FNGO vs MSFT: Correlation
Measured on weekly returns over the past three years, MicroSectors FANG Index 2X Leveraged ETNs due January 8 (FNGO) and Microsoft (MSFT) carry a correlation of 0.69, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGO and MSFT?
Across a 3-year window, the weekly returns of FNGO and MSFT correlate at 0.69, strong. Little has changed lately, as the 1-year reading of 0.62 lands near the 3-year figure. Stretching to 5 years gives 0.74, with an annualized covariance of 979.9 %².
Within FNGO's tracked universe of 35 assets, MSFT comes in at #10 by 3-year correlation. The last year tells two different stories: FNGO led by 33.2 percentage points, +33.7% for FNGO against +0.5% for MSFT. Note the risk asymmetry: FNGO runs 1.9 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 MSFT: side by side
| FNGO (MicroSectors FANG Index 2X Leveraged ETNs due January 8) | MSFT (Microsoft) | |
|---|---|---|
| 1-year return | +33.7% | +0.5% |
| 5-year return | +220.3% | +73.3% |
| Volatility (ann.) | 51.9% | 27.5% |
| Beta vs S&P 500 | 3.12 | 1.12 |
| Max drawdown (3Y) | -47.6% | -34.5% |
| Market cap | – | $3,750.3B |
| P/E (trailing) | 30.8 | 28.1 |
| Dividend yield | 0.00% | 0.73% |
| Sector / category | US Listed | Information Technology |
Year-by-year returns
| Year | FNGO | MSFT |
|---|---|---|
| 2022 | -71.6% | -28.0% |
| 2023 | +240.1% | +58.2% |
| 2024 | +101.7% | +12.9% |
| 2025 | +25.5% | +15.6% |
| 2026 | +30.1% | +5.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGO and MSFT good diversifiers for each other?
Only partially. A correlation of 0.69 means FNGO and MSFT share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between FNGO and MSFT?
The FNGO/MSFT correlation stands at 0.69 on a 3-year window (1 year: 0.62, 5 years: 0.74), computed from weekly returns as of 2026-08-27.
Is MSFT a good diversifier for FNGO?
Only partially. A correlation of 0.69 means FNGO and MSFT share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.69 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-msft.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fngo-vs-msft/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: FNGO correlations · MSFT correlations
