FNGD vs KRC: Correlation
MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Kilroy Realty Corporation (KRC) show a negative relationship: their 3-year correlation of weekly returns is -0.19.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and KRC?
Over the past 3 years, FNGD and KRC moved with a correlation of -0.19, which is negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.16) sits close to the 3-year figure. Over 5 years the correlation is -0.27, and the annualized covariance of weekly returns is -522.4 %².
Within FNGD's tracked universe of 1743 assets, KRC comes in at #55 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months KRC outperformed by 50.4 percentage points (-55.7% for FNGD against -5.3% for KRC). 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 KRC: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | KRC (Kilroy Realty Corporation) | |
|---|---|---|
| 1-year return | -55.7% | -5.3% |
| 5-year return | -99.4% | -26.0% |
| Volatility (ann.) | 75.7% | 35.5% |
| Beta vs S&P 500 | -4.54 | 1.02 |
| Max drawdown (3Y) | -97.6% | -35.3% |
| Market cap | – | $4.3B |
| P/E (trailing) | 20.6 | 25.8 |
| Dividend yield | 0.00% | 5.86% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | KRC |
|---|---|---|
| 2022 | +52.2% | -39.2% |
| 2023 | -90.1% | +10.1% |
| 2024 | -76.6% | +7.8% |
| 2025 | -61.4% | -2.0% |
| 2026 | -49.5% | +1.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and KRC good diversifiers for each other?
Yes. With a correlation of -0.19, FNGD and KRC have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between FNGD and KRC?
Using weekly returns as of 2026-08-27: -0.19 over 3 years, with -0.16 over the last year and -0.27 over 5 years.
Is KRC a good diversifier for FNGD?
Yes. With a correlation of -0.19, FNGD and KRC have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.19 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-krc.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/fngd-vs-krc/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: FNGD correlations · KRC correlations
