FNGO vs RDDT: Correlation
How closely do MicroSectors FANG Index 2X Leveraged ETNs due January 8 (FNGO) and Reddit (RDDT) trade together? Their weekly returns over three years give a correlation of 0.54, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGO and RDDT?
On 3 years of weekly data the FNGO/RDDT correlation comes out at 0.54, moderate. Recent behaviour matches the longer record: 0.58 over 1 year against 0.54 over 3. The 5-year figure is n/a, and annualized covariance runs at 2186.3 %².
By 3-year correlation, RDDT places #22 of the 35 assets tracked against FNGO. Their recent paths diverged sharply: over the last 12 months FNGO outperformed by 60.8 percentage points (+33.7% for FNGO against -27.1% for RDDT).
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 RDDT: side by side
| FNGO (MicroSectors FANG Index 2X Leveraged ETNs due January 8) | RDDT (Reddit) | |
|---|---|---|
| 1-year return | +33.7% | -27.1% |
| 5-year return | +220.3% | n/a |
| Volatility (ann.) | 51.9% | 75.2% |
| Beta vs S&P 500 | 3.12 | 2.59 |
| Max drawdown (3Y) | -47.6% | -61.4% |
| Market cap | – | $29.6B |
| P/E (trailing) | 30.8 | 36.1 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | Communication Services |
Year-by-year returns
| Year | FNGO | RDDT |
|---|---|---|
| 2022 | -71.6% | – |
| 2023 | +240.1% | – |
| 2024 | +101.7% | – |
| 2025 | +25.5% | +40.6% |
| 2026 | +30.1% | -33.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGO and RDDT good diversifiers for each other?
To a limited degree. At 0.54 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between FNGO and RDDT?
As of 2026-08-27, the correlation of weekly returns between FNGO and RDDT is 0.54 over 3 years, 0.58 over 1 year and n/a over 5 years.
Is RDDT a good diversifier for FNGO?
To a limited degree. At 0.54 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.54 mean?
On the −1 to +1 scale, 0.54 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-rddt.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/fngo-vs-rddt/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: FNGO correlations · RDDT correlations
