ETG vs FNGD: Correlation
Measured on weekly returns over the past three years, Eaton Vance Tax-Advantaged Global Dividend Income Fund (ETG) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) carry a correlation of -0.72, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ETG and FNGD?
Across a 3-year window, the weekly returns of ETG and FNGD correlate at -0.72, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.65) sits close to the 3-year figure. Stretching to 5 years gives -0.70, with an annualized covariance of -923.4 %².
Out of 27 assets tracked against ETG, FNGD lands near the bottom at #26. Correlation aside, the last 12 months split them widely, with ETG ahead by 80.9 points (+25.2% versus -55.7%). One caveat on sizing: FNGD is 4.5 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
ETG vs FNGD: side by side
| ETG (Eaton Vance Tax-Advantaged Global Dividend Income Fund) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | +25.2% | -55.7% |
| 5-year return | +60.6% | -99.4% |
| Volatility (ann.) | 16.9% | 75.7% |
| Beta vs S&P 500 | 1.04 | -4.54 |
| Max drawdown (3Y) | -17.0% | -97.6% |
| Market cap | $1.9B | – |
| P/E (trailing) | 3.8 | 20.6 |
| Dividend yield | 6.41% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ETG | FNGD |
|---|---|---|
| 2022 | -27.6% | +52.2% |
| 2023 | +22.0% | -90.1% |
| 2024 | +15.4% | -76.6% |
| 2025 | +36.9% | -61.4% |
| 2026 | +9.8% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ETG and FNGD good diversifiers for each other?
Yes: at -0.72, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between ETG and FNGD?
As of 2026-08-27, the correlation of weekly returns between ETG and FNGD is -0.72 over 3 years, -0.65 over 1 year and -0.70 over 5 years.
Is FNGD a good diversifier for ETG?
Yes: at -0.72, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.72 mean?
On the −1 to +1 scale, -0.72 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/etg-vs-fngd.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/etg-vs-fngd/)
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Related comparisons
Hubs: ETG correlations · FNGD correlations
