EVLV vs FNGD: Correlation
How closely do Evolv Technologies Holdings, Inc. (EVLV) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) trade together? Their weekly returns over three years give a correlation of -0.31, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EVLV and FNGD?
Across a 3-year window, the weekly returns of EVLV and FNGD correlate at -0.31, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.27) sits close to the 3-year figure. Stretching to 5 years gives -0.30, with an annualized covariance of -1831.8 %².
Among the 12 assets we track against EVLV, FNGD sits near the bottom by co-movement, at rank #10. The last year tells two different stories: EVLV led by 19.2 percentage points, -36.5% for EVLV against -55.7% for FNGD.
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.
EVLV vs FNGD: side by side
| EVLV (Evolv Technologies Holdings, Inc.) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | -36.5% | -55.7% |
| 5-year return | -34.1% | -99.4% |
| Volatility (ann.) | 78.6% | 75.7% |
| Beta vs S&P 500 | 2.05 | -4.54 |
| Max drawdown (3Y) | -69.2% | -97.6% |
| Market cap | $1.0B | – |
| P/E (trailing) | – | 20.6 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | EVLV | FNGD |
|---|---|---|
| 2022 | -41.9% | +52.2% |
| 2023 | +82.2% | -90.1% |
| 2024 | -16.3% | -76.6% |
| 2025 | +81.3% | -61.4% |
| 2026 | -25.7% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EVLV and FNGD good diversifiers for each other?
Yes: at -0.31, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between EVLV and FNGD?
The EVLV/FNGD correlation stands at -0.31 on a 3-year window (1 year: -0.27, 5 years: -0.30), computed from weekly returns as of 2026-08-27.
Is FNGD a good diversifier for EVLV?
Yes: at -0.31, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.31 mean?
A reading of -0.31 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
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Related comparisons
Hubs: EVLV correlations · FNGD correlations
