FNGO vs SNPS: Correlation
MicroSectors FANG Index 2X Leveraged ETNs due January 8 (FNGO) and Synopsys (SNPS) show a moderate relationship: their 3-year correlation of weekly returns is 0.53.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGO and SNPS?
Over the past 3 years, FNGO and SNPS moved with a correlation of 0.53, which is moderate. The past 12 months show a weaker link (0.35) than the 3-year average (0.53). Over 5 years the correlation is 0.59, and the annualized covariance of weekly returns is 1171.5 %².
Among the 35 assets we track against FNGO, SNPS ranks #23 by 3-year correlation. The last year tells two different stories: FNGO led by 56.6 percentage points, +33.7% for FNGO against -22.9% for SNPS.
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 SNPS: side by side
| FNGO (MicroSectors FANG Index 2X Leveraged ETNs due January 8) | SNPS (Synopsys) | |
|---|---|---|
| 1-year return | +33.7% | -22.9% |
| 5-year return | +220.3% | +39.1% |
| Volatility (ann.) | 51.9% | 42.2% |
| Beta vs S&P 500 | 3.12 | 1.57 |
| Max drawdown (3Y) | -47.6% | -42.3% |
| Market cap | – | $89.1B |
| P/E (trailing) | 30.8 | 71.4 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | Information Technology |
Year-by-year returns
| Year | FNGO | SNPS |
|---|---|---|
| 2022 | -71.6% | -13.4% |
| 2023 | +240.1% | +61.3% |
| 2024 | +101.7% | -5.7% |
| 2025 | +25.5% | -3.2% |
| 2026 | +30.1% | -1.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGO and SNPS good diversifiers for each other?
To a limited degree. At 0.53 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 SNPS?
The FNGO/SNPS correlation stands at 0.53 on a 3-year window (1 year: 0.35, 5 years: 0.59), computed from weekly returns as of 2026-08-27.
Is SNPS a good diversifier for FNGO?
To a limited degree. At 0.53 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 0.53 mean?
A reading of 0.53 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: FNGO correlations · SNPS correlations
