FNGO vs SPYG: Correlation
Measured on weekly returns over the past three years, MicroSectors FANG Index 2X Leveraged ETNs due January 8 (FNGO) and SPDR Portfolio S&P 500 Growth ETF (SPYG) carry a correlation of 0.95, a very strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGO and SPYG?
Across a 3-year window, the weekly returns of FNGO and SPYG correlate at 0.95, very strong, meaning they move nearly in lockstep. Little has changed lately, as the 1-year reading of 0.93 lands near the 3-year figure. Stretching to 5 years gives 0.90, with an annualized covariance of 929.9 %².
In FNGO's tracked universe of 35 assets, SPYG sits right near the top at #1. The trailing year gives FNGO the advantage: +33.7% versus +22.4%, a 11.3-point spread. Note the risk asymmetry: FNGO runs 2.7 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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 SPYG: side by side
| FNGO (MicroSectors FANG Index 2X Leveraged ETNs due January 8) | SPYG (SPDR Portfolio S&P 500 Growth ETF) | |
|---|---|---|
| 1-year return | +33.7% | +22.4% |
| 5-year return | +220.3% | +85.9% |
| Volatility (ann.) | 51.9% | 18.9% |
| Beta vs S&P 500 | 3.12 | 1.25 |
| Max drawdown (3Y) | -47.6% | -22.1% |
| Market cap | – | – |
| P/E (trailing) | 30.8 | – |
| Dividend yield | 0.00% | 0.49% |
| Expense ratio | – | 0.04% |
| Assets under management | – | $52.2B |
| Sector / category | US Listed | ETF · US Style |
SPYG is a Large Growth fund from State Street Investment Management: $52.2B under management, 148 holdings, a 0.04% expense ratio, a 0.49% trailing dividend yield.
Year-by-year returns
| Year | FNGO | SPYG |
|---|---|---|
| 2022 | -71.6% | -29.4% |
| 2023 | +240.1% | +30.0% |
| 2024 | +101.7% | +36.0% |
| 2025 | +25.5% | +22.1% |
| 2026 | +30.1% | +14.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGO and SPYG good diversifiers for each other?
No. With a correlation of 0.95, FNGO and SPYG move nearly in lockstep, so holding both adds very little diversification.
FAQ
What is the correlation between FNGO and SPYG?
The FNGO/SPYG correlation stands at 0.95 on a 3-year window (1 year: 0.93, 5 years: 0.90), computed from weekly returns as of 2026-08-27.
Is SPYG a good diversifier for FNGO?
No. With a correlation of 0.95, FNGO and SPYG move nearly in lockstep, so holding both adds very little diversification.
What does a correlation of 0.95 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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/fngo-vs-spyg.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fngo-vs-spyg/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: FNGO correlations · SPYG correlations
