ETB vs ETJ: Correlation
Measured on weekly returns over the past three years, Eaton Vance Tax-Managed Buy-Write Income Fund Eaton Vance (ETB) and Eaton Vance Risk-Managed Diversified Equity Income Fund (ETJ) carry a correlation of 0.86, a very strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ETB and ETJ?
Across a 3-year window, the weekly returns of ETB and ETJ correlate at 0.86, very strong, meaning they move nearly in lockstep. Recent behaviour matches the longer record: 0.90 over 1 year against 0.86 over 3. Stretching to 5 years gives 0.71, with an annualized covariance of 154.8 %².
Among the 20 assets we track against ETB, ETJ ranks #6 by 3-year correlation. On 12-month performance ETB holds a 10.8-point edge, +14.2% against +3.4%.
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.
ETB vs ETJ: side by side
| ETB (Eaton Vance Tax-Managed Buy-Write Income Fund Eaton Vance) | ETJ (Eaton Vance Risk-Managed Diversified Equity Income Fund) | |
|---|---|---|
| 1-year return | +14.2% | +3.4% |
| 5-year return | +44.4% | +19.5% |
| Volatility (ann.) | 13.9% | 13.0% |
| Beta vs S&P 500 | 0.83 | 0.71 |
| Max drawdown (3Y) | -20.1% | -15.4% |
| Market cap | $0.5B | $0.6B |
| P/E (trailing) | 7.7 | 11.4 |
| Dividend yield | 8.13% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ETB | ETJ |
|---|---|---|
| 2022 | -16.6% | -22.7% |
| 2023 | +7.5% | +14.2% |
| 2024 | +26.2% | +29.5% |
| 2025 | +11.2% | +3.5% |
| 2026 | +8.7% | +2.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ETB and ETJ good diversifiers for each other?
No: a correlation of 0.86 means ETB and ETJ tend to fall together, which is precisely when diversification is supposed to help.
FAQ
What is the correlation between ETB and ETJ?
As of 2026-08-27, the correlation of weekly returns between ETB and ETJ is 0.86 over 3 years, 0.90 over 1 year and 0.71 over 5 years.
Is ETJ a good diversifier for ETB?
No: a correlation of 0.86 means ETB and ETJ tend to fall together, which is precisely when diversification is supposed to help.
What does a correlation of 0.86 mean?
A reading of 0.86 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/etb-vs-etj.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/etb-vs-etj/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: ETB correlations · ETJ correlations
