FNGO vs XLK: Correlation
Measured on weekly returns over the past three years, MicroSectors FANG Index 2X Leveraged ETNs due January 8 (FNGO) and Technology Select Sector SPDR Fund (XLK) carry a correlation of 0.90, a very strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGO and XLK?
On 3 years of weekly data the FNGO/XLK correlation comes out at 0.90, very strong, meaning they move nearly in lockstep. Recent behaviour matches the longer record: 0.86 over 1 year against 0.90 over 3. The 5-year figure is 0.88, and annualized covariance runs at 1119.2 %².
Within FNGO's tracked universe of 35 assets, XLK comes in at #5 by 3-year correlation. Over the last 12 months XLK came out ahead by 9.7 percentage points (+33.7% against +43.4%). Note the risk asymmetry: FNGO runs 2.2 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 XLK: side by side
| FNGO (MicroSectors FANG Index 2X Leveraged ETNs due January 8) | XLK (Technology Select Sector SPDR Fund) | |
|---|---|---|
| 1-year return | +33.7% | +43.4% |
| 5-year return | +220.3% | +145.2% |
| Volatility (ann.) | 51.9% | 24.0% |
| Beta vs S&P 500 | 3.12 | 1.50 |
| Max drawdown (3Y) | -47.6% | -25.7% |
| Market cap | – | – |
| P/E (trailing) | 30.8 | – |
| Dividend yield | 0.00% | 0.45% |
| Expense ratio | – | 0.08% |
| Assets under management | – | $115.4B |
| Sector / category | US Listed | Sector ETF |
On the fund side, XLK sits in the Technology category at State Street Investment Management, with $115.4B under management, 73 holdings, a 0.08% expense ratio, a 0.45% trailing dividend yield.
Year-by-year returns
| Year | FNGO | XLK |
|---|---|---|
| 2022 | -71.6% | -27.7% |
| 2023 | +240.1% | +56.0% |
| 2024 | +101.7% | +21.6% |
| 2025 | +25.5% | +24.6% |
| 2026 | +30.1% | +31.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGO and XLK good diversifiers for each other?
No. With a correlation of 0.90, FNGO and XLK move nearly in lockstep, so holding both adds very little diversification.
FAQ
What is the correlation between FNGO and XLK?
As of 2026-08-27, the correlation of weekly returns between FNGO and XLK is 0.90 over 3 years, 0.86 over 1 year and 0.88 over 5 years.
Is XLK a good diversifier for FNGO?
No. With a correlation of 0.90, FNGO and XLK move nearly in lockstep, so holding both adds very little diversification.
What does a correlation of 0.90 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-xlk.json
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[](https://www.pairbook.io/pair/fngo-vs-xlk/)
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Related comparisons
Hubs: FNGO correlations · XLK correlations
