ETY vs FNGD: Correlation
Measured on weekly returns over the past three years, Eaton Vance Tax-Managed Diversified Equity Income Fund (ETY) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) carry a correlation of -0.82, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ETY and FNGD?
Over the past 3 years, ETY and FNGD moved with a correlation of -0.82, which is negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.79 lands near the 3-year figure. Over 5 years the correlation is -0.75, and the annualized covariance of weekly returns is -953.9 %².
FNGD is close to the least connected end of ETY's tracked universe, ranking #34 of 34. Their recent paths diverged sharply: over the last 12 months ETY outperformed by 55.3 percentage points (-0.4% for ETY against -55.7% for FNGD). One caveat on sizing: FNGD is 4.9 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.
ETY vs FNGD: side by side
| ETY (Eaton Vance Tax-Managed Diversified Equity Income Fund) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | -0.4% | -55.7% |
| 5-year return | +51.2% | -99.4% |
| Volatility (ann.) | 15.4% | 75.7% |
| Beta vs S&P 500 | 0.97 | -4.54 |
| Max drawdown (3Y) | -21.3% | -97.6% |
| Market cap | – | – |
| P/E (trailing) | 5.2 | 20.6 |
| Dividend yield | 8.24% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ETY | FNGD |
|---|---|---|
| 2022 | -21.2% | +52.2% |
| 2023 | +21.9% | -90.1% |
| 2024 | +33.1% | -76.6% |
| 2025 | +11.0% | -61.4% |
| 2026 | +0.2% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ETY and FNGD good diversifiers for each other?
Yes. With a correlation of -0.82, ETY and FNGD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between ETY and FNGD?
Using weekly returns as of 2026-08-27: -0.82 over 3 years, with -0.79 over the last year and -0.75 over 5 years.
Is FNGD a good diversifier for ETY?
Yes. With a correlation of -0.82, ETY and FNGD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.82 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
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Related comparisons
Hubs: ETY correlations · FNGD correlations
