FNGO vs MO: Correlation
MicroSectors FANG Index 2X Leveraged ETNs due January 8 (FNGO) and Altria (MO) show a negative relationship: their 3-year correlation of weekly returns is -0.25.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGO and MO?
Over the past 3 years, FNGO and MO moved with a correlation of -0.25, which is negative, meaning they tend to move in opposite directions. Lately the two have drifted apart, with the 1-year correlation at -0.45 versus -0.25 over 3 years. Over 5 years the correlation is -0.08, and the annualized covariance of weekly returns is -280.1 %².
Within FNGO's tracked universe of 35 assets, MO comes in at #30 by 3-year correlation. Correlation aside, the last 12 months split them widely, with FNGO ahead by 24.9 points (+33.7% versus +8.8%). Note the risk asymmetry: FNGO runs 2.4 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 MO: side by side
| FNGO (MicroSectors FANG Index 2X Leveraged ETNs due January 8) | MO (Altria) | |
|---|---|---|
| 1-year return | +33.7% | +8.8% |
| 5-year return | +220.3% | +100.4% |
| Volatility (ann.) | 51.9% | 21.8% |
| Beta vs S&P 500 | 3.12 | -0.07 |
| Max drawdown (3Y) | -47.6% | -16.4% |
| Market cap | – | $113.0B |
| P/E (trailing) | 30.8 | 14.6 |
| Dividend yield | 0.00% | 6.13% |
| Sector / category | US Listed | Consumer Staples |
Year-by-year returns
| Year | FNGO | MO |
|---|---|---|
| 2022 | -71.6% | +4.4% |
| 2023 | +240.1% | -3.7% |
| 2024 | +101.7% | +40.8% |
| 2025 | +25.5% | +18.2% |
| 2026 | +30.1% | +21.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGO and MO good diversifiers for each other?
Yes. With a correlation of -0.25, FNGO and MO have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between FNGO and MO?
As of 2026-08-27, the correlation of weekly returns between FNGO and MO is -0.25 over 3 years, -0.45 over 1 year and -0.08 over 5 years.
Is MO a good diversifier for FNGO?
Yes. With a correlation of -0.25, FNGO and MO have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.25 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-mo.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/fngo-vs-mo/)
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Related comparisons
Hubs: FNGO correlations · MO correlations
