EOI vs ETY: Correlation
Measured on weekly returns over the past three years, Eaton Vance Enhance Equity Income Fund Eaton Vance Enhanced (EOI) and Eaton Vance Tax-Managed Diversified Equity Income Fund (ETY) carry a correlation of 0.86, a very strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EOI and ETY?
Across a 3-year window, the weekly returns of EOI and ETY correlate at 0.86, very strong, meaning they move nearly in lockstep. Recent behaviour matches the longer record: 0.84 over 1 year against 0.86 over 3. Stretching to 5 years gives 0.85, with an annualized covariance of 225.0 %².
ETY is one of the assets that tracks EOI most closely: it ranks #3 out of the 19 assets we track against EOI. Neither side won the trailing year by much: +2.2% against -0.4%.
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.
EOI vs ETY: side by side
| EOI (Eaton Vance Enhance Equity Income Fund Eaton Vance Enhanced) | ETY (Eaton Vance Tax-Managed Diversified Equity Income Fund) | |
|---|---|---|
| 1-year return | +2.2% | -0.4% |
| 5-year return | +55.4% | +51.2% |
| Volatility (ann.) | 17.0% | 15.4% |
| Beta vs S&P 500 | 0.96 | 0.97 |
| Max drawdown (3Y) | -23.2% | -21.3% |
| Market cap | $0.8B | – |
| P/E (trailing) | 8.5 | 5.2 |
| Dividend yield | 8.03% | 8.24% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | EOI | ETY |
|---|---|---|
| 2022 | -19.7% | -21.2% |
| 2023 | +20.7% | +21.9% |
| 2024 | +35.8% | +33.1% |
| 2025 | +7.2% | +11.0% |
| 2026 | +3.4% | +0.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EOI and ETY good diversifiers for each other?
Not really. At 0.86, the two trade almost as one position, and owning both buys little extra protection.
FAQ
What is the correlation between EOI and ETY?
Using weekly returns as of 2026-08-27: 0.86 over 3 years, with 0.84 over the last year and 0.85 over 5 years.
Is ETY a good diversifier for EOI?
Not really. At 0.86, the two trade almost as one position, and owning both buys little extra protection.
What does a correlation of 0.86 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/eoi-vs-ety.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/eoi-vs-ety/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: EOI correlations · ETY correlations
