EVF vs FNGD: Correlation
How closely do Eaton Vance Senior Income Trust (EVF) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) trade together? Their weekly returns over three years give a correlation of -0.45, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EVF and FNGD?
Across a 3-year window, the weekly returns of EVF and FNGD correlate at -0.45, negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.40 lands near the 3-year figure. Stretching to 5 years gives -0.36, with an annualized covariance of -351.6 %².
FNGD is close to the least connected end of EVF's tracked universe, ranking #12 of 14. The last year tells two different stories: EVF led by 52.7 percentage points, -3.0% for EVF against -55.7% for FNGD. Risk is not evenly split, since FNGD carries 7.4 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.
EVF vs FNGD: side by side
| EVF (Eaton Vance Senior Income Trust) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | -3.0% | -55.7% |
| 5-year return | +15.0% | -99.4% |
| Volatility (ann.) | 10.2% | 75.7% |
| Beta vs S&P 500 | 0.41 | -4.54 |
| Max drawdown (3Y) | -16.9% | -97.6% |
| Market cap | $0.1B | – |
| P/E (trailing) | 24.7 | 20.6 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | EVF | FNGD |
|---|---|---|
| 2022 | -14.8% | +52.2% |
| 2023 | +34.5% | -90.1% |
| 2024 | +7.3% | -76.6% |
| 2025 | -6.1% | -61.4% |
| 2026 | -0.8% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EVF and FNGD good diversifiers for each other?
Yes. With a correlation of -0.45, EVF and FNGD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between EVF and FNGD?
The EVF/FNGD correlation stands at -0.45 on a 3-year window (1 year: -0.40, 5 years: -0.36), computed from weekly returns as of 2026-08-27.
Is FNGD a good diversifier for EVF?
Yes. With a correlation of -0.45, EVF and FNGD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.45 mean?
A reading of -0.45 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/evf-vs-fngd.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/evf-vs-fngd/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: EVF correlations · FNGD correlations
