FNGO vs SPY: Correlation
Measured on weekly returns over the past three years, MicroSectors FANG Index 2X Leveraged ETNs due January 8 (FNGO) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.87, a very strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGO and SPY?
On 3 years of weekly data the FNGO/SPY correlation comes out at 0.87, very strong, meaning they move nearly in lockstep. Recent behaviour matches the longer record: 0.86 over 1 year against 0.87 over 3. The 5-year figure is 0.84, and annualized covariance runs at 652.7 %².
Among the 35 assets we track against FNGO, SPY ranks #6 by 3-year correlation. On 12-month performance FNGO holds a 13.1-point edge, +33.7% against +20.6%. One caveat on sizing: FNGO is 3.6 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 SPY: side by side
| FNGO (MicroSectors FANG Index 2X Leveraged ETNs due January 8) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +33.7% | +20.6% |
| 5-year return | +220.3% | +82.4% |
| Volatility (ann.) | 51.9% | 14.5% |
| Beta vs S&P 500 | 3.12 | 1.00 |
| Max drawdown (3Y) | -47.6% | -18.8% |
| Market cap | – | – |
| P/E (trailing) | 30.8 | – |
| Dividend yield | 0.00% | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | US Listed | ETF · US Large Cap |
SPY is a Large Blend fund from State Street Investment Management: $795.3B under management, 504 holdings, a 0.09% expense ratio, a 1.01% trailing dividend yield.
Year-by-year returns
| Year | FNGO | SPY |
|---|---|---|
| 2022 | -71.6% | -18.2% |
| 2023 | +240.1% | +26.2% |
| 2024 | +101.7% | +24.9% |
| 2025 | +25.5% | +17.7% |
| 2026 | +30.1% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGO and SPY good diversifiers for each other?
Not really. At 0.87, the two trade almost as one position, and owning both buys little extra protection.
FAQ
What is the correlation between FNGO and SPY?
The FNGO/SPY correlation stands at 0.87 on a 3-year window (1 year: 0.86, 5 years: 0.84), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for FNGO?
Not really. At 0.87, the two trade almost as one position, and owning both buys little extra protection.
What does a correlation of 0.87 mean?
A reading of 0.87 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 · SPY correlations
