DXCM vs ETO: Correlation
Measured on weekly returns over the past three years, Dexcom (DXCM) and Eaton Vance Tax-Advantage Global Dividend Opp (ETO) carry a correlation of 0.36, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DXCM and ETO?
On 3 years of weekly data the DXCM/ETO correlation comes out at 0.36, moderate. Little has changed lately, as the 1-year reading of 0.34 lands near the 3-year figure. The 5-year figure is 0.40, and annualized covariance runs at 277.5 %².
Among the 28 assets we track against DXCM, ETO ranks #9 by 3-year correlation. The trailing year gives ETO the advantage: +16.9% versus +24.4%, a 7.5-point spread. Note the risk asymmetry: DXCM runs 2.8 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
DXCM vs ETO: side by side
| DXCM (Dexcom) | ETO (Eaton Vance Tax-Advantage Global Dividend Opp) | |
|---|---|---|
| 1-year return | +16.9% | +24.4% |
| 5-year return | -31.5% | +43.6% |
| Volatility (ann.) | 46.7% | 16.6% |
| Beta vs S&P 500 | 1.02 | 1.02 |
| Max drawdown (3Y) | -61.0% | -18.2% |
| Market cap | $33.7B | $0.5B |
| P/E (trailing) | 35.2 | 3.8 |
| Dividend yield | 0.00% | 6.57% |
| Sector / category | Health Care | US Listed |
Year-by-year returns
| Year | DXCM | ETO |
|---|---|---|
| 2022 | -15.6% | -30.0% |
| 2023 | +9.6% | +21.5% |
| 2024 | -37.3% | +15.5% |
| 2025 | -14.7% | +29.9% |
| 2026 | +34.5% | +9.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DXCM and ETO good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.36 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between DXCM and ETO?
The DXCM/ETO correlation stands at 0.36 on a 3-year window (1 year: 0.34, 5 years: 0.40), computed from weekly returns as of 2026-08-27.
Is ETO a good diversifier for DXCM?
Yes, to a useful degree: a correlation of 0.36 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.36 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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/dxcm-vs-eto.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/dxcm-vs-eto/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: DXCM correlations · ETO correlations
