FNGO vs GOOGL: Correlation
MicroSectors FANG Index 2X Leveraged ETNs due January 8 (FNGO) and Alphabet Inc. (Class A) (GOOGL) show a strong relationship: their 3-year correlation of weekly returns is 0.62.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGO and GOOGL?
Over the past 3 years, FNGO and GOOGL moved with a correlation of 0.62, which is strong. Recent behaviour matches the longer record: 0.57 over 1 year against 0.62 over 3. Over 5 years the correlation is 0.68, and the annualized covariance of weekly returns is 1005.1 %².
By 3-year correlation, GOOGL places #15 of the 35 assets tracked against FNGO. Their recent paths diverged sharply: over the last 12 months GOOGL outperformed by 31.0 percentage points (+33.7% for FNGO against +64.7% for GOOGL). 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 GOOGL: side by side
| FNGO (MicroSectors FANG Index 2X Leveraged ETNs due January 8) | GOOGL (Alphabet Inc. (Class A)) | |
|---|---|---|
| 1-year return | +33.7% | +64.7% |
| 5-year return | +220.3% | +137.7% |
| Volatility (ann.) | 51.9% | 31.4% |
| Beta vs S&P 500 | 3.12 | 1.22 |
| Max drawdown (3Y) | -47.6% | -29.8% |
| Market cap | – | $4,166.1B |
| P/E (trailing) | 30.8 | 17.2 |
| Dividend yield | 0.00% | 0.25% |
| Sector / category | US Listed | Communication Services |
Year-by-year returns
| Year | FNGO | GOOGL |
|---|---|---|
| 2022 | -71.6% | -39.1% |
| 2023 | +240.1% | +58.3% |
| 2024 | +101.7% | +36.0% |
| 2025 | +25.5% | +66.0% |
| 2026 | +30.1% | +9.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGO and GOOGL good diversifiers for each other?
To a limited degree. At 0.62 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 GOOGL?
The FNGO/GOOGL correlation stands at 0.62 on a 3-year window (1 year: 0.57, 5 years: 0.68), computed from weekly returns as of 2026-08-27.
Is GOOGL a good diversifier for FNGO?
To a limited degree. At 0.62 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 0.62 mean?
A reading of 0.62 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/fngo-vs-googl.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fngo-vs-googl/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: FNGO correlations · GOOGL correlations
