CEV vs DFDV: Correlation
Measured on weekly returns over the past three years, Eaton Vance California Municipal Income Trust Shares of (CEV) and DeFi Development Corp. (DFDV) carry a correlation of -0.27, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CEV and DFDV?
Over the past 3 years, CEV and DFDV moved with a correlation of -0.27, which is negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at 0.20 versus -0.27 over 3 years. Over 5 years the correlation is n/a, and the annualized covariance of weekly returns is -2039.4 %².
Among the 12 assets we track against CEV, DFDV sits near the bottom by co-movement, at rank #10. Their recent paths diverged sharply: over the last 12 months CEV outperformed by 84.4 percentage points (+19.0% for CEV against -65.4% for DFDV). One caveat on sizing: DFDV is 63.6 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
CEV vs DFDV: side by side
| CEV (Eaton Vance California Municipal Income Trust Shares of) | DFDV (DeFi Development Corp.) | |
|---|---|---|
| 1-year return | +19.0% | -65.4% |
| 5-year return | -1.8% | n/a |
| Volatility (ann.) | 10.9% | 693.3% |
| Beta vs S&P 500 | 0.23 | 12.24 |
| Max drawdown (3Y) | -12.4% | -94.2% |
| Market cap | $0.1B | $0.2B |
| P/E (trailing) | 10.2 | – |
| Dividend yield | 5.54% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CEV | DFDV |
|---|---|---|
| 2022 | -22.7% | – |
| 2023 | +8.2% | – |
| 2024 | +2.3% | -41.1% |
| 2025 | +6.2% | +628.1% |
| 2026 | +10.2% | +4.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CEV and DFDV good diversifiers for each other?
Yes. With a correlation of -0.27, CEV and DFDV have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between CEV and DFDV?
Using weekly returns as of 2026-08-27: -0.27 over 3 years, with 0.20 over the last year and n/a over 5 years.
Is DFDV a good diversifier for CEV?
Yes. With a correlation of -0.27, CEV and DFDV have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.27 mean?
On the −1 to +1 scale, -0.27 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/cev-vs-dfdv.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/cev-vs-dfdv/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: CEV correlations · DFDV correlations
