ED vs FNGO: Correlation
How closely do Consolidated Edison (ED) and MicroSectors FANG Index 2X Leveraged ETNs due January 8 (FNGO) trade together? Their weekly returns over three years give a correlation of -0.38, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ED and FNGO?
Over the past 3 years, ED and FNGO moved with a correlation of -0.38, which is negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.47 over 1 year against -0.38 over 3. Over 5 years the correlation is -0.13, and the annualized covariance of weekly returns is -325.3 %².
Out of 105 assets tracked against ED, FNGO lands near the bottom at #105. Correlation aside, the last 12 months split them widely, with FNGO ahead by 23.5 points (+10.2% versus +33.7%). Note the risk asymmetry: FNGO runs 3.1 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.
ED vs FNGO: side by side
| ED (Consolidated Edison) | FNGO (MicroSectors FANG Index 2X Leveraged ETNs due January 8) | |
|---|---|---|
| 1-year return | +10.2% | +33.7% |
| 5-year return | +67.5% | +220.3% |
| Volatility (ann.) | 16.5% | 51.9% |
| Beta vs S&P 500 | -0.21 | 3.12 |
| Max drawdown (3Y) | -17.4% | -47.6% |
| Market cap | $39.5B | – |
| P/E (trailing) | 17.5 | 30.8 |
| Dividend yield | 3.22% | 0.00% |
| Sector / category | Utilities | US Listed |
Year-by-year returns
| Year | ED | FNGO |
|---|---|---|
| 2022 | +15.7% | -71.6% |
| 2023 | -1.1% | +240.1% |
| 2024 | +1.5% | +101.7% |
| 2025 | +15.1% | +25.5% |
| 2026 | +10.1% | +30.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ED and FNGO good diversifiers for each other?
By historical standards, yes. A correlation of -0.38 means the two rarely move for the same reasons.
FAQ
What is the correlation between ED and FNGO?
As of 2026-08-27, the correlation of weekly returns between ED and FNGO is -0.38 over 3 years, -0.47 over 1 year and -0.13 over 5 years.
Is FNGO a good diversifier for ED?
By historical standards, yes. A correlation of -0.38 means the two rarely move for the same reasons.
What does a correlation of -0.38 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/ed-vs-fngo.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/ed-vs-fngo/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: ED correlations · FNGO correlations
