EVTL vs FNGD: Correlation
Vertical Aerospace Ltd. (EVTL) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) show a negative relationship: their 3-year correlation of weekly returns is -0.27.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EVTL and FNGD?
Across a 3-year window, the weekly returns of EVTL and FNGD correlate at -0.27, negative, meaning they tend to move in opposite directions. The past 12 months show a weaker link (-0.49) than the 3-year average (-0.27). Stretching to 5 years gives -0.15, with an annualized covariance of -2762.4 %².
FNGD is close to the least connected end of EVTL's tracked universe, ranking #13 of 13. Their recent paths diverged sharply: over the last 12 months FNGD outperformed by 29.4 percentage points (-85.1% for EVTL against -55.7% for FNGD). One caveat on sizing: EVTL is 1.8 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.
EVTL vs FNGD: side by side
| EVTL (Vertical Aerospace Ltd.) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | -85.1% | -55.7% |
| 5-year return | -99.2% | -99.4% |
| Volatility (ann.) | 135.6% | 75.7% |
| Beta vs S&P 500 | 3.07 | -4.54 |
| Max drawdown (3Y) | -95.9% | -97.6% |
| Market cap | $0.1B | – |
| P/E (trailing) | – | 20.6 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | EVTL | FNGD |
|---|---|---|
| 2022 | -49.6% | +52.2% |
| 2023 | -79.7% | -90.1% |
| 2024 | +82.8% | -76.6% |
| 2025 | -57.6% | -61.4% |
| 2026 | -86.1% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EVTL and FNGD good diversifiers for each other?
Yes. With a correlation of -0.27, EVTL and FNGD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between EVTL and FNGD?
Using weekly returns as of 2026-08-27: -0.27 over 3 years, with -0.49 over the last year and -0.15 over 5 years.
Is FNGD a good diversifier for EVTL?
Yes. With a correlation of -0.27, EVTL and FNGD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.27 mean?
A reading of -0.27 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/evtl-vs-fngd.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/evtl-vs-fngd/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: EVTL correlations · FNGD correlations
