EQS vs ETN: Correlation
How closely do Equus Total Return, Inc. (EQS) and Eaton Corporation (ETN) trade together? Their weekly returns over three years give a correlation of -0.17, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EQS and ETN?
Across a 3-year window, the weekly returns of EQS and ETN correlate at -0.17, negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.22 lands near the 3-year figure. Stretching to 5 years gives -0.09, with an annualized covariance of -240.7 %².
Among the 17 assets we track against EQS, ETN ranks #11 by 3-year correlation. The last year tells two different stories: ETN led by 69.2 percentage points, -49.5% for EQS against +19.7% for ETN. Risk is not evenly split, since EQS carries 1.6 times the volatility of the other side.
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.
EQS vs ETN: side by side
| EQS (Equus Total Return, Inc.) | ETN (Eaton Corporation) | |
|---|---|---|
| 1-year return | -49.5% | +19.7% |
| 5-year return | -58.6% | +164.1% |
| Volatility (ann.) | 47.4% | 30.2% |
| Beta vs S&P 500 | -0.16 | 1.33 |
| Max drawdown (3Y) | -58.6% | -34.5% |
| Market cap | – | $161.6B |
| P/E (trailing) | – | 42.4 |
| Dividend yield | 0.00% | 1.02% |
| Sector / category | US Listed | Industrials |
Year-by-year returns
| Year | EQS | ETN |
|---|---|---|
| 2022 | -39.9% | -7.2% |
| 2023 | +1.4% | +56.2% |
| 2024 | -24.1% | +39.5% |
| 2025 | +28.2% | -2.8% |
| 2026 | -27.0% | +31.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EQS and ETN good diversifiers for each other?
Yes. With a correlation of -0.17, EQS and ETN have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between EQS and ETN?
The EQS/ETN correlation stands at -0.17 on a 3-year window (1 year: -0.22, 5 years: -0.09), computed from weekly returns as of 2026-08-27.
Is ETN a good diversifier for EQS?
Yes. With a correlation of -0.17, EQS and ETN have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.17 mean?
On the −1 to +1 scale, -0.17 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: EQS correlations · ETN correlations
