EOI vs FNGD: Correlation
Eaton Vance Enhance Equity Income Fund Eaton Vance Enhanced (EOI) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) show a negative relationship: their 3-year correlation of weekly returns is -0.71.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EOI and FNGD?
Across a 3-year window, the weekly returns of EOI and FNGD correlate at -0.71, negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.67 lands near the 3-year figure. Stretching to 5 years gives -0.69, with an annualized covariance of -914.3 %².
Among the 19 assets we track against EOI, FNGD sits near the bottom by co-movement, at rank #19. Correlation aside, the last 12 months split them widely, with EOI ahead by 57.9 points (+2.2% versus -55.7%). Note the risk asymmetry: FNGD runs 4.5 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.
EOI vs FNGD: side by side
| EOI (Eaton Vance Enhance Equity Income Fund Eaton Vance Enhanced) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | +2.2% | -55.7% |
| 5-year return | +55.4% | -99.4% |
| Volatility (ann.) | 17.0% | 75.7% |
| Beta vs S&P 500 | 0.96 | -4.54 |
| Max drawdown (3Y) | -23.2% | -97.6% |
| Market cap | $0.8B | – |
| P/E (trailing) | 8.5 | 20.6 |
| Dividend yield | 8.03% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | EOI | FNGD |
|---|---|---|
| 2022 | -19.7% | +52.2% |
| 2023 | +20.7% | -90.1% |
| 2024 | +35.8% | -76.6% |
| 2025 | +7.2% | -61.4% |
| 2026 | +3.4% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EOI and FNGD good diversifiers for each other?
Yes. With a correlation of -0.71, EOI and FNGD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between EOI and FNGD?
As of 2026-08-27, the correlation of weekly returns between EOI and FNGD is -0.71 over 3 years, -0.67 over 1 year and -0.69 over 5 years.
Is FNGD a good diversifier for EOI?
Yes. With a correlation of -0.71, EOI and FNGD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.71 mean?
A reading of -0.71 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/eoi-vs-fngd.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/eoi-vs-fngd/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: EOI correlations · FNGD correlations
