APP vs FNGO: Correlation
AppLovin (APP) and MicroSectors FANG Index 2X Leveraged ETNs due January 8 (FNGO) show a moderate relationship: their 3-year correlation of weekly returns is 0.55.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are APP and FNGO?
On 3 years of weekly data the APP/FNGO correlation comes out at 0.55, moderate. Little has changed lately, as the 1-year reading of 0.54 lands near the 3-year figure. The 5-year figure is 0.56, and annualized covariance runs at 2411.3 %².
Within APP's tracked universe of 44 assets, FNGO comes in at #7 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months FNGO outperformed by 66.2 percentage points (-32.5% for APP against +33.7% for FNGO). Risk is not evenly split, since APP carries 1.6 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.
APP vs FNGO: side by side
| APP (AppLovin) | FNGO (MicroSectors FANG Index 2X Leveraged ETNs due January 8) | |
|---|---|---|
| 1-year return | -32.5% | +33.7% |
| 5-year return | +326.5% | +220.3% |
| Volatility (ann.) | 84.3% | 51.9% |
| Beta vs S&P 500 | 3.10 | 3.12 |
| Max drawdown (3Y) | -59.3% | -47.6% |
| Market cap | $105.0B | – |
| P/E (trailing) | 23.7 | 30.8 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | Communication Services | US Listed |
Year-by-year returns
| Year | APP | FNGO |
|---|---|---|
| 2022 | -88.8% | -71.6% |
| 2023 | +278.4% | +240.1% |
| 2024 | +712.6% | +101.7% |
| 2025 | +108.1% | +25.5% |
| 2026 | -53.6% | +30.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are APP and FNGO good diversifiers for each other?
Somewhat, no more. With 0.55 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between APP and FNGO?
Using weekly returns as of 2026-08-27: 0.55 over 3 years, with 0.54 over the last year and 0.56 over 5 years.
Is FNGO a good diversifier for APP?
Somewhat, no more. With 0.55 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.55 mean?
A reading of 0.55 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/app-vs-fngo.json
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Related comparisons
Hubs: APP correlations · FNGO correlations
