CII vs ETY: Correlation
Measured on weekly returns over the past three years, BlackRock Enhanced Large Cap Core Fund, Inc. (CII) and Eaton Vance Tax-Managed Diversified Equity Income Fund (ETY) carry a correlation of 0.81, a very strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CII and ETY?
Over the past 3 years, CII and ETY moved with a correlation of 0.81, which is very strong, meaning they move nearly in lockstep. The past 12 months show a weaker link (0.71) than the 3-year average (0.81). Over 5 years the correlation is 0.85, and the annualized covariance of weekly returns is 221.9 %².
Among the 12 assets we track against CII, ETY ranks #4 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months CII outperformed by 31.4 percentage points (+31.0% for CII against -0.4% for ETY).
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 ETY: side by side
| CII (BlackRock Enhanced Large Cap Core Fund, Inc.) | ETY (Eaton Vance Tax-Managed Diversified Equity Income Fund) | |
|---|---|---|
| 1-year return | +31.0% | -0.4% |
| 5-year return | +85.9% | +51.2% |
| Volatility (ann.) | 17.7% | 15.4% |
| Beta vs S&P 500 | 0.97 | 0.97 |
| Max drawdown (3Y) | -21.1% | -21.3% |
| Market cap | $1.0B | – |
| P/E (trailing) | 4.8 | 5.2 |
| Dividend yield | 8.38% | 8.24% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CII | ETY |
|---|---|---|
| 2022 | -13.2% | -21.2% |
| 2023 | +18.5% | +21.9% |
| 2024 | +12.7% | +33.1% |
| 2025 | +37.8% | +11.0% |
| 2026 | +11.2% | +0.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CII and ETY good diversifiers for each other?
No: a correlation of 0.81 means CII and ETY tend to fall together, which is precisely when diversification is supposed to help.
FAQ
What is the correlation between CII and ETY?
As of 2026-08-27, the correlation of weekly returns between CII and ETY is 0.81 over 3 years, 0.71 over 1 year and 0.85 over 5 years.
Is ETY a good diversifier for CII?
No: a correlation of 0.81 means CII and ETY tend to fall together, which is precisely when diversification is supposed to help.
What does a correlation of 0.81 mean?
A reading of 0.81 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/cii-vs-ety.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/cii-vs-ety/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: CII correlations · ETY correlations
