EOS vs ETY: Correlation
Measured on weekly returns over the past three years, Eaton Vance Enhance Equity Income Fund II (EOS) and Eaton Vance Tax-Managed Diversified Equity Income Fund (ETY) carry a correlation of 0.90, a very strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EOS and ETY?
On 3 years of weekly data the EOS/ETY correlation comes out at 0.90, very strong, meaning they move nearly in lockstep. Recent behaviour matches the longer record: 0.89 over 1 year against 0.90 over 3. The 5-year figure is 0.88, and annualized covariance runs at 266.1 %².
In EOS's tracked universe of 34 assets, ETY sits right near the top at #1. Twelve-month performance is nearly a tie, at -1.9% for EOS and -0.4% for ETY.
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 ETY: side by side
| EOS (Eaton Vance Enhance Equity Income Fund II) | ETY (Eaton Vance Tax-Managed Diversified Equity Income Fund) | |
|---|---|---|
| 1-year return | -1.9% | -0.4% |
| 5-year return | +30.9% | +51.2% |
| Volatility (ann.) | 19.2% | 15.4% |
| Beta vs S&P 500 | 1.17 | 0.97 |
| Max drawdown (3Y) | -24.3% | -21.3% |
| Market cap | $1.2B | – |
| P/E (trailing) | 7.2 | 5.2 |
| Dividend yield | 8.51% | 8.24% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | EOS | ETY |
|---|---|---|
| 2022 | -26.5% | -21.2% |
| 2023 | +22.6% | +21.9% |
| 2024 | +38.7% | +33.1% |
| 2025 | +5.8% | +11.0% |
| 2026 | -2.2% | +0.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EOS and ETY good diversifiers for each other?
No. With a correlation of 0.90, EOS and ETY move nearly in lockstep, so holding both adds very little diversification.
FAQ
What is the correlation between EOS and ETY?
The EOS/ETY correlation stands at 0.90 on a 3-year window (1 year: 0.89, 5 years: 0.88), computed from weekly returns as of 2026-08-27.
Is ETY a good diversifier for EOS?
No. With a correlation of 0.90, EOS and ETY move nearly in lockstep, so holding both adds very little diversification.
What does a correlation of 0.90 mean?
On the −1 to +1 scale, 0.90 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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/eos-vs-ety.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/eos-vs-ety/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: EOS correlations · ETY correlations
