FNGO vs NVDA: Correlation
How closely do MicroSectors FANG Index 2X Leveraged ETNs due January 8 (FNGO) and Nvidia (NVDA) trade together? Their weekly returns over three years give a correlation of 0.73, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGO and NVDA?
Over the past 3 years, FNGO and NVDA moved with a correlation of 0.73, which is strong. Lately the two have drifted apart, with the 1-year correlation at 0.60 versus 0.73 over 3 years. Over 5 years the correlation is 0.76, and the annualized covariance of weekly returns is 1691.4 %².
Among the 35 assets we track against FNGO, NVDA ranks #9 by 3-year correlation. The trailing year gives FNGO the advantage: +33.7% versus +25.7%, a 8.0-point spread.
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 NVDA: side by side
| FNGO (MicroSectors FANG Index 2X Leveraged ETNs due January 8) | NVDA (Nvidia) | |
|---|---|---|
| 1-year return | +33.7% | +25.7% |
| 5-year return | +220.3% | +908.3% |
| Volatility (ann.) | 51.9% | 44.5% |
| Beta vs S&P 500 | 3.12 | 2.18 |
| Max drawdown (3Y) | -47.6% | -36.9% |
| Market cap | – | $5,505.0B |
| P/E (trailing) | 30.8 | 32.2 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | Information Technology |
Year-by-year returns
| Year | FNGO | NVDA |
|---|---|---|
| 2022 | -71.6% | -50.3% |
| 2023 | +240.1% | +239.0% |
| 2024 | +101.7% | +171.2% |
| 2025 | +25.5% | +38.9% |
| 2026 | +30.1% | +22.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGO and NVDA good diversifiers for each other?
Somewhat, no more. With 0.73 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between FNGO and NVDA?
The FNGO/NVDA correlation stands at 0.73 on a 3-year window (1 year: 0.60, 5 years: 0.76), computed from weekly returns as of 2026-08-27.
Is NVDA a good diversifier for FNGO?
Somewhat, no more. With 0.73 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.73 mean?
On the −1 to +1 scale, 0.73 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/fngo-vs-nvda.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/fngo-vs-nvda/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: FNGO correlations · NVDA correlations
