FNGD vs GOGO: Correlation
Measured on weekly returns over the past three years, MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Gogo Inc. (GOGO) carry a correlation of -0.21, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and GOGO?
Over the past 3 years, FNGD and GOGO moved with a correlation of -0.21, which is negative, meaning they tend to move in opposite directions. The past 12 months show a weaker link (-0.32) than the 3-year average (-0.21). Over 5 years the correlation is -0.20, and the annualized covariance of weekly returns is -989.0 %².
Among the 1743 assets we track against FNGD, GOGO ranks #117 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months FNGD outperformed by 20.0 percentage points (-55.7% for FNGD against -75.7% for GOGO).
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 GOGO: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | GOGO (Gogo Inc.) | |
|---|---|---|
| 1-year return | -55.7% | -75.7% |
| 5-year return | -99.4% | -80.0% |
| Volatility (ann.) | 75.7% | 62.7% |
| Beta vs S&P 500 | -4.54 | 1.06 |
| Max drawdown (3Y) | -97.6% | -84.5% |
| Market cap | – | $0.4B |
| P/E (trailing) | 20.6 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | GOGO |
|---|---|---|
| 2022 | +52.2% | +9.1% |
| 2023 | -90.1% | -31.4% |
| 2024 | -76.6% | -20.1% |
| 2025 | -61.4% | -42.4% |
| 2026 | -49.5% | -41.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and GOGO good diversifiers for each other?
Yes: at -0.21, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between FNGD and GOGO?
The FNGD/GOGO correlation stands at -0.21 on a 3-year window (1 year: -0.32, 5 years: -0.20), computed from weekly returns as of 2026-08-27.
Is GOGO a good diversifier for FNGD?
Yes: at -0.21, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.21 mean?
A reading of -0.21 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/fngd-vs-gogo.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fngd-vs-gogo/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: FNGD correlations · GOGO correlations
