BKNG vs FNGO: Correlation
How closely do Booking Holdings (BKNG) and MicroSectors FANG Index 2X Leveraged ETNs due January 8 (FNGO) trade together? Their weekly returns over three years give a correlation of 0.55, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BKNG and FNGO?
Over the past 3 years, BKNG and FNGO moved with a correlation of 0.55, which is moderate. Little has changed lately, as the 1-year reading of 0.49 lands near the 3-year figure. Over 5 years the correlation is 0.54, and the annualized covariance of weekly returns is 834.2 %².
Within BKNG's tracked universe of 39 assets, FNGO comes in at #10 by 3-year correlation. The last year tells two different stories: FNGO led by 42.8 percentage points, -9.1% for BKNG against +33.7% for FNGO. Note the risk asymmetry: FNGO runs 1.8 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.
BKNG vs FNGO: side by side
| BKNG (Booking Holdings) | FNGO (MicroSectors FANG Index 2X Leveraged ETNs due January 8) | |
|---|---|---|
| 1-year return | -9.1% | +33.7% |
| 5-year return | +127.1% | +220.3% |
| Volatility (ann.) | 29.1% | 51.9% |
| Beta vs S&P 500 | 1.11 | 3.12 |
| Max drawdown (3Y) | -33.4% | -47.6% |
| Market cap | $152.2B | – |
| P/E (trailing) | 23.2 | 30.8 |
| Dividend yield | 0.77% | 0.00% |
| Sector / category | Consumer Discretionary | US Listed |
Year-by-year returns
| Year | BKNG | FNGO |
|---|---|---|
| 2022 | -16.0% | -71.6% |
| 2023 | +76.0% | +240.1% |
| 2024 | +41.3% | +101.7% |
| 2025 | +8.6% | +25.5% |
| 2026 | -5.0% | +30.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BKNG and FNGO good diversifiers for each other?
Only partially. A correlation of 0.55 means BKNG 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 BKNG and FNGO?
The BKNG/FNGO correlation stands at 0.55 on a 3-year window (1 year: 0.49, 5 years: 0.54), computed from weekly returns as of 2026-08-27.
Is FNGO a good diversifier for BKNG?
Only partially. A correlation of 0.55 means BKNG 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 0.55 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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/bkng-vs-fngo.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/bkng-vs-fngo/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: BKNG correlations · FNGO correlations
