y) | -97.6% | -28.9% |
| Market cap | – | $0.5B |
| P/E (trailing) | 20.6 | 22.3 |
| Dividend yield | 0.00% | 3.05% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | KMDA |
|---|---|---|
| 2022 | +52.2% | -39.1% |
| 2023 | -90.1% | +52.6% |
| 2024 | -76.6% | -0.5% |
| 2025 | -61.4% | +19.2% |
| 2026 | -49.5% | +20.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and KMDA good diversifiers for each other?
Yes. With a correlation of -0.28, FNGD and KMDA have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between FNGD and KMDA?
The FNGD/KMDA correlation stands at -0.28 on a 3-year window (1 year: -0.24, 5 years: -0.32), computed from weekly returns as of 2026-08-27.
Is KMDA a good diversifier for FNGD?
Yes. With a correlation of -0.28, FNGD and KMDA have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.28 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-kmda.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/fngd-vs-kmda/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: FNGD correlations · KMDA correlations
