CODA vs ETB: Correlation
Measured on weekly returns over the past three years, Coda Octopus Group, Inc. (CODA) and Eaton Vance Tax-Managed Buy-Write Income Fund Eaton Vance (ETB) carry a correlation of 0.32, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CODA and ETB?
Over the past 3 years, CODA and ETB moved with a correlation of 0.32, which is moderate. Little has changed lately, as the 1-year reading of 0.33 lands near the 3-year figure. Over 5 years the correlation is 0.24, and the annualized covariance of weekly returns is 187.8 %².
Few assets follow CODA as closely as ETB, which ranks #2 of 10 tracked partners. The last year tells two different stories: CODA led by 21.8 percentage points, +36.0% for CODA against +14.2% for ETB. Risk is not evenly split, since CODA carries 3.1 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.
CODA vs ETB: side by side
| CODA (Coda Octopus Group, Inc.) | ETB (Eaton Vance Tax-Managed Buy-Write Income Fund Eaton Vance) | |
|---|---|---|
| 1-year return | +36.0% | +14.2% |
| 5-year return | +13.9% | +44.4% |
| Volatility (ann.) | 42.9% | 13.9% |
| Beta vs S&P 500 | 0.67 | 0.83 |
| Max drawdown (3Y) | -44.9% | -20.1% |
| Market cap | $0.1B | $0.5B |
| P/E (trailing) | 23.2 | 7.7 |
| Dividend yield | 0.00% | 8.13% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CODA | ETB |
|---|---|---|
| 2022 | -14.2% | -16.6% |
| 2023 | -12.2% | +7.5% |
| 2024 | +30.1% | +26.2% |
| 2025 | +18.8% | +11.2% |
| 2026 | +12.2% | +8.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CODA and ETB good diversifiers for each other?
Reasonably. At 0.32, CODA and ETB keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between CODA and ETB?
Using weekly returns as of 2026-08-27: 0.32 over 3 years, with 0.33 over the last year and 0.24 over 5 years.
Is ETB a good diversifier for CODA?
Reasonably. At 0.32, CODA and ETB keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.32 mean?
A reading of 0.32 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: CODA correlations · ETB correlations
