FNGD vs KNF: Correlation
How closely do MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Knife Riv Holding Co. (KNF) trade together? Their weekly returns over three years give a correlation of -0.29, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and KNF?
Over the past 3 years, FNGD and KNF moved with a correlation of -0.29, which is negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (0.07) runs above the 3-year figure (-0.29). Over 5 years the correlation is n/a, and the annualized covariance of weekly returns is -886.4 %².
By 3-year correlation, KNF places #779 of the 1743 assets tracked against FNGD. The last year tells two different stories: KNF led by 36.1 percentage points, -55.7% for FNGD against -19.6% for KNF. Note the risk asymmetry: FNGD runs 1.9 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 KNF: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | KNF (Knife Riv Holding Co.) | |
|---|---|---|
| 1-year return | -55.7% | -19.6% |
| 5-year return | -99.4% | n/a |
| Volatility (ann.) | 75.7% | 40.3% |
| Beta vs S&P 500 | -4.54 | 1.06 |
| Max drawdown (3Y) | -97.6% | -44.2% |
| Market cap | – | $3.8B |
| P/E (trailing) | 20.6 | 27.2 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | KNF |
|---|---|---|
| 2022 | +52.2% | – |
| 2023 | -90.1% | – |
| 2024 | -76.6% | +53.6% |
| 2025 | -61.4% | -30.8% |
| 2026 | -49.5% | -5.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and KNF good diversifiers for each other?
Yes. With a correlation of -0.29, FNGD and KNF have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between FNGD and KNF?
The FNGD/KNF correlation stands at -0.29 on a 3-year window (1 year: 0.07, 5 years: n/a), computed from weekly returns as of 2026-08-27.
Is KNF a good diversifier for FNGD?
Yes. With a correlation of -0.29, FNGD and KNF have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.29 mean?
A reading of -0.29 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/fngd-vs-knf.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fngd-vs-knf/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: FNGD correlations · KNF correlations
