FNGD vs FNGO: Correlation
Measured on weekly returns over the past three years, MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and MicroSectors FANG Index 2X Leveraged ETNs due January 8 (FNGO) carry a correlation of -0.99, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and FNGO?
On 3 years of weekly data the FNGD/FNGO correlation comes out at -0.99, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -1.00 over 1 year against -0.99 over 3. The 5-year figure is -0.99, and annualized covariance runs at -3898.6 %².
FNGO is close to the least connected end of FNGD's tracked universe, ranking #1743 of 1743. Correlation aside, the last 12 months split them widely, with FNGO ahead by 89.4 points (-55.7% versus +33.7%).
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.
FNGD vs FNGO: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | FNGO (MicroSectors FANG Index 2X Leveraged ETNs due January 8) | |
|---|---|---|
| 1-year return | -55.7% | +33.7% |
| 5-year return | -99.4% | +220.3% |
| Volatility (ann.) | 75.7% | 51.9% |
| Beta vs S&P 500 | -4.54 | 3.12 |
| Max drawdown (3Y) | -97.6% | -47.6% |
| Market cap | – | – |
| P/E (trailing) | 20.6 | 30.8 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | FNGO |
|---|---|---|
| 2022 | +52.2% | -71.6% |
| 2023 | -90.1% | +240.1% |
| 2024 | -76.6% | +101.7% |
| 2025 | -61.4% | +25.5% |
| 2026 | -49.5% | +30.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and FNGO good diversifiers for each other?
Yes. With a correlation of -0.99, FNGD and FNGO have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between FNGD and FNGO?
Using weekly returns as of 2026-08-27: -0.99 over 3 years, with -1.00 over the last year and -0.99 over 5 years.
Is FNGO a good diversifier for FNGD?
Yes. With a correlation of -0.99, FNGD and FNGO have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.99 mean?
On the −1 to +1 scale, -0.99 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/fngd-vs-fngo.json
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[](https://www.pairbook.io/pair/fngd-vs-fngo/)
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Related comparisons
Hubs: FNGD correlations · FNGO correlations
