EOLS vs FNGD: Correlation
Measured on weekly returns over the past three years, Evolus, Inc. (EOLS) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) carry a correlation of -0.24, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EOLS and FNGD?
Over the past 3 years, EOLS and FNGD moved with a correlation of -0.24, which is negative, meaning they tend to move in opposite directions. Lately the two have drifted apart, with the 1-year correlation at -0.41 versus -0.24 over 3 years. Over 5 years the correlation is -0.25, and the annualized covariance of weekly returns is -1151.8 %².
Out of 10 assets tracked against EOLS, FNGD lands near the bottom at #10. Correlation aside, the last 12 months split them widely, with EOLS ahead by 72.9 points (+17.2% versus -55.7%).
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.
EOLS vs FNGD: side by side
| EOLS (Evolus, Inc.) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | +17.2% | -55.7% |
| 5-year return | -16.1% | -99.4% |
| Volatility (ann.) | 63.5% | 75.7% |
| Beta vs S&P 500 | 1.06 | -4.54 |
| Max drawdown (3Y) | -77.5% | -97.6% |
| Market cap | $0.6B | – |
| P/E (trailing) | – | 20.6 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | EOLS | FNGD |
|---|---|---|
| 2022 | +15.4% | +52.2% |
| 2023 | +40.2% | -90.1% |
| 2024 | +4.8% | -76.6% |
| 2025 | -39.8% | -61.4% |
| 2026 | +33.5% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EOLS and FNGD good diversifiers for each other?
Yes. With a correlation of -0.24, EOLS and FNGD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between EOLS and FNGD?
Using weekly returns as of 2026-08-27: -0.24 over 3 years, with -0.41 over the last year and -0.25 over 5 years.
Is FNGD a good diversifier for EOLS?
Yes. With a correlation of -0.24, EOLS and FNGD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.24 mean?
On the −1 to +1 scale, -0.24 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/eols-vs-fngd.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/eols-vs-fngd/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: EOLS correlations · FNGD correlations
