ECX vs ETG: Correlation
Measured on weekly returns over the past three years, ECARX Holdings Inc. - Class A (ECX) and Eaton Vance Tax-Advantaged Global Dividend Income Fund (ETG) carry a correlation of 0.33, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ECX and ETG?
On 3 years of weekly data the ECX/ETG correlation comes out at 0.33, moderate. The past 12 months show a tighter link (0.46) than the 3-year average (0.33). The 5-year figure is 0.22, and annualized covariance runs at 513.0 %².
ETG is one of the assets that tracks ECX most closely: it ranks #2 out of the 12 assets we track against ECX. Their recent paths diverged sharply: over the last 12 months ETG outperformed by 58.3 percentage points (-33.1% for ECX against +25.2% for ETG). One caveat on sizing: ECX is 5.5 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.
ECX vs ETG: side by side
| ECX (ECARX Holdings Inc. - Class A) | ETG (Eaton Vance Tax-Advantaged Global Dividend Income Fund) | |
|---|---|---|
| 1-year return | -33.1% | +25.2% |
| 5-year return | -88.9% | +60.6% |
| Volatility (ann.) | 93.0% | 16.9% |
| Beta vs S&P 500 | 1.61 | 1.04 |
| Max drawdown (3Y) | -82.6% | -17.0% |
| Market cap | $0.4B | $1.9B |
| P/E (trailing) | – | 3.8 |
| Dividend yield | 0.00% | 6.41% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ECX | ETG |
|---|---|---|
| 2022 | -18.1% | -27.6% |
| 2023 | -60.5% | +22.0% |
| 2024 | -33.2% | +15.4% |
| 2025 | -18.5% | +36.9% |
| 2026 | -37.8% | +9.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ECX and ETG good diversifiers for each other?
A fair diversifier. At 0.33, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between ECX and ETG?
As of 2026-08-27, the correlation of weekly returns between ECX and ETG is 0.33 over 3 years, 0.46 over 1 year and 0.22 over 5 years.
Is ETG a good diversifier for ECX?
A fair diversifier. At 0.33, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.33 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/ecx-vs-etg.json
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Related comparisons
Hubs: ECX correlations · ETG correlations
