EEA vs FNGD: Correlation
The European Equity Fund, Inc. (EEA) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) show a negative relationship: their 3-year correlation of weekly returns is -0.38.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EEA and FNGD?
On 3 years of weekly data the EEA/FNGD correlation comes out at -0.38, negative, meaning they tend to move in opposite directions. The link has loosened recently: the 1-year correlation (-0.51) runs below the 3-year figure (-0.38). The 5-year figure is -0.49, and annualized covariance runs at -444.8 %².
Out of 14 assets tracked against EEA, FNGD lands near the bottom at #12. The last year tells two different stories: EEA led by 67.4 percentage points, +11.7% for EEA against -55.7% for FNGD. One caveat on sizing: FNGD is 4.9 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.
EEA vs FNGD: side by side
| EEA (The European Equity Fund, Inc.) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | +11.7% | -55.7% |
| 5-year return | +34.8% | -99.4% |
| Volatility (ann.) | 15.4% | 75.7% |
| Beta vs S&P 500 | 0.61 | -4.54 |
| Max drawdown (3Y) | -14.1% | -97.6% |
| Market cap | $0.1B | – |
| P/E (trailing) | 4.2 | 20.6 |
| Dividend yield | 6.92% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | EEA | FNGD |
|---|---|---|
| 2022 | -19.0% | +52.2% |
| 2023 | +17.2% | -90.1% |
| 2024 | -3.5% | -76.6% |
| 2025 | +28.8% | -61.4% |
| 2026 | +13.6% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EEA and FNGD good diversifiers for each other?
By historical standards, yes. A correlation of -0.38 means the two rarely move for the same reasons.
FAQ
What is the correlation between EEA and FNGD?
Using weekly returns as of 2026-08-27: -0.38 over 3 years, with -0.51 over the last year and -0.49 over 5 years.
Is FNGD a good diversifier for EEA?
By historical standards, yes. A correlation of -0.38 means the two rarely move for the same reasons.
What does a correlation of -0.38 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/eea-vs-fngd.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/eea-vs-fngd/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: EEA correlations · FNGD correlations
