EOS vs SPYG: Correlation
Measured on weekly returns over the past three years, Eaton Vance Enhance Equity Income Fund II (EOS) and SPDR Portfolio S&P 500 Growth ETF (SPYG) 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 SPYG?
On 3 years of weekly data the EOS/SPYG correlation comes out at 0.88, very strong, meaning they move nearly in lockstep. The relationship has been stable: the 1-year correlation (0.86) sits close to the 3-year figure. The 5-year figure is 0.90, and annualized covariance runs at 320.8 %².
Among the 34 assets we track against EOS, SPYG ranks #7 by 3-year correlation. Correlation aside, the last 12 months split them widely, with SPYG ahead by 24.3 points (-1.9% versus +22.4%).
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 SPYG: side by side
| EOS (Eaton Vance Enhance Equity Income Fund II) | SPYG (SPDR Portfolio S&P 500 Growth ETF) | |
|---|---|---|
| 1-year return | -1.9% | +22.4% |
| 5-year return | +30.9% | +85.9% |
| Volatility (ann.) | 19.2% | 18.9% |
| Beta vs S&P 500 | 1.17 | 1.25 |
| Max drawdown (3Y) | -24.3% | -22.1% |
| Market cap | $1.2B | – |
| P/E (trailing) | 7.2 | – |
| Dividend yield | 8.51% | 0.49% |
| Expense ratio | – | 0.04% |
| Assets under management | – | $52.2B |
| Sector / category | US Listed | ETF · US Style |
SPYG is a Large Growth fund from State Street Investment Management: $52.2B under management, 148 holdings, a 0.04% expense ratio, a 0.49% trailing dividend yield.
Year-by-year returns
| Year | EOS | SPYG |
|---|---|---|
| 2022 | -26.5% | -29.4% |
| 2023 | +22.6% | +30.0% |
| 2024 | +38.7% | +36.0% |
| 2025 | +5.8% | +22.1% |
| 2026 | -2.2% | +14.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EOS and SPYG good diversifiers for each other?
Not really. At 0.88, the two trade almost as one position, and owning both buys little extra protection.
FAQ
What is the correlation between EOS and SPYG?
As of 2026-08-27, the correlation of weekly returns between EOS and SPYG is 0.88 over 3 years, 0.86 over 1 year and 0.90 over 5 years.
Is SPYG a good diversifier for EOS?
Not really. At 0.88, the two trade almost as one position, and owning both buys little extra protection.
What does a correlation of 0.88 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-spyg.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/eos-vs-spyg/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: EOS correlations · SPYG correlations
