FNGO vs QQQM: Correlation
Measured on weekly returns over the past three years, MicroSectors FANG Index 2X Leveraged ETNs due January 8 (FNGO) and Invesco Nasdaq 100 ETF (QQQM) carry a correlation of 0.93, a very strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGO and QQQM?
Over the past 3 years, FNGO and QQQM moved with a correlation of 0.93, which is very strong, meaning they move nearly in lockstep. Recent behaviour matches the longer record: 0.90 over 1 year against 0.93 over 3. Over 5 years the correlation is 0.92, and the annualized covariance of weekly returns is 941.0 %².
By 3-year correlation, QQQM places #4 of the 35 assets tracked against FNGO. The trailing year gives FNGO the advantage: +33.7% versus +26.4%, a 7.3-point spread. Risk is not evenly split, since FNGO carries 2.7 times the volatility of the other side.
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 QQQM: side by side
| FNGO (MicroSectors FANG Index 2X Leveraged ETNs due January 8) | QQQM (Invesco Nasdaq 100 ETF) | |
|---|---|---|
| 1-year return | +33.7% | +26.4% |
| 5-year return | +220.3% | +96.1% |
| Volatility (ann.) | 51.9% | 19.5% |
| Beta vs S&P 500 | 3.12 | 1.28 |
| Max drawdown (3Y) | -47.6% | -22.7% |
| Market cap | – | – |
| P/E (trailing) | 30.8 | – |
| Dividend yield | 0.00% | 0.46% |
| Expense ratio | – | 0.15% |
| Assets under management | – | $97.1B |
| Sector / category | US Listed | ETF · US Growth & Tech |
QQQM is a Large Growth fund from Invesco: $97.1B under management, 105 holdings, a 0.15% expense ratio, a 0.46% trailing dividend yield.
Year-by-year returns
| Year | FNGO | QQQM |
|---|---|---|
| 2022 | -71.6% | -32.5% |
| 2023 | +240.1% | +55.0% |
| 2024 | +101.7% | +25.7% |
| 2025 | +25.5% | +20.9% |
| 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 QQQM good diversifiers for each other?
No: a correlation of 0.93 means FNGO and QQQM tend to fall together, which is precisely when diversification is supposed to help.
FAQ
What is the correlation between FNGO and QQQM?
The FNGO/QQQM correlation stands at 0.93 on a 3-year window (1 year: 0.90, 5 years: 0.92), computed from weekly returns as of 2026-08-27.
Is QQQM a good diversifier for FNGO?
No: a correlation of 0.93 means FNGO and QQQM tend to fall together, which is precisely when diversification is supposed to help.
What does a correlation of 0.93 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.
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Related comparisons
Hubs: FNGO correlations · QQQM correlations
