ANET vs FNGO: Correlation
Arista Networks (ANET) and MicroSectors FANG Index 2X Leveraged ETNs due January 8 (FNGO) show a strong relationship: their 3-year correlation of weekly returns is 0.63.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ANET and FNGO?
On 3 years of weekly data the ANET/FNGO correlation comes out at 0.63, strong. The link has loosened recently: the 1-year correlation (0.42) runs below the 3-year figure (0.63). The 5-year figure is 0.56, and annualized covariance runs at 1615.6 %².
By 3-year correlation, FNGO places #15 of the 35 assets tracked against ANET. The last year tells two different stories: ANET led by 17.2 percentage points, +50.9% for ANET against +33.7% for FNGO.
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.
ANET vs FNGO: side by side
| ANET (Arista Networks) | FNGO (MicroSectors FANG Index 2X Leveraged ETNs due January 8) | |
|---|---|---|
| 1-year return | +50.9% | +33.7% |
| 5-year return | +764.7% | +220.3% |
| Volatility (ann.) | 49.3% | 51.9% |
| Beta vs S&P 500 | 2.20 | 3.12 |
| Max drawdown (3Y) | -50.4% | -47.6% |
| Market cap | $253.6B | – |
| P/E (trailing) | 64.0 | 30.8 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | Information Technology | US Listed |
Year-by-year returns
| Year | ANET | FNGO |
|---|---|---|
| 2022 | -15.6% | -71.6% |
| 2023 | +94.1% | +240.1% |
| 2024 | +87.7% | +101.7% |
| 2025 | +18.5% | +25.5% |
| 2026 | +53.5% | +30.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ANET and FNGO good diversifiers for each other?
Somewhat, no more. With 0.63 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between ANET and FNGO?
As of 2026-08-27, the correlation of weekly returns between ANET and FNGO is 0.63 over 3 years, 0.42 over 1 year and 0.56 over 5 years.
Is FNGO a good diversifier for ANET?
Somewhat, no more. With 0.63 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.63 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
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Related comparisons
Hubs: ANET correlations · FNGO correlations
