EVR vs FNGD: Correlation
Evercore Inc. (EVR) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) show a negative relationship: their 3-year correlation of weekly returns is -0.47.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EVR and FNGD?
Over the past 3 years, EVR and FNGD moved with a correlation of -0.47, which is negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.28) than the 3-year average (-0.47). Over 5 years the correlation is -0.48, and the annualized covariance of weekly returns is -1270.9 %².
Among the 22 assets we track against EVR, FNGD sits near the bottom by co-movement, at rank #20. Correlation aside, the last 12 months split them widely, with EVR ahead by 46.7 points (-9.0% versus -55.7%). One caveat on sizing: FNGD is 2.1 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.
EVR vs FNGD: side by side
| EVR (Evercore Inc.) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | -9.0% | -55.7% |
| 5-year return | +125.5% | -99.4% |
| Volatility (ann.) | 35.8% | 75.7% |
| Beta vs S&P 500 | 1.64 | -4.54 |
| Max drawdown (3Y) | -47.9% | -97.6% |
| Market cap | $11.2B | – |
| P/E (trailing) | 16.4 | 20.6 |
| Dividend yield | 1.19% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | EVR | FNGD |
|---|---|---|
| 2022 | -17.6% | +52.2% |
| 2023 | +60.6% | -90.1% |
| 2024 | +64.3% | -76.6% |
| 2025 | +24.3% | -61.4% |
| 2026 | -13.7% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EVR and FNGD good diversifiers for each other?
Yes: at -0.47, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between EVR and FNGD?
The EVR/FNGD correlation stands at -0.47 on a 3-year window (1 year: -0.28, 5 years: -0.48), computed from weekly returns as of 2026-08-27.
Is FNGD a good diversifier for EVR?
Yes: at -0.47, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.47 mean?
A reading of -0.47 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: EVR correlations · FNGD correlations
