EOSE vs FNGD: Correlation
Measured on weekly returns over the past three years, Eos Energy Enterprises, Inc. (EOSE) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) carry a correlation of -0.37, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EOSE and FNGD?
Across a 3-year window, the weekly returns of EOSE and FNGD correlate at -0.37, negative, meaning they tend to move in opposite directions. The link has loosened recently: the 1-year correlation (-0.50) runs below the 3-year figure (-0.37). Stretching to 5 years gives -0.35, with an annualized covariance of -3049.1 %².
FNGD is close to the least connected end of EOSE's tracked universe, ranking #10 of 10. Neither side won the trailing year by much: -52.0% against -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.
EOSE vs FNGD: side by side
| EOSE (Eos Energy Enterprises, Inc.) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | -52.0% | -55.7% |
| 5-year return | -73.5% | -99.4% |
| Volatility (ann.) | 107.4% | 75.7% |
| Beta vs S&P 500 | 2.71 | -4.54 |
| Max drawdown (3Y) | -83.6% | -97.6% |
| Market cap | $1.2B | – |
| P/E (trailing) | – | 20.6 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | EOSE | FNGD |
|---|---|---|
| 2022 | -80.3% | +52.2% |
| 2023 | -26.4% | -90.1% |
| 2024 | +345.9% | -76.6% |
| 2025 | +135.8% | -61.4% |
| 2026 | -70.2% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EOSE and FNGD good diversifiers for each other?
Yes: at -0.37, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between EOSE and FNGD?
As of 2026-08-27, the correlation of weekly returns between EOSE and FNGD is -0.37 over 3 years, -0.50 over 1 year and -0.35 over 5 years.
Is FNGD a good diversifier for EOSE?
Yes: at -0.37, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.37 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/eose-vs-fngd.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/eose-vs-fngd/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: EOSE correlations · FNGD correlations
