FNGD vs KRO: Correlation
Measured on weekly returns over the past three years, MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Kronos Worldwide Inc (KRO) carry a correlation of -0.24, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and KRO?
Across a 3-year window, the weekly returns of FNGD and KRO correlate at -0.24, negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.15 lands near the 3-year figure. Stretching to 5 years gives -0.26, with an annualized covariance of -981.2 %².
Among the 1743 assets we track against FNGD, KRO ranks #338 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months KRO outperformed by 101.3 percentage points (-55.7% for FNGD against +45.6% for KRO).
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 KRO: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | KRO (Kronos Worldwide Inc) | |
|---|---|---|
| 1-year return | -55.7% | +45.6% |
| 5-year return | -99.4% | -15.4% |
| Volatility (ann.) | 75.7% | 55.0% |
| Beta vs S&P 500 | -4.54 | 1.47 |
| Max drawdown (3Y) | -97.6% | -68.7% |
| Market cap | – | $1.0B |
| P/E (trailing) | 20.6 | – |
| Dividend yield | 0.00% | 2.28% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | KRO |
|---|---|---|
| 2022 | +52.2% | -33.7% |
| 2023 | -90.1% | +14.9% |
| 2024 | -76.6% | +2.5% |
| 2025 | -61.4% | -53.1% |
| 2026 | -49.5% | +101.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and KRO good diversifiers for each other?
Yes. With a correlation of -0.24, FNGD and KRO have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between FNGD and KRO?
Using weekly returns as of 2026-08-27: -0.24 over 3 years, with -0.15 over the last year and -0.26 over 5 years.
Is KRO a good diversifier for FNGD?
Yes. With a correlation of -0.24, FNGD and KRO have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.24 mean?
On the −1 to +1 scale, -0.24 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 · KRO correlations
