AVGO vs FNGO: Correlation
How closely do Broadcom (AVGO) and MicroSectors FANG Index 2X Leveraged ETNs due January 8 (FNGO) trade together? Their weekly returns over three years give a correlation of 0.80, which is very strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AVGO and FNGO?
On 3 years of weekly data the AVGO/FNGO correlation comes out at 0.80, very strong, meaning they move nearly in lockstep. Little has changed lately, as the 1-year reading of 0.75 lands near the 3-year figure. The 5-year figure is 0.70, and annualized covariance runs at 2115.3 %².
Few assets follow AVGO as closely as FNGO, which ranks #1 of 33 tracked partners. The trailing year gives FNGO the advantage: +24.7% versus +33.7%, a 9.0-point spread.
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.
AVGO vs FNGO: side by side
| AVGO (Broadcom) | FNGO (MicroSectors FANG Index 2X Leveraged ETNs due January 8) | |
|---|---|---|
| 1-year return | +24.7% | +33.7% |
| 5-year return | +718.0% | +220.3% |
| Volatility (ann.) | 51.3% | 51.9% |
| Beta vs S&P 500 | 2.45 | 3.12 |
| Max drawdown (3Y) | -41.1% | -47.6% |
| Market cap | $1,767.6B | – |
| P/E (trailing) | 59.2 | 30.8 |
| Dividend yield | 0.71% | 0.00% |
| Sector / category | Information Technology | US Listed |
Year-by-year returns
| Year | AVGO | FNGO |
|---|---|---|
| 2022 | -13.3% | -71.6% |
| 2023 | +104.2% | +240.1% |
| 2024 | +110.5% | +101.7% |
| 2025 | +50.6% | +25.5% |
| 2026 | +7.7% | +30.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AVGO and FNGO good diversifiers for each other?
No: a correlation of 0.80 means AVGO and FNGO tend to fall together, which is precisely when diversification is supposed to help.
FAQ
What is the correlation between AVGO and FNGO?
Using weekly returns as of 2026-08-27: 0.80 over 3 years, with 0.75 over the last year and 0.70 over 5 years.
Is FNGO a good diversifier for AVGO?
No: a correlation of 0.80 means AVGO and FNGO tend to fall together, which is precisely when diversification is supposed to help.
What does a correlation of 0.80 mean?
A reading of 0.80 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/avgo-vs-fngo.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/avgo-vs-fngo/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: AVGO correlations · FNGO correlations
