ETB vs FNGD: Correlation
Eaton Vance Tax-Managed Buy-Write Income Fund Eaton Vance (ETB) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) show a negative relationship: their 3-year correlation of weekly returns is -0.73.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ETB and FNGD?
Over the past 3 years, ETB and FNGD moved with a correlation of -0.73, which is negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.69) sits close to the 3-year figure. Over 5 years the correlation is -0.53, and the annualized covariance of weekly returns is -770.7 %².
FNGD is close to the least connected end of ETB's tracked universe, ranking #20 of 20. Correlation aside, the last 12 months split them widely, with ETB ahead by 69.9 points (+14.2% versus -55.7%). Note the risk asymmetry: FNGD runs 5.4 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.
ETB vs FNGD: side by side
| ETB (Eaton Vance Tax-Managed Buy-Write Income Fund Eaton Vance) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | +14.2% | -55.7% |
| 5-year return | +44.4% | -99.4% |
| Volatility (ann.) | 13.9% | 75.7% |
| Beta vs S&P 500 | 0.83 | -4.54 |
| Max drawdown (3Y) | -20.1% | -97.6% |
| Market cap | $0.5B | – |
| P/E (trailing) | 7.7 | 20.6 |
| Dividend yield | 8.13% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ETB | FNGD |
|---|---|---|
| 2022 | -16.6% | +52.2% |
| 2023 | +7.5% | -90.1% |
| 2024 | +26.2% | -76.6% |
| 2025 | +11.2% | -61.4% |
| 2026 | +8.7% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ETB and FNGD good diversifiers for each other?
Yes: at -0.73, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between ETB and FNGD?
Using weekly returns as of 2026-08-27: -0.73 over 3 years, with -0.69 over the last year and -0.53 over 5 years.
Is FNGD a good diversifier for ETB?
Yes: at -0.73, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.73 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/etb-vs-fngd.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/etb-vs-fngd/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: ETB correlations · FNGD correlations
