EVT vs FNGD: Correlation
Measured on weekly returns over the past three years, Eaton Vance Tax Advantaged Dividend Income Fund (EVT) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) carry a correlation of -0.54, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EVT and FNGD?
On 3 years of weekly data the EVT/FNGD correlation comes out at -0.54, negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.45 lands near the 3-year figure. The 5-year figure is -0.55, and annualized covariance runs at -628.1 %².
FNGD is close to the least connected end of EVT's tracked universe, ranking #50 of 52. The last year tells two different stories: EVT led by 84.5 percentage points, +28.8% for EVT against -55.7% for FNGD. One caveat on sizing: FNGD is 4.9 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.
EVT vs FNGD: side by side
| EVT (Eaton Vance Tax Advantaged Dividend Income Fund) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | +28.8% | -55.7% |
| 5-year return | +51.3% | -99.4% |
| Volatility (ann.) | 15.3% | 75.7% |
| Beta vs S&P 500 | 0.85 | -4.54 |
| Max drawdown (3Y) | -18.7% | -97.6% |
| Market cap | $2.2B | – |
| P/E (trailing) | 4.5 | 20.6 |
| Dividend yield | 6.80% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | EVT | FNGD |
|---|---|---|
| 2022 | -17.3% | +52.2% |
| 2023 | +5.8% | -90.1% |
| 2024 | +17.4% | -76.6% |
| 2025 | +13.8% | -61.4% |
| 2026 | +20.8% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EVT and FNGD good diversifiers for each other?
Yes: at -0.54, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between EVT and FNGD?
Using weekly returns as of 2026-08-27: -0.54 over 3 years, with -0.45 over the last year and -0.55 over 5 years.
Is FNGD a good diversifier for EVT?
Yes: at -0.54, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.54 mean?
A reading of -0.54 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/evt-vs-fngd.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/evt-vs-fngd/)
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Related comparisons
Hubs: EVT correlations · FNGD correlations
