ETO vs FNGD: Correlation
How closely do Eaton Vance Tax-Advantage Global Dividend Opp (ETO) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) trade together? Their weekly returns over three years give a correlation of -0.70, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ETO and FNGD?
Across a 3-year window, the weekly returns of ETO and FNGD correlate at -0.70, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.65 over 1 year against -0.70 over 3. Stretching to 5 years gives -0.68, with an annualized covariance of -884.9 %².
Among the 38 assets we track against ETO, FNGD sits near the bottom by co-movement, at rank #36. Correlation aside, the last 12 months split them widely, with ETO ahead by 80.1 points (+24.4% versus -55.7%). Risk is not evenly split, since FNGD carries 4.6 times the volatility of the other side.
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.
ETO vs FNGD: side by side
| ETO (Eaton Vance Tax-Advantage Global Dividend Opp) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | +24.4% | -55.7% |
| 5-year return | +43.6% | -99.4% |
| Volatility (ann.) | 16.6% | 75.7% |
| Beta vs S&P 500 | 1.02 | -4.54 |
| Max drawdown (3Y) | -18.2% | -97.6% |
| Market cap | $0.5B | – |
| P/E (trailing) | 3.8 | 20.6 |
| Dividend yield | 6.57% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ETO | FNGD |
|---|---|---|
| 2022 | -30.0% | +52.2% |
| 2023 | +21.5% | -90.1% |
| 2024 | +15.5% | -76.6% |
| 2025 | +29.9% | -61.4% |
| 2026 | +9.4% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ETO and FNGD good diversifiers for each other?
Yes: at -0.70, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between ETO and FNGD?
As of 2026-08-27, the correlation of weekly returns between ETO and FNGD is -0.70 over 3 years, -0.65 over 1 year and -0.68 over 5 years.
Is FNGD a good diversifier for ETO?
Yes: at -0.70, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.70 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/eto-vs-fngd.json
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Related comparisons
Hubs: ETO correlations · FNGD correlations
