EFT vs FNGD: Correlation
Measured on weekly returns over the past three years, Eaton Vance Floating Rate Income Trust (EFT) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) carry a correlation of -0.53, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EFT and FNGD?
Over the past 3 years, EFT and FNGD moved with a correlation of -0.53, which is negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.47 lands near the 3-year figure. Over 5 years the correlation is -0.47, and the annualized covariance of weekly returns is -437.0 %².
Among the 14 assets we track against EFT, FNGD sits near the bottom by co-movement, at rank #12. Correlation aside, the last 12 months split them widely, with EFT ahead by 50.9 points (-4.8% versus -55.7%). One caveat on sizing: FNGD is 6.9 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.
EFT vs FNGD: side by side
| EFT (Eaton Vance Floating Rate Income Trust) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | -4.8% | -55.7% |
| 5-year return | +13.9% | -99.4% |
| Volatility (ann.) | 10.9% | 75.7% |
| Beta vs S&P 500 | 0.49 | -4.54 |
| Max drawdown (3Y) | -17.5% | -97.6% |
| Market cap | – | – |
| P/E (trailing) | 42.4 | 20.6 |
| Dividend yield | 9.41% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | EFT | FNGD |
|---|---|---|
| 2022 | -19.7% | +52.2% |
| 2023 | +27.1% | -90.1% |
| 2024 | +13.2% | -76.6% |
| 2025 | -3.8% | -61.4% |
| 2026 | -1.6% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EFT and FNGD good diversifiers for each other?
Yes. With a correlation of -0.53, EFT and FNGD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between EFT and FNGD?
The EFT/FNGD correlation stands at -0.53 on a 3-year window (1 year: -0.47, 5 years: -0.47), computed from weekly returns as of 2026-08-27.
Is FNGD a good diversifier for EFT?
Yes. With a correlation of -0.53, EFT and FNGD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.53 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/eft-vs-fngd.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/eft-vs-fngd/)
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Related comparisons
Hubs: EFT correlations · FNGD correlations
