EIM vs SPY: Correlation
Measured on weekly returns over the past three years, Eaton Vance Municipal Bond Fund (EIM) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.34, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EIM and SPY?
Across a 3-year window, the weekly returns of EIM and SPY correlate at 0.34, moderate. The past 12 months show a tighter link (0.49) than the 3-year average (0.34). Stretching to 5 years gives 0.46, with an annualized covariance of 52.7 %².
SPY is close to the least connected end of EIM's tracked universe, ranking #7 of 11. Their recent paths diverged sharply: over the last 12 months SPY outperformed by 15.7 percentage points (+4.9% for EIM against +20.6% for SPY).
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.
EIM vs SPY: side by side
| EIM (Eaton Vance Municipal Bond Fund) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +4.9% | +20.6% |
| 5-year return | -9.2% | +82.4% |
| Volatility (ann.) | 10.8% | 14.5% |
| Beta vs S&P 500 | 0.25 | 1.00 |
| Max drawdown (3Y) | -11.6% | -18.8% |
| Market cap | $0.5B | – |
| P/E (trailing) | 42.0 | – |
| Dividend yield | 6.30% | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | US Listed | ETF · US Large Cap |
SPY is a Large Blend fund from State Street Investment Management: $795.3B under management, 504 holdings, a 0.09% expense ratio, a 1.01% trailing dividend yield.
Year-by-year returns
| Year | EIM | SPY |
|---|---|---|
| 2022 | -19.8% | -18.2% |
| 2023 | +1.6% | +26.2% |
| 2024 | +8.2% | +24.9% |
| 2025 | -0.1% | +17.7% |
| 2026 | +3.6% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EIM and SPY good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.34 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between EIM and SPY?
The EIM/SPY correlation stands at 0.34 on a 3-year window (1 year: 0.49, 5 years: 0.46), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for EIM?
Yes, to a useful degree: a correlation of 0.34 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.34 mean?
On the −1 to +1 scale, 0.34 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.
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Related comparisons
Hubs: EIM correlations · SPY correlations
