FNGD vs KN: Correlation
How closely do MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Knowles Corporation (KN) trade together? Their weekly returns over three years give a correlation of -0.46, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and KN?
Across a 3-year window, the weekly returns of FNGD and KN correlate at -0.46, negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (-0.24) runs above the 3-year figure (-0.46). Stretching to 5 years gives -0.45, with an annualized covariance of -1267.0 %².
By 3-year correlation, KN places #1515 of the 1743 assets tracked against FNGD. The last year tells two different stories: KN led by 117.6 percentage points, -55.7% for FNGD against +61.9% for KN. Note the risk asymmetry: FNGD runs 2.1 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 KN: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | KN (Knowles Corporation) | |
|---|---|---|
| 1-year return | -55.7% | +61.9% |
| 5-year return | -99.4% | +73.8% |
| Volatility (ann.) | 75.7% | 36.5% |
| Beta vs S&P 500 | -4.54 | 1.65 |
| Max drawdown (3Y) | -97.6% | -38.0% |
| Market cap | – | $3.0B |
| P/E (trailing) | 20.6 | 41.1 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | KN |
|---|---|---|
| 2022 | +52.2% | -29.7% |
| 2023 | -90.1% | +9.1% |
| 2024 | -76.6% | +11.3% |
| 2025 | -61.4% | +7.5% |
| 2026 | -49.5% | +63.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and KN good diversifiers for each other?
Yes. With a correlation of -0.46, FNGD and KN have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between FNGD and KN?
Using weekly returns as of 2026-08-27: -0.46 over 3 years, with -0.24 over the last year and -0.45 over 5 years.
Is KN a good diversifier for FNGD?
Yes. With a correlation of -0.46, FNGD and KN have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.46 mean?
On the −1 to +1 scale, -0.46 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-kn.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fngd-vs-kn/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: FNGD correlations · KN correlations
