EOS vs ETJ: Correlation
Measured on weekly returns over the past three years, Eaton Vance Enhance Equity Income Fund II (EOS) and Eaton Vance Risk-Managed Diversified Equity Income Fund (ETJ) 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 EOS and ETJ?
Across a 3-year window, the weekly returns of EOS and ETJ correlate at 0.86, very strong, meaning they move nearly in lockstep. Recent behaviour matches the longer record: 0.83 over 1 year against 0.86 over 3. Stretching to 5 years gives 0.81, with an annualized covariance of 214.3 %².
By 3-year correlation, ETJ places #11 of the 34 assets tracked against EOS. Over the last 12 months ETJ came out ahead by 5.3 percentage points (-1.9% against +3.4%).
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.
EOS vs ETJ: side by side
| EOS (Eaton Vance Enhance Equity Income Fund II) | ETJ (Eaton Vance Risk-Managed Diversified Equity Income Fund) | |
|---|---|---|
| 1-year return | -1.9% | +3.4% |
| 5-year return | +30.9% | +19.5% |
| Volatility (ann.) | 19.2% | 13.0% |
| Beta vs S&P 500 | 1.17 | 0.71 |
| Max drawdown (3Y) | -24.3% | -15.4% |
| Market cap | $1.2B | $0.6B |
| P/E (trailing) | 7.2 | 11.4 |
| Dividend yield | 8.51% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | EOS | ETJ |
|---|---|---|
| 2022 | -26.5% | -22.7% |
| 2023 | +22.6% | +14.2% |
| 2024 | +38.7% | +29.5% |
| 2025 | +5.8% | +3.5% |
| 2026 | -2.2% | +2.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EOS and ETJ good diversifiers for each other?
No. With a correlation of 0.86, EOS and ETJ move nearly in lockstep, so holding both adds very little diversification.
FAQ
What is the correlation between EOS and ETJ?
The EOS/ETJ correlation stands at 0.86 on a 3-year window (1 year: 0.83, 5 years: 0.81), computed from weekly returns as of 2026-08-27.
Is ETJ a good diversifier for EOS?
No. With a correlation of 0.86, EOS and ETJ move nearly in lockstep, so holding both adds very little diversification.
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/eos-vs-etj.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/eos-vs-etj/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: EOS correlations · ETJ correlations
