ECAT vs ETO: Correlation
How closely do BlackRock ESG Capital Allocation Term Trust (ECAT) and Eaton Vance Tax-Advantage Global Dividend Opp (ETO) trade together? Their weekly returns over three years give a correlation of 0.76, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ECAT and ETO?
Over the past 3 years, ECAT and ETO moved with a correlation of 0.76, which is strong. Recent behaviour matches the longer record: 0.78 over 1 year against 0.76 over 3. Over 5 years the correlation is 0.77, and the annualized covariance of weekly returns is 192.6 %².
Among the 12 assets we track against ECAT, ETO ranks #4 by 3-year correlation. Over the last 12 months ETO came out ahead by 9.7 percentage points (+14.7% against +24.4%).
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.
ECAT vs ETO: side by side
| ECAT (BlackRock ESG Capital Allocation Term Trust) | ETO (Eaton Vance Tax-Advantage Global Dividend Opp) | |
|---|---|---|
| 1-year return | +14.7% | +24.4% |
| 5-year return | +56.8% | +43.6% |
| Volatility (ann.) | 15.2% | 16.6% |
| Beta vs S&P 500 | 0.79 | 1.02 |
| Max drawdown (3Y) | -15.8% | -18.2% |
| Market cap | $1.5B | $0.5B |
| P/E (trailing) | 7.2 | 3.8 |
| Dividend yield | 0.00% | 6.57% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ECAT | ETO |
|---|---|---|
| 2022 | -21.9% | -30.0% |
| 2023 | +32.4% | +21.5% |
| 2024 | +20.0% | +15.5% |
| 2025 | +16.6% | +29.9% |
| 2026 | +15.6% | +9.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ECAT and ETO good diversifiers for each other?
Only partially. A correlation of 0.76 means ECAT and ETO 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 ECAT and ETO?
Using weekly returns as of 2026-08-27: 0.76 over 3 years, with 0.78 over the last year and 0.77 over 5 years.
Is ETO a good diversifier for ECAT?
Only partially. A correlation of 0.76 means ECAT and ETO share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.76 mean?
On the −1 to +1 scale, 0.76 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.
Use this data
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Related comparisons
Hubs: ECAT correlations · ETO correlations
