EOS vs ETB: Correlation
Measured on weekly returns over the past three years, Eaton Vance Enhance Equity Income Fund II (EOS) and Eaton Vance Tax-Managed Buy-Write Income Fund Eaton Vance (ETB) carry a correlation of 0.88, a very strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EOS and ETB?
On 3 years of weekly data the EOS/ETB correlation comes out at 0.88, very strong, meaning they move nearly in lockstep. The relationship has been stable: the 1-year correlation (0.85) sits close to the 3-year figure. The 5-year figure is 0.74, and annualized covariance runs at 233.7 %².
Within EOS's tracked universe of 34 assets, ETB comes in at #4 by 3-year correlation. Correlation aside, the last 12 months split them widely, with ETB ahead by 16.1 points (-1.9% versus +14.2%).
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.
EOS vs ETB: side by side
| EOS (Eaton Vance Enhance Equity Income Fund II) | ETB (Eaton Vance Tax-Managed Buy-Write Income Fund Eaton Vance) | |
|---|---|---|
| 1-year return | -1.9% | +14.2% |
| 5-year return | +30.9% | +44.4% |
| Volatility (ann.) | 19.2% | 13.9% |
| Beta vs S&P 500 | 1.17 | 0.83 |
| Max drawdown (3Y) | -24.3% | -20.1% |
| Market cap | $1.2B | $0.5B |
| P/E (trailing) | 7.2 | 7.7 |
| Dividend yield | 8.51% | 8.13% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | EOS | ETB |
|---|---|---|
| 2022 | -26.5% | -16.6% |
| 2023 | +22.6% | +7.5% |
| 2024 | +38.7% | +26.2% |
| 2025 | +5.8% | +11.2% |
| 2026 | -2.2% | +8.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EOS and ETB good diversifiers for each other?
No. With a correlation of 0.88, EOS and ETB move nearly in lockstep, so holding both adds very little diversification.
FAQ
What is the correlation between EOS and ETB?
Using weekly returns as of 2026-08-27: 0.88 over 3 years, with 0.85 over the last year and 0.74 over 5 years.
Is ETB a good diversifier for EOS?
No. With a correlation of 0.88, EOS and ETB move nearly in lockstep, so holding both adds very little diversification.
What does a correlation of 0.88 mean?
On the −1 to +1 scale, 0.88 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: EOS correlations · ETB correlations
