EVEX vs FNGD: Correlation
How closely do Eve Holding, Inc. (EVEX) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) trade together? Their weekly returns over three years give a correlation of -0.37, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EVEX and FNGD?
Over the past 3 years, EVEX and FNGD moved with a correlation of -0.37, which is negative, meaning they tend to move in opposite directions. Lately the two have drifted apart, with the 1-year correlation at -0.62 versus -0.37 over 3 years. Over 5 years the correlation is -0.24, and the annualized covariance of weekly returns is -1709.9 %².
Out of 15 assets tracked against EVEX, FNGD lands near the bottom at #15. The trailing year gives EVEX the advantage: -40.8% versus -55.7%, a 14.9-point spread.
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.
EVEX vs FNGD: side by side
| EVEX (Eve Holding, Inc.) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | -40.8% | -55.7% |
| 5-year return | -72.4% | -99.4% |
| Volatility (ann.) | 60.7% | 75.7% |
| Beta vs S&P 500 | 1.73 | -4.54 |
| Max drawdown (3Y) | -75.8% | -97.6% |
| Market cap | $0.8B | – |
| P/E (trailing) | – | 20.6 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | EVEX | FNGD |
|---|---|---|
| 2022 | – | +52.2% |
| 2023 | +1.7% | -90.1% |
| 2024 | -25.7% | -76.6% |
| 2025 | -26.7% | -61.4% |
| 2026 | -40.1% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EVEX and FNGD good diversifiers for each other?
By historical standards, yes. A correlation of -0.37 means the two rarely move for the same reasons.
FAQ
What is the correlation between EVEX and FNGD?
The EVEX/FNGD correlation stands at -0.37 on a 3-year window (1 year: -0.62, 5 years: -0.24), computed from weekly returns as of 2026-08-27.
Is FNGD a good diversifier for EVEX?
By historical standards, yes. A correlation of -0.37 means the two rarely move for the same reasons.
What does a correlation of -0.37 mean?
A reading of -0.37 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/evex-vs-fngd.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/evex-vs-fngd/)
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Related comparisons
Hubs: EVEX correlations · FNGD correlations
