EOS vs FNGD: Correlation
How closely do Eaton Vance Enhance Equity Income Fund II (EOS) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) trade together? Their weekly returns over three years give a correlation of -0.84, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EOS and FNGD?
On 3 years of weekly data the EOS/FNGD correlation comes out at -0.84, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.81) sits close to the 3-year figure. The 5-year figure is -0.81, and annualized covariance runs at -1226.9 %².
Out of 34 assets tracked against EOS, FNGD lands near the bottom at #34. Their recent paths diverged sharply: over the last 12 months EOS outperformed by 53.8 percentage points (-1.9% for EOS against -55.7% for FNGD). Note the risk asymmetry: FNGD runs 3.9 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.
EOS vs FNGD: side by side
| EOS (Eaton Vance Enhance Equity Income Fund II) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | -1.9% | -55.7% |
| 5-year return | +30.9% | -99.4% |
| Volatility (ann.) | 19.2% | 75.7% |
| Beta vs S&P 500 | 1.17 | -4.54 |
| Max drawdown (3Y) | -24.3% | -97.6% |
| Market cap | $1.2B | – |
| P/E (trailing) | 7.2 | 20.6 |
| Dividend yield | 8.51% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | EOS | FNGD |
|---|---|---|
| 2022 | -26.5% | +52.2% |
| 2023 | +22.6% | -90.1% |
| 2024 | +38.7% | -76.6% |
| 2025 | +5.8% | -61.4% |
| 2026 | -2.2% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EOS and FNGD good diversifiers for each other?
By historical standards, yes. A correlation of -0.84 means the two rarely move for the same reasons.
FAQ
What is the correlation between EOS and FNGD?
Using weekly returns as of 2026-08-27: -0.84 over 3 years, with -0.81 over the last year and -0.81 over 5 years.
Is FNGD a good diversifier for EOS?
By historical standards, yes. A correlation of -0.84 means the two rarely move for the same reasons.
What does a correlation of -0.84 mean?
A reading of -0.84 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/eos-vs-fngd.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/eos-vs-fngd/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: EOS correlations · FNGD correlations
