AMZN vs FNGO: Correlation
Amazon (AMZN) and MicroSectors FANG Index 2X Leveraged ETNs due January 8 (FNGO) show a strong relationship: their 3-year correlation of weekly returns is 0.75.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AMZN and FNGO?
Over the past 3 years, AMZN and FNGO moved with a correlation of 0.75, which is strong. The relationship has been stable: the 1-year correlation (0.68) sits close to the 3-year figure. Over 5 years the correlation is 0.76, and the annualized covariance of weekly returns is 1206.6 %².
Few assets follow AMZN as closely as FNGO, which ranks #2 of 38 tracked partners. Their recent paths diverged sharply: over the last 12 months FNGO outperformed by 21.9 percentage points (+11.8% for AMZN against +33.7% for FNGO). Note the risk asymmetry: FNGO runs 1.7 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.
AMZN vs FNGO: side by side
| AMZN (Amazon) | FNGO (MicroSectors FANG Index 2X Leveraged ETNs due January 8) | |
|---|---|---|
| 1-year return | +11.8% | +33.7% |
| 5-year return | +49.8% | +220.3% |
| Volatility (ann.) | 31.0% | 51.9% |
| Beta vs S&P 500 | 1.48 | 3.12 |
| Max drawdown (3Y) | -30.9% | -47.6% |
| Market cap | $2,764.1B | – |
| P/E (trailing) | 20.9 | 30.8 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | Consumer Discretionary | US Listed |
Year-by-year returns
| Year | AMZN | FNGO |
|---|---|---|
| 2022 | -49.6% | -71.6% |
| 2023 | +80.9% | +240.1% |
| 2024 | +44.4% | +101.7% |
| 2025 | +5.2% | +25.5% |
| 2026 | +11.0% | +30.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AMZN and FNGO good diversifiers for each other?
Only partially. A correlation of 0.75 means AMZN and FNGO share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between AMZN and FNGO?
The AMZN/FNGO correlation stands at 0.75 on a 3-year window (1 year: 0.68, 5 years: 0.76), computed from weekly returns as of 2026-08-27.
Is FNGO a good diversifier for AMZN?
Only partially. A correlation of 0.75 means AMZN and FNGO share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.75 mean?
On the −1 to +1 scale, 0.75 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
$ curl https://www.pairbook.io/api/v1/pairs/amzn-vs-fngo.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/amzn-vs-fngo/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: AMZN correlations · FNGO correlations
