CRF vs ETB: Correlation
Cornerstone Total Return Fund, Inc. (The) (CRF) and Eaton Vance Tax-Managed Buy-Write Income Fund Eaton Vance (ETB) show a strong relationship: their 3-year correlation of weekly returns is 0.67.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CRF and ETB?
On 3 years of weekly data the CRF/ETB correlation comes out at 0.67, strong. Little has changed lately, as the 1-year reading of 0.58 lands near the 3-year figure. The 5-year figure is 0.49, and annualized covariance runs at 199.7 %².
In CRF's tracked universe of 12 assets, ETB sits right near the top at #3. Their recent paths diverged sharply: over the last 12 months ETB outperformed by 15.9 percentage points (-1.7% for CRF against +14.2% for ETB). One caveat on sizing: CRF is 1.5 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.
CRF vs ETB: side by side
| CRF (Cornerstone Total Return Fund, Inc. (The)) | ETB (Eaton Vance Tax-Managed Buy-Write Income Fund Eaton Vance) | |
|---|---|---|
| 1-year return | -1.7% | +14.2% |
| 5-year return | +29.2% | +44.4% |
| Volatility (ann.) | 21.5% | 13.9% |
| Beta vs S&P 500 | 0.91 | 0.83 |
| Max drawdown (3Y) | -29.6% | -20.1% |
| Market cap | $1.1B | $0.5B |
| P/E (trailing) | 6.3 | 7.7 |
| Dividend yield | 21.80% | 8.13% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CRF | ETB |
|---|---|---|
| 2022 | -36.7% | -16.6% |
| 2023 | +19.4% | +7.5% |
| 2024 | +44.5% | +26.2% |
| 2025 | +12.5% | +11.2% |
| 2026 | -9.2% | +8.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CRF and ETB good diversifiers for each other?
Only partially. A correlation of 0.67 means CRF and ETB 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 CRF and ETB?
Using weekly returns as of 2026-08-27: 0.67 over 3 years, with 0.58 over the last year and 0.49 over 5 years.
Is ETB a good diversifier for CRF?
Only partially. A correlation of 0.67 means CRF and ETB share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.67 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
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Related comparisons
Hubs: CRF correlations · ETB correlations
