CII vs ETB: Correlation
How closely do BlackRock Enhanced Large Cap Core Fund, Inc. (CII) and Eaton Vance Tax-Managed Buy-Write Income Fund Eaton Vance (ETB) trade together? Their weekly returns over three years give a correlation of 0.83, which is very strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CII and ETB?
On 3 years of weekly data the CII/ETB correlation comes out at 0.83, very strong, meaning they move nearly in lockstep. Lately the two have drifted apart, with the 1-year correlation at 0.67 versus 0.83 over 3 years. The 5-year figure is 0.75, and annualized covariance runs at 204.2 %².
Few assets follow CII as closely as ETB, which ranks #2 of 12 tracked partners. The last year tells two different stories: CII led by 16.8 percentage points, +31.0% for CII against +14.2% for ETB.
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.
CII vs ETB: side by side
| CII (BlackRock Enhanced Large Cap Core Fund, Inc.) | ETB (Eaton Vance Tax-Managed Buy-Write Income Fund Eaton Vance) | |
|---|---|---|
| 1-year return | +31.0% | +14.2% |
| 5-year return | +85.9% | +44.4% |
| Volatility (ann.) | 17.7% | 13.9% |
| Beta vs S&P 500 | 0.97 | 0.83 |
| Max drawdown (3Y) | -21.1% | -20.1% |
| Market cap | $1.0B | $0.5B |
| P/E (trailing) | 4.8 | 7.7 |
| Dividend yield | 8.38% | 8.13% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CII | ETB |
|---|---|---|
| 2022 | -13.2% | -16.6% |
| 2023 | +18.5% | +7.5% |
| 2024 | +12.7% | +26.2% |
| 2025 | +37.8% | +11.2% |
| 2026 | +11.2% | +8.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CII and ETB good diversifiers for each other?
No. With a correlation of 0.83, CII and ETB move nearly in lockstep, so holding both adds very little diversification.
FAQ
What is the correlation between CII and ETB?
As of 2026-08-27, the correlation of weekly returns between CII and ETB is 0.83 over 3 years, 0.67 over 1 year and 0.75 over 5 years.
Is ETB a good diversifier for CII?
No. With a correlation of 0.83, CII and ETB move nearly in lockstep, so holding both adds very little diversification.
What does a correlation of 0.83 mean?
On the −1 to +1 scale, 0.83 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.
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Related comparisons
Hubs: CII correlations · ETB correlations
