EOS vs VOO: Correlation
How closely do Eaton Vance Enhance Equity Income Fund II (EOS) and Vanguard S&P 500 ETF (VOO) trade together? Their weekly returns over three years give a correlation of 0.88, which is very strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EOS and VOO?
Across a 3-year window, the weekly returns of EOS and VOO correlate at 0.88, 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 0.90, with an annualized covariance of 243.6 %².
Within EOS's tracked universe of 34 assets, VOO comes in at #8 by 3-year correlation. The last year tells two different stories: VOO led by 22.5 percentage points, -1.9% for EOS against +20.6% for VOO.
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 VOO: side by side
| EOS (Eaton Vance Enhance Equity Income Fund II) | VOO (Vanguard S&P 500 ETF) | |
|---|---|---|
| 1-year return | -1.9% | +20.6% |
| 5-year return | +30.9% | +83.0% |
| Volatility (ann.) | 19.2% | 14.4% |
| Beta vs S&P 500 | 1.17 | 0.99 |
| Max drawdown (3Y) | -24.3% | -18.7% |
| Market cap | $1.2B | – |
| P/E (trailing) | 7.2 | – |
| Dividend yield | 8.51% | 1.07% |
| Expense ratio | – | 0.03% |
| Assets under management | – | $1,686.9B |
| Sector / category | US Listed | ETF · US Large Cap |
VOO, Vanguard's Large Blend fund, carries $1,686.9B under management, 503 holdings, a 0.03% expense ratio, a 1.07% trailing dividend yield.
Year-by-year returns
| Year | EOS | VOO |
|---|---|---|
| 2022 | -26.5% | -18.2% |
| 2023 | +22.6% | +26.3% |
| 2024 | +38.7% | +25.0% |
| 2025 | +5.8% | +17.8% |
| 2026 | -2.2% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EOS and VOO good diversifiers for each other?
No: a correlation of 0.88 means EOS and VOO tend to fall together, which is precisely when diversification is supposed to help.
FAQ
What is the correlation between EOS and VOO?
The EOS/VOO correlation stands at 0.88 on a 3-year window (1 year: 0.87, 5 years: 0.90), computed from weekly returns as of 2026-08-27.
Is VOO a good diversifier for EOS?
No: a correlation of 0.88 means EOS and VOO tend to fall together, which is precisely when diversification is supposed to help.
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 · VOO correlations
