AAPL vs ETB: Correlation
How closely do Apple Inc. (AAPL) and Eaton Vance Tax-Managed Buy-Write Income Fund Eaton Vance (ETB) trade together? Their weekly returns over three years give a correlation of 0.52, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AAPL and ETB?
On 3 years of weekly data the AAPL/ETB correlation comes out at 0.52, moderate. The link has loosened recently: the 1-year correlation (0.34) runs below the 3-year figure (0.52). The 5-year figure is 0.53, and annualized covariance runs at 196.9 %².
Among the 32 assets we track against AAPL, ETB ranks #11 by 3-year correlation. Correlation aside, the last 12 months split them widely, with AAPL ahead by 22.8 points (+37.0% versus +14.2%). Note the risk asymmetry: AAPL runs 2.0 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
AAPL vs ETB: side by side
| AAPL (Apple Inc.) | ETB (Eaton Vance Tax-Managed Buy-Write Income Fund Eaton Vance) | |
|---|---|---|
| 1-year return | +37.0% | +14.2% |
| 5-year return | +110.6% | +44.4% |
| Volatility (ann.) | 27.2% | 13.9% |
| Beta vs S&P 500 | 1.06 | 0.83 |
| Max drawdown (3Y) | -33.4% | -20.1% |
| Market cap | $4,591.0B | $0.5B |
| P/E (trailing) | 36.1 | 7.7 |
| Dividend yield | 0.33% | 8.13% |
| Sector / category | Information Technology | US Listed |
Year-by-year returns
| Year | AAPL | ETB |
|---|---|---|
| 2022 | -26.4% | -16.6% |
| 2023 | +49.0% | +7.5% |
| 2024 | +30.7% | +26.2% |
| 2025 | +9.1% | +11.2% |
| 2026 | +16.0% | +8.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AAPL and ETB good diversifiers for each other?
Somewhat, no more. With 0.52 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between AAPL and ETB?
The AAPL/ETB correlation stands at 0.52 on a 3-year window (1 year: 0.34, 5 years: 0.53), computed from weekly returns as of 2026-08-27.
Is ETB a good diversifier for AAPL?
Somewhat, no more. With 0.52 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.52 mean?
A reading of 0.52 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: AAPL correlations · ETB correlations
