BOE vs GDL: Correlation
Measured on weekly returns over the past three years, Blackrock Enhanced Global Dividend Trust (BOE) and GDL Fund, The (GDL) carry a correlation of 0.58, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BOE and GDL?
Across a 3-year window, the weekly returns of BOE and GDL correlate at 0.58, moderate. Lately the two have drifted apart, with the 1-year correlation at 0.36 versus 0.58 over 3 years. Stretching to 5 years gives 0.51, with an annualized covariance of 47.8 %².
Within BOE's tracked universe of 27 assets, GDL comes in at #20 by 3-year correlation. Over the last 12 months BOE came out ahead by 13.3 percentage points (+17.7% against +4.4%). Risk is not evenly split, since BOE carries 2.3 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.
BOE vs GDL: side by side
| BOE (Blackrock Enhanced Global Dividend Trust) | GDL (GDL Fund, The) | |
|---|---|---|
| 1-year return | +17.7% | +4.4% |
| 5-year return | +46.4% | +23.0% |
| Volatility (ann.) | 13.8% | 6.0% |
| Beta vs S&P 500 | 0.79 | 0.20 |
| Max drawdown (3Y) | -14.5% | -6.0% |
| Market cap | – | – |
| P/E (trailing) | 6.8 | 12.0 |
| Dividend yield | 7.95% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BOE | GDL |
|---|---|---|
| 2022 | -15.5% | -6.9% |
| 2023 | +12.0% | +9.0% |
| 2024 | +16.8% | +5.9% |
| 2025 | +18.8% | +11.8% |
| 2026 | +12.2% | +1.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BOE and GDL good diversifiers for each other?
Only partially. A correlation of 0.58 means BOE and GDL 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 BOE and GDL?
The BOE/GDL correlation stands at 0.58 on a 3-year window (1 year: 0.36, 5 years: 0.51), computed from weekly returns as of 2026-08-27.
Is GDL a good diversifier for BOE?
Only partially. A correlation of 0.58 means BOE and GDL share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.58 mean?
On the −1 to +1 scale, 0.58 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-gdl.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/boe-vs-gdl/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: BOE correlations · GDL correlations
