EOS vs QQQX: Correlation
Eaton Vance Enhance Equity Income Fund II (EOS) and Nuveen NASDAQ 100 Dynamic Overwrite Fund - Closed End Fund (QQQX) show a very strong relationship: their 3-year correlation of weekly returns is 0.87.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EOS and QQQX?
Across a 3-year window, the weekly returns of EOS and QQQX correlate at 0.87, very strong, meaning they move nearly in lockstep. The relationship has been stable: the 1-year correlation (0.87) sits close to the 3-year figure. Stretching to 5 years gives 0.85, with an annualized covariance of 304.4 %².
Among the 34 assets we track against EOS, QQQX ranks #10 by 3-year correlation. The last year tells two different stories: QQQX led by 26.3 percentage points, -1.9% for EOS against +24.4% for QQQX.
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 QQQX: side by side
| EOS (Eaton Vance Enhance Equity Income Fund II) | QQQX (Nuveen NASDAQ 100 Dynamic Overwrite Fund - Closed End Fund) | |
|---|---|---|
| 1-year return | -1.9% | +24.4% |
| 5-year return | +30.9% | +51.0% |
| Volatility (ann.) | 19.2% | 18.1% |
| Beta vs S&P 500 | 1.17 | 1.09 |
| Max drawdown (3Y) | -24.3% | -22.8% |
| Market cap | $1.2B | $1.5B |
| P/E (trailing) | 7.2 | 8.1 |
| Dividend yield | 8.51% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | EOS | QQQX |
|---|---|---|
| 2022 | -26.5% | -27.4% |
| 2023 | +22.6% | +21.7% |
| 2024 | +38.7% | +25.6% |
| 2025 | +5.8% | +14.9% |
| 2026 | -2.2% | +13.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EOS and QQQX good diversifiers for each other?
No. With a correlation of 0.87, EOS and QQQX move nearly in lockstep, so holding both adds very little diversification.
FAQ
What is the correlation between EOS and QQQX?
The EOS/QQQX correlation stands at 0.87 on a 3-year window (1 year: 0.87, 5 years: 0.85), computed from weekly returns as of 2026-08-27.
Is QQQX a good diversifier for EOS?
No. With a correlation of 0.87, EOS and QQQX move nearly in lockstep, so holding both adds very little diversification.
What does a correlation of 0.87 mean?
A reading of 0.87 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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