FNGO vs QQQ: Correlation
MicroSectors FANG Index 2X Leveraged ETNs due January 8 (FNGO) and Invesco QQQ Trust (QQQ) show a very strong relationship: their 3-year correlation of weekly returns is 0.93.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGO and QQQ?
On 3 years of weekly data the FNGO/QQQ correlation comes out at 0.93, very strong, meaning they move nearly in lockstep. The relationship has been stable: the 1-year correlation (0.90) sits close to the 3-year figure. The 5-year figure is 0.92, and annualized covariance runs at 946.2 %².
Few assets follow FNGO as closely as QQQ, which ranks #3 of 35 tracked partners. The trailing year gives FNGO the advantage: +33.7% versus +26.3%, a 7.4-point spread. One caveat on sizing: FNGO is 2.6 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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 QQQ: side by side
| FNGO (MicroSectors FANG Index 2X Leveraged ETNs due January 8) | QQQ (Invesco QQQ Trust) | |
|---|---|---|
| 1-year return | +33.7% | +26.3% |
| 5-year return | +220.3% | +95.4% |
| Volatility (ann.) | 51.9% | 19.6% |
| Beta vs S&P 500 | 3.12 | 1.28 |
| Max drawdown (3Y) | -47.6% | -22.8% |
| Market cap | – | – |
| P/E (trailing) | 30.8 | – |
| Dividend yield | 0.00% | 0.44% |
| Expense ratio | – | 0.18% |
| Assets under management | – | $452.8B |
| Sector / category | US Listed | ETF · US Growth & Tech |
QQQ is a Large Growth fund from Invesco: $452.8B under management, 104 holdings, a 0.18% expense ratio, a 0.44% trailing dividend yield.
Year-by-year returns
| Year | FNGO | QQQ |
|---|---|---|
| 2022 | -71.6% | -32.6% |
| 2023 | +240.1% | +54.9% |
| 2024 | +101.7% | +25.6% |
| 2025 | +25.5% | +20.8% |
| 2026 | +30.1% | +17.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGO and QQQ good diversifiers for each other?
Not really. At 0.93, the two trade almost as one position, and owning both buys little extra protection.
FAQ
What is the correlation between FNGO and QQQ?
As of 2026-08-27, the correlation of weekly returns between FNGO and QQQ is 0.93 over 3 years, 0.90 over 1 year and 0.92 over 5 years.
Is QQQ a good diversifier for FNGO?
Not really. At 0.93, the two trade almost as one position, and owning both buys little extra protection.
What does a correlation of 0.93 mean?
On the −1 to +1 scale, 0.93 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-qqq.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/fngo-vs-qqq/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: FNGO correlations · QQQ correlations
