CDNS vs EOS: Correlation
How closely do Cadence Design Systems (CDNS) and Eaton Vance Enhance Equity Income Fund II (EOS) trade together? Their weekly returns over three years give a correlation of 0.60, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CDNS and EOS?
Across a 3-year window, the weekly returns of CDNS and EOS correlate at 0.60, strong. The link has loosened recently: the 1-year correlation (0.44) runs below the 3-year figure (0.60). Stretching to 5 years gives 0.64, with an annualized covariance of 413.9 %².
Within CDNS's tracked universe of 34 assets, EOS comes in at #11 by 3-year correlation. Neither side won the trailing year by much: +0.2% against -1.9%. Note the risk asymmetry: CDNS runs 1.9 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.
CDNS vs EOS: side by side
| CDNS (Cadence Design Systems) | EOS (Eaton Vance Enhance Equity Income Fund II) | |
|---|---|---|
| 1-year return | +0.2% | -1.9% |
| 5-year return | +112.1% | +30.9% |
| Volatility (ann.) | 35.8% | 19.2% |
| Beta vs S&P 500 | 1.45 | 1.17 |
| Max drawdown (3Y) | -29.1% | -24.3% |
| Market cap | $95.7B | $1.2B |
| P/E (trailing) | 66.7 | 7.2 |
| Dividend yield | 0.00% | 8.51% |
| Sector / category | Information Technology | US Listed |
Year-by-year returns
| Year | CDNS | EOS |
|---|---|---|
| 2022 | -13.8% | -26.5% |
| 2023 | +69.6% | +22.6% |
| 2024 | +10.3% | +38.7% |
| 2025 | +4.0% | +5.8% |
| 2026 | +11.2% | -2.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CDNS and EOS good diversifiers for each other?
Only partially. A correlation of 0.60 means CDNS and EOS 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 CDNS and EOS?
Using weekly returns as of 2026-08-27: 0.60 over 3 years, with 0.44 over the last year and 0.64 over 5 years.
Is EOS a good diversifier for CDNS?
Only partially. A correlation of 0.60 means CDNS and EOS share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.60 mean?
A reading of 0.60 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/cdns-vs-eos.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/cdns-vs-eos/)
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Related comparisons
Hubs: CDNS correlations · EOS correlations
