FNGO vs GOOG: Correlation
MicroSectors FANG Index 2X Leveraged ETNs due January 8 (FNGO) and Alphabet Inc. (Class C) (GOOG) show a strong relationship: their 3-year correlation of weekly returns is 0.61.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGO and GOOG?
On 3 years of weekly data the FNGO/GOOG correlation comes out at 0.61, strong. Little has changed lately, as the 1-year reading of 0.57 lands near the 3-year figure. The 5-year figure is 0.68, and annualized covariance runs at 990.3 %².
Among the 35 assets we track against FNGO, GOOG ranks #16 by 3-year correlation. Correlation aside, the last 12 months split them widely, with GOOG ahead by 29.0 points (+33.7% versus +62.7%). Note the risk asymmetry: FNGO runs 1.7 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.
FNGO vs GOOG: side by side
| FNGO (MicroSectors FANG Index 2X Leveraged ETNs due January 8) | GOOG (Alphabet Inc. (Class C)) | |
|---|---|---|
| 1-year return | +33.7% | +62.7% |
| 5-year return | +220.3% | +134.2% |
| Volatility (ann.) | 51.9% | 31.1% |
| Beta vs S&P 500 | 3.12 | 1.20 |
| Max drawdown (3Y) | -47.6% | -29.4% |
| Market cap | – | $4,130.2B |
| P/E (trailing) | 30.8 | 17.0 |
| Dividend yield | 0.00% | 0.25% |
| Sector / category | US Listed | Communication Services |
Year-by-year returns
| Year | FNGO | GOOG |
|---|---|---|
| 2022 | -71.6% | -38.7% |
| 2023 | +240.1% | +58.8% |
| 2024 | +101.7% | +35.6% |
| 2025 | +25.5% | +65.4% |
| 2026 | +30.1% | +7.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGO and GOOG good diversifiers for each other?
To a limited degree. At 0.61 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 FNGO and GOOG?
Using weekly returns as of 2026-08-27: 0.61 over 3 years, with 0.57 over the last year and 0.68 over 5 years.
Is GOOG a good diversifier for FNGO?
To a limited degree. At 0.61 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 0.61 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/fngo-vs-goog.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fngo-vs-goog/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: FNGO correlations · GOOG correlations
