FNGO vs VXZ: 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 Mid-Term Futures ETN (VXZ) carry a correlation of -0.56, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGO and VXZ?
On 3 years of weekly data the FNGO/VXZ correlation comes out at -0.56, negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.45) than the 3-year average (-0.56). The 5-year figure is -0.56, and annualized covariance runs at -745.3 %².
Out of 35 assets tracked against FNGO, VXZ lands near the bottom at #33. The last year tells two different stories: FNGO led by 49.8 percentage points, +33.7% for FNGO against -16.1% for VXZ. One caveat on sizing: FNGO is 2.0 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 VXZ: side by side
| FNGO (MicroSectors FANG Index 2X Leveraged ETNs due January 8) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +33.7% | -16.1% |
| 5-year return | +220.3% | -53.1% |
| Volatility (ann.) | 51.9% | 25.6% |
| Beta vs S&P 500 | 3.12 | -1.31 |
| Max drawdown (3Y) | -47.6% | -36.4% |
| Market cap | – | – |
| P/E (trailing) | 30.8 | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGO | VXZ |
|---|---|---|
| 2022 | -71.6% | +0.5% |
| 2023 | +240.1% | -44.0% |
| 2024 | +101.7% | -12.7% |
| 2025 | +25.5% | +5.7% |
| 2026 | +30.1% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGO and VXZ good diversifiers for each other?
By historical standards, yes. A correlation of -0.56 means the two rarely move for the same reasons.
FAQ
What is the correlation between FNGO and VXZ?
As of 2026-08-27, the correlation of weekly returns between FNGO and VXZ is -0.56 over 3 years, -0.45 over 1 year and -0.56 over 5 years.
Is VXZ a good diversifier for FNGO?
By historical standards, yes. A correlation of -0.56 means the two rarely move for the same reasons.
What does a correlation of -0.56 mean?
A reading of -0.56 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-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fngo-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: FNGO correlations · VXZ correlations
