FNGO vs NFLX: Correlation
How closely do MicroSectors FANG Index 2X Leveraged ETNs due January 8 (FNGO) and Netflix (NFLX) trade together? Their weekly returns over three years give a correlation of 0.47, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGO and NFLX?
On 3 years of weekly data the FNGO/NFLX correlation comes out at 0.47, moderate. Lately the two have drifted apart, with the 1-year correlation at 0.19 versus 0.47 over 3 years. The 5-year figure is 0.59, and annualized covariance runs at 864.2 %².
By 3-year correlation, NFLX places #24 of the 35 assets tracked against FNGO. Correlation aside, the last 12 months split them widely, with FNGO ahead by 68.4 points (+33.7% versus -34.7%).
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 NFLX: side by side
| FNGO (MicroSectors FANG Index 2X Leveraged ETNs due January 8) | NFLX (Netflix) | |
|---|---|---|
| 1-year return | +33.7% | -34.7% |
| 5-year return | +220.3% | +41.0% |
| Volatility (ann.) | 51.9% | 35.2% |
| Beta vs S&P 500 | 3.12 | 0.99 |
| Max drawdown (3Y) | -47.6% | -49.5% |
| Market cap | – | $332.4B |
| P/E (trailing) | 30.8 | 25.7 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | Communication Services |
Year-by-year returns
| Year | FNGO | NFLX |
|---|---|---|
| 2022 | -71.6% | -51.1% |
| 2023 | +240.1% | +65.1% |
| 2024 | +101.7% | +83.1% |
| 2025 | +25.5% | +5.2% |
| 2026 | +30.1% | -14.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGO and NFLX good diversifiers for each other?
Reasonably. At 0.47, FNGO and NFLX keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between FNGO and NFLX?
Using weekly returns as of 2026-08-27: 0.47 over 3 years, with 0.19 over the last year and 0.59 over 5 years.
Is NFLX a good diversifier for FNGO?
Reasonably. At 0.47, FNGO and NFLX keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.47 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-nflx.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/fngo-vs-nflx/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: FNGO correlations · NFLX correlations
