EVGO vs FNGD: Correlation
EVgo Inc. (EVGO) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) show a negative relationship: their 3-year correlation of weekly returns is -0.24.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EVGO and FNGD?
Across a 3-year window, the weekly returns of EVGO and FNGD correlate at -0.24, negative, meaning they tend to move in opposite directions. The past 12 months show a weaker link (-0.49) than the 3-year average (-0.24). Stretching to 5 years gives -0.28, with an annualized covariance of -1568.3 %².
Among the 13 assets we track against EVGO, FNGD sits near the bottom by co-movement, at rank #11. The trailing year gives FNGD the advantage: -64.4% versus -55.7%, a 8.7-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.
EVGO vs FNGD: side by side
| EVGO (EVgo Inc.) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | -64.4% | -55.7% |
| 5-year return | -84.3% | -99.4% |
| Volatility (ann.) | 85.3% | 75.7% |
| Beta vs S&P 500 | 1.93 | -4.54 |
| Max drawdown (3Y) | -84.1% | -97.6% |
| Market cap | $0.5B | – |
| P/E (trailing) | – | 20.6 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | EVGO | FNGD |
|---|---|---|
| 2022 | -55.0% | +52.2% |
| 2023 | -19.9% | -90.1% |
| 2024 | +13.1% | -76.6% |
| 2025 | -28.1% | -61.4% |
| 2026 | -50.7% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EVGO and FNGD good diversifiers for each other?
By historical standards, yes. A correlation of -0.24 means the two rarely move for the same reasons.
FAQ
What is the correlation between EVGO and FNGD?
Using weekly returns as of 2026-08-27: -0.24 over 3 years, with -0.49 over the last year and -0.28 over 5 years.
Is FNGD a good diversifier for EVGO?
By historical standards, yes. A correlation of -0.24 means the two rarely move for the same reasons.
What does a correlation of -0.24 mean?
On the −1 to +1 scale, -0.24 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/evgo-vs-fngd.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/evgo-vs-fngd/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: EVGO correlations · FNGD correlations
