EVN vs FNGD: Correlation
Eaton Vance Municipal Income Trust (EVN) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) show a negative relationship: their 3-year correlation of weekly returns is -0.28.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EVN and FNGD?
On 3 years of weekly data the EVN/FNGD correlation comes out at -0.28, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.33 over 1 year against -0.28 over 3. The 5-year figure is -0.32, and annualized covariance runs at -255.2 %².
FNGD is close to the least connected end of EVN's tracked universe, ranking #9 of 11. Correlation aside, the last 12 months split them widely, with EVN ahead by 64.1 points (+8.4% versus -55.7%). Risk is not evenly split, since FNGD carries 6.3 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.
EVN vs FNGD: side by side
| EVN (Eaton Vance Municipal Income Trust) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | +8.4% | -55.7% |
| 5-year return | -2.5% | -99.4% |
| Volatility (ann.) | 12.0% | 75.7% |
| Beta vs S&P 500 | 0.36 | -4.54 |
| Max drawdown (3Y) | -10.4% | -97.6% |
| Market cap | $0.4B | – |
| P/E (trailing) | 11.6 | 20.6 |
| Dividend yield | 2.83% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | EVN | FNGD |
|---|---|---|
| 2022 | -25.0% | +52.2% |
| 2023 | +4.4% | -90.1% |
| 2024 | +8.9% | -76.6% |
| 2025 | +12.8% | -61.4% |
| 2026 | +3.2% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EVN and FNGD good diversifiers for each other?
Yes. With a correlation of -0.28, EVN and FNGD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between EVN and FNGD?
The EVN/FNGD correlation stands at -0.28 on a 3-year window (1 year: -0.33, 5 years: -0.32), computed from weekly returns as of 2026-08-27.
Is FNGD a good diversifier for EVN?
Yes. With a correlation of -0.28, EVN and FNGD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.28 mean?
On the −1 to +1 scale, -0.28 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/evn-vs-fngd.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/evn-vs-fngd/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: EVN correlations · FNGD correlations
