FNGO vs TSLA: Correlation
Measured on weekly returns over the past three years, MicroSectors FANG Index 2X Leveraged ETNs due January 8 (FNGO) and Tesla, Inc. (TSLA) carry a correlation of 0.55, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGO and TSLA?
Over the past 3 years, FNGO and TSLA moved with a correlation of 0.55, which is moderate. Little has changed lately, as the 1-year reading of 0.55 lands near the 3-year figure. Over 5 years the correlation is 0.61, and the annualized covariance of weekly returns is 1525.7 %².
By 3-year correlation, TSLA places #21 of the 35 assets tracked against FNGO. Their recent paths diverged sharply: over the last 12 months FNGO outperformed by 32.2 percentage points (+33.7% for FNGO against +1.5% for TSLA).
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 TSLA: side by side
| FNGO (MicroSectors FANG Index 2X Leveraged ETNs due January 8) | TSLA (Tesla, Inc.) | |
|---|---|---|
| 1-year return | +33.7% | +1.5% |
| 5-year return | +220.3% | +45.6% |
| Volatility (ann.) | 51.9% | 53.9% |
| Beta vs S&P 500 | 3.12 | 1.87 |
| Max drawdown (3Y) | -47.6% | -53.8% |
| Market cap | – | $1,401.3B |
| P/E (trailing) | 30.8 | 322.6 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | Consumer Discretionary |
Year-by-year returns
| Year | FNGO | TSLA |
|---|---|---|
| 2022 | -71.6% | -65.0% |
| 2023 | +240.1% | +101.7% |
| 2024 | +101.7% | +62.5% |
| 2025 | +25.5% | +11.4% |
| 2026 | +30.1% | -21.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGO and TSLA good diversifiers for each other?
To a limited degree. At 0.55 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 TSLA?
The FNGO/TSLA correlation stands at 0.55 on a 3-year window (1 year: 0.55, 5 years: 0.61), computed from weekly returns as of 2026-08-27.
Is TSLA a good diversifier for FNGO?
To a limited degree. At 0.55 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 0.55 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-tsla.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/fngo-vs-tsla/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: FNGO correlations · TSLA correlations
