FNGD vs KWY: Correlation
MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Kingsway Corporation (KWY) show a negative relationship: their 3-year correlation of weekly returns is -0.27.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and KWY?
Across a 3-year window, the weekly returns of FNGD and KWY correlate at -0.27, negative, meaning they tend to move in opposite directions. The link has loosened recently: the 1-year correlation (-0.40) runs below the 3-year figure (-0.27). Stretching to 5 years gives -0.19, with an annualized covariance of -765.1 %².
Among the 1743 assets we track against FNGD, KWY ranks #607 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months KWY outperformed by 26.4 percentage points (-55.7% for FNGD against -29.3% for KWY). One caveat on sizing: FNGD is 2.0 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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 KWY: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | KWY (Kingsway Corporation) | |
|---|---|---|
| 1-year return | -55.7% | -29.3% |
| 5-year return | -99.4% | +80.2% |
| Volatility (ann.) | 75.7% | 37.8% |
| Beta vs S&P 500 | -4.54 | 0.90 |
| Max drawdown (3Y) | -97.6% | -48.0% |
| Market cap | – | $0.3B |
| P/E (trailing) | 20.6 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | KWY |
|---|---|---|
| 2022 | +52.2% | +44.7% |
| 2023 | -90.1% | +5.9% |
| 2024 | -76.6% | -0.4% |
| 2025 | -61.4% | +60.7% |
| 2026 | -49.5% | -25.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and KWY good diversifiers for each other?
Yes: at -0.27, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between FNGD and KWY?
The FNGD/KWY correlation stands at -0.27 on a 3-year window (1 year: -0.40, 5 years: -0.19), computed from weekly returns as of 2026-08-27.
Is KWY a good diversifier for FNGD?
Yes: at -0.27, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.27 mean?
On the −1 to +1 scale, -0.27 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.
Use this data
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Related comparisons
Hubs: FNGD correlations · KWY correlations
