FNGD vs KWEB: Correlation
How closely do MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and KraneShares CSI China Internet ETF (KWEB) trade together? Their weekly returns over three years give a correlation of -0.30, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and KWEB?
Over the past 3 years, FNGD and KWEB moved with a correlation of -0.30, which is negative, meaning they tend to move in opposite directions. The past 12 months show a weaker link (-0.43) than the 3-year average (-0.30). Over 5 years the correlation is -0.41, and the annualized covariance of weekly returns is -765.7 %².
Among the 1743 assets we track against FNGD, KWEB ranks #839 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months KWEB outperformed by 29.6 percentage points (-55.7% for FNGD against -26.1% for KWEB). Risk is not evenly split, since FNGD carries 2.2 times the volatility of the other side.
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 KWEB: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | KWEB (KraneShares CSI China Internet ETF) | |
|---|---|---|
| 1-year return | -55.7% | -26.1% |
| 5-year return | -99.4% | -36.2% |
| Volatility (ann.) | 75.7% | 33.9% |
| Beta vs S&P 500 | -4.54 | 0.90 |
| Max drawdown (3Y) | -97.6% | -41.6% |
| Market cap | – | – |
| P/E (trailing) | 20.6 | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | ETF · Thematic |
Year-by-year returns
| Year | FNGD | KWEB |
|---|---|---|
| 2022 | +52.2% | -17.2% |
| 2023 | -90.1% | -9.1% |
| 2024 | -76.6% | +12.0% |
| 2025 | -61.4% | +23.5% |
| 2026 | -49.5% | -23.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and KWEB good diversifiers for each other?
By historical standards, yes. A correlation of -0.30 means the two rarely move for the same reasons.
FAQ
What is the correlation between FNGD and KWEB?
Using weekly returns as of 2026-08-27: -0.30 over 3 years, with -0.43 over the last year and -0.41 over 5 years.
Is KWEB a good diversifier for FNGD?
By historical standards, yes. A correlation of -0.30 means the two rarely move for the same reasons.
What does a correlation of -0.30 mean?
A reading of -0.30 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-kweb.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fngd-vs-kweb/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: FNGD correlations · KWEB correlations
