EVV vs FNGD: Correlation
Measured on weekly returns over the past three years, Eaton Vance Limited Duration Income Fund (EVV) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) carry a correlation of -0.43, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EVV and FNGD?
Over the past 3 years, EVV and FNGD moved with a correlation of -0.43, which is negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.40 lands near the 3-year figure. Over 5 years the correlation is -0.40, and the annualized covariance of weekly returns is -330.6 %².
Out of 23 assets tracked against EVV, FNGD lands near the bottom at #21. Their recent paths diverged sharply: over the last 12 months EVV outperformed by 52.2 percentage points (-3.5% for EVV against -55.7% for FNGD). Risk is not evenly split, since FNGD carries 7.4 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.
EVV vs FNGD: side by side
| EVV (Eaton Vance Limited Duration Income Fund) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | -3.5% | -55.7% |
| 5-year return | +11.4% | -99.4% |
| Volatility (ann.) | 10.2% | 75.7% |
| Beta vs S&P 500 | 0.41 | -4.54 |
| Max drawdown (3Y) | -9.5% | -97.6% |
| Market cap | – | – |
| P/E (trailing) | 14.7 | 20.6 |
| Dividend yield | 9.65% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | EVV | FNGD |
|---|---|---|
| 2022 | -19.9% | +52.2% |
| 2023 | +13.3% | -90.1% |
| 2024 | +12.2% | -76.6% |
| 2025 | +10.7% | -61.4% |
| 2026 | -2.5% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EVV and FNGD good diversifiers for each other?
By historical standards, yes. A correlation of -0.43 means the two rarely move for the same reasons.
FAQ
What is the correlation between EVV and FNGD?
Using weekly returns as of 2026-08-27: -0.43 over 3 years, with -0.40 over the last year and -0.40 over 5 years.
Is FNGD a good diversifier for EVV?
By historical standards, yes. A correlation of -0.43 means the two rarely move for the same reasons.
What does a correlation of -0.43 mean?
A reading of -0.43 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/evv-vs-fngd.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/evv-vs-fngd/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: EVV correlations · FNGD correlations
