FNGO vs WEC: Correlation
How closely do MicroSectors FANG Index 2X Leveraged ETNs due January 8 (FNGO) and WEC Energy Group (WEC) trade together? Their weekly returns over three years give a correlation of -0.22, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGO and WEC?
On 3 years of weekly data the FNGO/WEC correlation comes out at -0.22, negative, meaning they tend to move in opposite directions. Lately the two have drifted apart, with the 1-year correlation at -0.37 versus -0.22 over 3 years. The 5-year figure is -0.02, and annualized covariance runs at -196.0 %².
By 3-year correlation, WEC places #28 of the 35 assets tracked against FNGO. The last year tells two different stories: FNGO led by 31.6 percentage points, +33.7% for FNGO against +2.1% for WEC. Note the risk asymmetry: FNGO runs 3.1 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 WEC: side by side
| FNGO (MicroSectors FANG Index 2X Leveraged ETNs due January 8) | WEC (WEC Energy Group) | |
|---|---|---|
| 1-year return | +33.7% | +2.1% |
| 5-year return | +220.3% | +32.7% |
| Volatility (ann.) | 51.9% | 16.9% |
| Beta vs S&P 500 | 3.12 | 0.02 |
| Max drawdown (3Y) | -47.6% | -11.6% |
| Market cap | – | $34.6B |
| P/E (trailing) | 30.8 | 20.6 |
| Dividend yield | 0.00% | 3.43% |
| Sector / category | US Listed | Utilities |
Year-by-year returns
| Year | FNGO | WEC |
|---|---|---|
| 2022 | -71.6% | -0.5% |
| 2023 | +240.1% | -7.0% |
| 2024 | +101.7% | +16.1% |
| 2025 | +25.5% | +16.0% |
| 2026 | +30.1% | +3.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGO and WEC good diversifiers for each other?
Yes. With a correlation of -0.22, FNGO and WEC have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between FNGO and WEC?
The FNGO/WEC correlation stands at -0.22 on a 3-year window (1 year: -0.37, 5 years: -0.02), computed from weekly returns as of 2026-08-27.
Is WEC a good diversifier for FNGO?
Yes. With a correlation of -0.22, FNGO and WEC have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.22 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.
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Related comparisons
Hubs: FNGO correlations · WEC correlations
