EXG vs FNGD: Correlation
Measured on weekly returns over the past three years, Eaton Vance Tax-Managed Global Diversified Equity Income (EXG) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) carry a correlation of -0.69, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EXG and FNGD?
On 3 years of weekly data the EXG/FNGD correlation comes out at -0.69, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.65 over 1 year against -0.69 over 3. The 5-year figure is -0.68, and annualized covariance runs at -790.9 %².
Out of 32 assets tracked against EXG, FNGD lands near the bottom at #30. The last year tells two different stories: EXG led by 77.7 percentage points, +22.0% for EXG against -55.7% for FNGD. One caveat on sizing: FNGD is 5.0 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.
EXG vs FNGD: side by side
| EXG (Eaton Vance Tax-Managed Global Diversified Equity Income) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | +22.0% | -55.7% |
| 5-year return | +45.8% | -99.4% |
| Volatility (ann.) | 15.0% | 75.7% |
| Beta vs S&P 500 | 0.91 | -4.54 |
| Max drawdown (3Y) | -15.1% | -97.6% |
| Market cap | – | – |
| P/E (trailing) | 4.5 | 20.6 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | EXG | FNGD |
|---|---|---|
| 2022 | -22.2% | +52.2% |
| 2023 | +11.4% | -90.1% |
| 2024 | +16.1% | -76.6% |
| 2025 | +27.8% | -61.4% |
| 2026 | +10.7% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EXG and FNGD good diversifiers for each other?
Yes. With a correlation of -0.69, EXG and FNGD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between EXG and FNGD?
The EXG/FNGD correlation stands at -0.69 on a 3-year window (1 year: -0.65, 5 years: -0.68), computed from weekly returns as of 2026-08-27.
Is FNGD a good diversifier for EXG?
Yes. With a correlation of -0.69, EXG and FNGD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.69 mean?
A reading of -0.69 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/exg-vs-fngd.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/exg-vs-fngd/)
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Related comparisons
Hubs: EXG correlations · FNGD correlations
