CRWD vs FNGO: Correlation
Measured on weekly returns over the past three years, CrowdStrike (CRWD) and MicroSectors FANG Index 2X Leveraged ETNs due January 8 (FNGO) carry a correlation of 0.65, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CRWD and FNGO?
On 3 years of weekly data the CRWD/FNGO correlation comes out at 0.65, strong. Recent behaviour matches the longer record: 0.56 over 1 year against 0.65 over 3. The 5-year figure is 0.62, and annualized covariance runs at 1680.3 %².
In CRWD's tracked universe of 31 assets, FNGO sits right near the top at #2. Their recent paths diverged sharply: over the last 12 months CRWD outperformed by 82.1 percentage points (+115.8% for CRWD 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.
CRWD vs FNGO: side by side
| CRWD (CrowdStrike) | FNGO (MicroSectors FANG Index 2X Leveraged ETNs due January 8) | |
|---|---|---|
| 1-year return | +115.8% | +33.7% |
| 5-year return | +218.4% | +220.3% |
| Volatility (ann.) | 50.2% | 51.9% |
| Beta vs S&P 500 | 1.87 | 3.12 |
| Max drawdown (3Y) | -44.4% | -47.6% |
| Market cap | $233.4B | – |
| P/E (trailing) | 3256.6 | 30.8 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | Information Technology | US Listed |
Year-by-year returns
| Year | CRWD | FNGO |
|---|---|---|
| 2022 | -48.6% | -71.6% |
| 2023 | +142.5% | +240.1% |
| 2024 | +34.0% | +101.7% |
| 2025 | +37.0% | +25.5% |
| 2026 | +94.5% | +30.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CRWD and FNGO good diversifiers for each other?
To a limited degree. At 0.65 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between CRWD and FNGO?
As of 2026-08-27, the correlation of weekly returns between CRWD and FNGO is 0.65 over 3 years, 0.56 over 1 year and 0.62 over 5 years.
Is FNGO a good diversifier for CRWD?
To a limited degree. At 0.65 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.65 mean?
A reading of 0.65 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/crwd-vs-fngo.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/crwd-vs-fngo/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: CRWD correlations · FNGO correlations
