EOI vs SPY: Correlation
Eaton Vance Enhance Equity Income Fund Eaton Vance Enhanced (EOI) and SPDR S&P 500 ETF Trust (SPY) show a very strong relationship: their 3-year correlation of weekly returns is 0.82.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EOI and SPY?
On 3 years of weekly data the EOI/SPY correlation comes out at 0.82, very strong, meaning they move nearly in lockstep. Little has changed lately, as the 1-year reading of 0.81 lands near the 3-year figure. The 5-year figure is 0.83, and annualized covariance runs at 201.4 %².
Among the 19 assets we track against EOI, SPY ranks #6 by 3-year correlation. Correlation aside, the last 12 months split them widely, with SPY ahead by 18.4 points (+2.2% versus +20.6%).
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 SPY: side by side
| EOI (Eaton Vance Enhance Equity Income Fund Eaton Vance Enhanced) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +2.2% | +20.6% |
| 5-year return | +55.4% | +82.4% |
| Volatility (ann.) | 17.0% | 14.5% |
| Beta vs S&P 500 | 0.96 | 1.00 |
| Max drawdown (3Y) | -23.2% | -18.8% |
| Market cap | $0.8B | – |
| P/E (trailing) | 8.5 | – |
| Dividend yield | 8.03% | 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 | EOI | SPY |
|---|---|---|
| 2022 | -19.7% | -18.2% |
| 2023 | +20.7% | +26.2% |
| 2024 | +35.8% | +24.9% |
| 2025 | +7.2% | +17.7% |
| 2026 | +3.4% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EOI and SPY good diversifiers for each other?
No: a correlation of 0.82 means EOI and SPY tend to fall together, which is precisely when diversification is supposed to help.
FAQ
What is the correlation between EOI and SPY?
Using weekly returns as of 2026-08-27: 0.82 over 3 years, with 0.81 over the last year and 0.83 over 5 years.
Is SPY a good diversifier for EOI?
No: a correlation of 0.82 means EOI and SPY tend to fall together, which is precisely when diversification is supposed to help.
What does a correlation of 0.82 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.
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Related comparisons
Hubs: EOI correlations · SPY correlations
