FNGD vs KRNT: Correlation
Measured on weekly returns over the past three years, MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Kornit Digital Ltd. (KRNT) carry a correlation of -0.47, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and KRNT?
Over the past 3 years, FNGD and KRNT moved with a correlation of -0.47, which is negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at -0.31 versus -0.47 over 3 years. Over 5 years the correlation is -0.53, and the annualized covariance of weekly returns is -1883.9 %².
Within FNGD's tracked universe of 1743 assets, KRNT comes in at #1535 by 3-year correlation. The last year tells two different stories: KRNT led by 67.8 percentage points, -55.7% for FNGD against +12.1% for KRNT.
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 KRNT: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | KRNT (Kornit Digital Ltd.) | |
|---|---|---|
| 1-year return | -55.7% | +12.1% |
| 5-year return | -99.4% | -87.2% |
| Volatility (ann.) | 75.7% | 53.2% |
| Beta vs S&P 500 | -4.54 | 2.06 |
| Max drawdown (3Y) | -97.6% | -62.6% |
| Market cap | – | $0.7B |
| P/E (trailing) | 20.6 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | KRNT |
|---|---|---|
| 2022 | +52.2% | -84.9% |
| 2023 | -90.1% | -16.6% |
| 2024 | -76.6% | +61.5% |
| 2025 | -61.4% | -53.5% |
| 2026 | -49.5% | +17.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and KRNT good diversifiers for each other?
By historical standards, yes. A correlation of -0.47 means the two rarely move for the same reasons.
FAQ
What is the correlation between FNGD and KRNT?
The FNGD/KRNT correlation stands at -0.47 on a 3-year window (1 year: -0.31, 5 years: -0.53), computed from weekly returns as of 2026-08-27.
Is KRNT a good diversifier for FNGD?
By historical standards, yes. A correlation of -0.47 means the two rarely move for the same reasons.
What does a correlation of -0.47 mean?
On the −1 to +1 scale, -0.47 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.
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Related comparisons
Hubs: FNGD correlations · KRNT correlations
