FNGO vs META: Correlation
MicroSectors FANG Index 2X Leveraged ETNs due January 8 (FNGO) and Meta Platforms (META) show a strong relationship: their 3-year correlation of weekly returns is 0.64.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGO and META?
On 3 years of weekly data the FNGO/META correlation comes out at 0.64, strong. Little has changed lately, as the 1-year reading of 0.63 lands near the 3-year figure. The 5-year figure is 0.66, and annualized covariance runs at 1216.3 %².
Within FNGO's tracked universe of 35 assets, META comes in at #12 by 3-year correlation. The last year tells two different stories: FNGO led by 57.0 percentage points, +33.7% for FNGO against -23.3% for META.
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 META: side by side
| FNGO (MicroSectors FANG Index 2X Leveraged ETNs due January 8) | META (Meta Platforms) | |
|---|---|---|
| 1-year return | +33.7% | -23.3% |
| 5-year return | +220.3% | +51.3% |
| Volatility (ann.) | 51.9% | 36.9% |
| Beta vs S&P 500 | 3.12 | 1.45 |
| Max drawdown (3Y) | -47.6% | -34.2% |
| Market cap | – | $1,454.9B |
| P/E (trailing) | 30.8 | 21.7 |
| Dividend yield | 0.00% | 0.36% |
| Sector / category | US Listed | Communication Services |
Year-by-year returns
| Year | FNGO | META |
|---|---|---|
| 2022 | -71.6% | -64.2% |
| 2023 | +240.1% | +194.1% |
| 2024 | +101.7% | +66.0% |
| 2025 | +25.5% | +13.1% |
| 2026 | +30.1% | -13.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGO and META good diversifiers for each other?
To a limited degree. At 0.64 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 META?
As of 2026-08-27, the correlation of weekly returns between FNGO and META is 0.64 over 3 years, 0.63 over 1 year and 0.66 over 5 years.
Is META a good diversifier for FNGO?
To a limited degree. At 0.64 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 0.64 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-meta.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fngo-vs-meta/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: FNGO correlations · META correlations
