BOE vs ETO: Correlation
Measured on weekly returns over the past three years, Blackrock Enhanced Global Dividend Trust (BOE) and Eaton Vance Tax-Advantage Global Dividend Opp (ETO) carry a correlation of 0.88, a very strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BOE and ETO?
On 3 years of weekly data the BOE/ETO correlation comes out at 0.88, very strong, meaning they move nearly in lockstep. Recent behaviour matches the longer record: 0.89 over 1 year against 0.88 over 3. The 5-year figure is 0.84, and annualized covariance runs at 202.4 %².
In BOE's tracked universe of 27 assets, ETO sits right near the top at #2. Over the last 12 months ETO came out ahead by 6.7 percentage points (+17.7% 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.
BOE vs ETO: side by side
| BOE (Blackrock Enhanced Global Dividend Trust) | ETO (Eaton Vance Tax-Advantage Global Dividend Opp) | |
|---|---|---|
| 1-year return | +17.7% | +24.4% |
| 5-year return | +46.4% | +43.6% |
| Volatility (ann.) | 13.8% | 16.6% |
| Beta vs S&P 500 | 0.79 | 1.02 |
| Max drawdown (3Y) | -14.5% | -18.2% |
| Market cap | – | $0.5B |
| P/E (trailing) | 6.8 | 3.8 |
| Dividend yield | 7.95% | 6.57% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BOE | ETO |
|---|---|---|
| 2022 | -15.5% | -30.0% |
| 2023 | +12.0% | +21.5% |
| 2024 | +16.8% | +15.5% |
| 2025 | +18.8% | +29.9% |
| 2026 | +12.2% | +9.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BOE and ETO good diversifiers for each other?
Not really. At 0.88, the two trade almost as one position, and owning both buys little extra protection.
FAQ
What is the correlation between BOE and ETO?
The BOE/ETO correlation stands at 0.88 on a 3-year window (1 year: 0.89, 5 years: 0.84), computed from weekly returns as of 2026-08-27.
Is ETO a good diversifier for BOE?
Not really. At 0.88, the two trade almost as one position, and owning both buys little extra protection.
What does a correlation of 0.88 mean?
On the −1 to +1 scale, 0.88 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/boe-vs-eto.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/boe-vs-eto/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: BOE correlations · ETO correlations
