EVG vs FNGD: Correlation
Measured on weekly returns over the past three years, Eaton Vance Short Diversified Income Fund Eaton Vance Short (EVG) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) carry a correlation of -0.36, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EVG and FNGD?
On 3 years of weekly data the EVG/FNGD correlation comes out at -0.36, negative, meaning they tend to move in opposite directions. Lately the two have drifted apart, with the 1-year correlation at -0.58 versus -0.36 over 3 years. The 5-year figure is -0.32, and annualized covariance runs at -228.0 %².
Out of 11 assets tracked against EVG, FNGD lands near the bottom at #11. Their recent paths diverged sharply: over the last 12 months EVG outperformed by 58.0 percentage points (+2.3% for EVG against -55.7% for FNGD). One caveat on sizing: FNGD is 9.0 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.
EVG vs FNGD: side by side
| EVG (Eaton Vance Short Diversified Income Fund Eaton Vance Short) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | +2.3% | -55.7% |
| 5-year return | +24.1% | -99.4% |
| Volatility (ann.) | 8.4% | 75.7% |
| Beta vs S&P 500 | 0.27 | -4.54 |
| Max drawdown (3Y) | -8.2% | -97.6% |
| Market cap | – | – |
| P/E (trailing) | 10.2 | 20.6 |
| Dividend yield | 8.42% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | EVG | FNGD |
|---|---|---|
| 2022 | -14.1% | +52.2% |
| 2023 | +11.9% | -90.1% |
| 2024 | +14.8% | -76.6% |
| 2025 | +8.4% | -61.4% |
| 2026 | +2.7% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EVG and FNGD good diversifiers for each other?
Yes. With a correlation of -0.36, EVG and FNGD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between EVG and FNGD?
The EVG/FNGD correlation stands at -0.36 on a 3-year window (1 year: -0.58, 5 years: -0.32), computed from weekly returns as of 2026-08-27.
Is FNGD a good diversifier for EVG?
Yes. With a correlation of -0.36, EVG and FNGD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.36 mean?
A reading of -0.36 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/evg-vs-fngd.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/evg-vs-fngd/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: EVG correlations · FNGD correlations
