FNGO vs VXX: Correlation
Measured on weekly returns over the past three years, MicroSectors FANG Index 2X Leveraged ETNs due January 8 (FNGO) and iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) carry a correlation of -0.60, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGO and VXX?
Over the past 3 years, FNGO and VXX moved with a correlation of -0.60, which is negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at -0.49 versus -0.60 over 3 years. Over 5 years the correlation is -0.53, and the annualized covariance of weekly returns is -1907.3 %².
Among the 35 assets we track against FNGO, VXX sits near the bottom by co-movement, at rank #34. Correlation aside, the last 12 months split them widely, with FNGO ahead by 83.4 points (+33.7% versus -49.7%).
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 VXX: side by side
| FNGO (MicroSectors FANG Index 2X Leveraged ETNs due January 8) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | +33.7% | -49.7% |
| 5-year return | +220.3% | -95.6% |
| Volatility (ann.) | 51.9% | 60.9% |
| Beta vs S&P 500 | 3.12 | -3.31 |
| Max drawdown (3Y) | -47.6% | -83.3% |
| Market cap | – | – |
| P/E (trailing) | 30.8 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGO | VXX |
|---|---|---|
| 2022 | -71.6% | -23.8% |
| 2023 | +240.1% | -72.5% |
| 2024 | +101.7% | -26.2% |
| 2025 | +25.5% | -42.2% |
| 2026 | +30.1% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGO and VXX good diversifiers for each other?
Yes. With a correlation of -0.60, FNGO and VXX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between FNGO and VXX?
Using weekly returns as of 2026-08-27: -0.60 over 3 years, with -0.49 over the last year and -0.53 over 5 years.
Is VXX a good diversifier for FNGO?
Yes. With a correlation of -0.60, FNGO and VXX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.60 mean?
A reading of -0.60 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/fngo-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fngo-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: FNGO correlations · VXX correlations
