EOI vs NIE: Correlation
Measured on weekly returns over the past three years, Eaton Vance Enhance Equity Income Fund Eaton Vance Enhanced (EOI) and Virtus Equity & Convertible Income Fund (NIE) carry a correlation of 0.83, a very strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EOI and NIE?
Across a 3-year window, the weekly returns of EOI and NIE correlate at 0.83, very strong, meaning they move nearly in lockstep. The past 12 months show a weaker link (0.69) than the 3-year average (0.83). Stretching to 5 years gives 0.81, with an annualized covariance of 209.5 %².
By 3-year correlation, NIE places #5 of the 19 assets tracked against EOI. The trailing year gives NIE the advantage: +2.2% versus +16.8%, a 14.6-point spread.
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 NIE: side by side
| EOI (Eaton Vance Enhance Equity Income Fund Eaton Vance Enhanced) | NIE (Virtus Equity & Convertible Income Fund) | |
|---|---|---|
| 1-year return | +2.2% | +16.8% |
| 5-year return | +55.4% | +55.1% |
| Volatility (ann.) | 17.0% | 14.9% |
| Beta vs S&P 500 | 0.96 | 0.92 |
| Max drawdown (3Y) | -23.2% | -20.8% |
| Market cap | $0.8B | $0.7B |
| P/E (trailing) | 8.5 | 6.3 |
| Dividend yield | 8.03% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | EOI | NIE |
|---|---|---|
| 2022 | -19.7% | -26.7% |
| 2023 | +20.7% | +26.7% |
| 2024 | +35.8% | +28.6% |
| 2025 | +7.2% | +12.2% |
| 2026 | +3.4% | +9.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EOI and NIE good diversifiers for each other?
Not really. At 0.83, the two trade almost as one position, and owning both buys little extra protection.
FAQ
What is the correlation between EOI and NIE?
Using weekly returns as of 2026-08-27: 0.83 over 3 years, with 0.69 over the last year and 0.81 over 5 years.
Is NIE a good diversifier for EOI?
Not really. At 0.83, the two trade almost as one position, and owning both buys little extra protection.
What does a correlation of 0.83 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-nie.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/eoi-vs-nie/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: EOI correlations · NIE correlations
