ETB vs ETY: Correlation
Eaton Vance Tax-Managed Buy-Write Income Fund Eaton Vance (ETB) and Eaton Vance Tax-Managed Diversified Equity Income Fund (ETY) show a very strong relationship: their 3-year correlation of weekly returns is 0.88.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ETB and ETY?
Over the past 3 years, ETB and ETY moved with a correlation of 0.88, which is very strong, meaning they move nearly in lockstep. The relationship has been stable: the 1-year correlation (0.89) sits close to the 3-year figure. Over 5 years the correlation is 0.81, and the annualized covariance of weekly returns is 189.1 %².
In ETB's tracked universe of 20 assets, ETY sits right near the top at #3. On 12-month performance ETB holds a 14.6-point edge, +14.2% against -0.4%.
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 ETY: side by side
| ETB (Eaton Vance Tax-Managed Buy-Write Income Fund Eaton Vance) | ETY (Eaton Vance Tax-Managed Diversified Equity Income Fund) | |
|---|---|---|
| 1-year return | +14.2% | -0.4% |
| 5-year return | +44.4% | +51.2% |
| Volatility (ann.) | 13.9% | 15.4% |
| Beta vs S&P 500 | 0.83 | 0.97 |
| Max drawdown (3Y) | -20.1% | -21.3% |
| Market cap | $0.5B | – |
| P/E (trailing) | 7.7 | 5.2 |
| Dividend yield | 8.13% | 8.24% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ETB | ETY |
|---|---|---|
| 2022 | -16.6% | -21.2% |
| 2023 | +7.5% | +21.9% |
| 2024 | +26.2% | +33.1% |
| 2025 | +11.2% | +11.0% |
| 2026 | +8.7% | +0.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ETB and ETY good diversifiers for each other?
No: a correlation of 0.88 means ETB and ETY tend to fall together, which is precisely when diversification is supposed to help.
FAQ
What is the correlation between ETB and ETY?
The ETB/ETY correlation stands at 0.88 on a 3-year window (1 year: 0.89, 5 years: 0.81), computed from weekly returns as of 2026-08-27.
Is ETY a good diversifier for ETB?
No: a correlation of 0.88 means ETB and ETY 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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/etb-vs-ety.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/etb-vs-ety/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: ETB correlations · ETY correlations
