FNGO vs WIT: Correlation
Measured on weekly returns over the past three years, MicroSectors FANG Index 2X Leveraged ETNs due January 8 (FNGO) and Wipro Limited (WIT) carry a correlation of 0.41, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGO and WIT?
On 3 years of weekly data the FNGO/WIT correlation comes out at 0.41, moderate. Recent behaviour matches the longer record: 0.34 over 1 year against 0.41 over 3. The 5-year figure is 0.44, and annualized covariance runs at 698.2 %².
By 3-year correlation, WIT places #26 of the 35 assets tracked against FNGO. Their recent paths diverged sharply: over the last 12 months FNGO outperformed by 68.9 percentage points (+33.7% for FNGO against -35.2% for WIT). Note the risk asymmetry: FNGO runs 1.6 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 WIT: side by side
| FNGO (MicroSectors FANG Index 2X Leveraged ETNs due January 8) | WIT (Wipro Limited) | |
|---|---|---|
| 1-year return | +33.7% | -35.2% |
| 5-year return | +220.3% | -58.2% |
| Volatility (ann.) | 51.9% | 32.7% |
| Beta vs S&P 500 | 3.12 | 0.88 |
| Max drawdown (3Y) | -47.6% | -51.2% |
| Market cap | – | $17.8B |
| P/E (trailing) | 30.8 | 13.8 |
| Dividend yield | 0.00% | 437.16% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGO | WIT |
|---|---|---|
| 2022 | -71.6% | -51.8% |
| 2023 | +240.1% | +19.8% |
| 2024 | +101.7% | +27.4% |
| 2025 | +25.5% | -16.6% |
| 2026 | +30.1% | -35.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGO and WIT good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.41 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between FNGO and WIT?
The FNGO/WIT correlation stands at 0.41 on a 3-year window (1 year: 0.34, 5 years: 0.44), computed from weekly returns as of 2026-08-27.
Is WIT a good diversifier for FNGO?
Yes, to a useful degree: a correlation of 0.41 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.41 mean?
A reading of 0.41 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-wit.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fngo-vs-wit/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: FNGO correlations · WIT correlations
