BCAT vs ETO: Correlation
How closely do BlackRock Capital Allocation Term Trust (BCAT) and Eaton Vance Tax-Advantage Global Dividend Opp (ETO) trade together? Their weekly returns over three years give a correlation of 0.69, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BCAT and ETO?
On 3 years of weekly data the BCAT/ETO correlation comes out at 0.69, strong. The relationship has been stable: the 1-year correlation (0.71) sits close to the 3-year figure. The 5-year figure is 0.67, and annualized covariance runs at 149.4 %².
ETO is one of the assets that tracks BCAT most closely: it ranks #3 out of the 11 assets we track against BCAT. On 12-month performance BCAT holds a 7.8-point edge, +32.2% against +24.4%.
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.
BCAT vs ETO: side by side
| BCAT (BlackRock Capital Allocation Term Trust) | ETO (Eaton Vance Tax-Advantage Global Dividend Opp) | |
|---|---|---|
| 1-year return | +32.2% | +24.4% |
| 5-year return | +49.6% | +43.6% |
| Volatility (ann.) | 13.1% | 16.6% |
| Beta vs S&P 500 | 0.60 | 1.02 |
| Max drawdown (3Y) | -13.7% | -18.2% |
| Market cap | $1.7B | $0.5B |
| P/E (trailing) | 7.5 | 3.8 |
| Dividend yield | 0.00% | 6.57% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BCAT | ETO |
|---|---|---|
| 2022 | -22.6% | -30.0% |
| 2023 | +19.3% | +21.5% |
| 2024 | +19.4% | +15.5% |
| 2025 | +16.8% | +29.9% |
| 2026 | +28.4% | +9.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BCAT and ETO good diversifiers for each other?
Only partially. A correlation of 0.69 means BCAT and ETO share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between BCAT and ETO?
As of 2026-08-27, the correlation of weekly returns between BCAT and ETO is 0.69 over 3 years, 0.71 over 1 year and 0.67 over 5 years.
Is ETO a good diversifier for BCAT?
Only partially. A correlation of 0.69 means BCAT and ETO share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
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/bcat-vs-eto.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/bcat-vs-eto/)
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Related comparisons
Hubs: BCAT correlations · ETO correlations
