ETB vs FFA: Correlation
How closely do Eaton Vance Tax-Managed Buy-Write Income Fund Eaton Vance (ETB) and First Trust Enhanced Equity Income Fund (FFA) 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 ETB and FFA?
Across a 3-year window, the weekly returns of ETB and FFA correlate at 0.88, very strong, meaning they move nearly in lockstep. The relationship has been stable: the 1-year correlation (0.84) sits close to the 3-year figure. Stretching to 5 years gives 0.77, with an annualized covariance of 182.1 %².
Among the 20 assets we track against ETB, FFA ranks #4 by 3-year correlation. Their 12-month results are close: +14.2% for ETB against +17.3% for FFA.
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 FFA: side by side
| ETB (Eaton Vance Tax-Managed Buy-Write Income Fund Eaton Vance) | FFA (First Trust Enhanced Equity Income Fund) | |
|---|---|---|
| 1-year return | +14.2% | +17.3% |
| 5-year return | +44.4% | +54.8% |
| Volatility (ann.) | 13.9% | 14.9% |
| Beta vs S&P 500 | 0.83 | 0.93 |
| Max drawdown (3Y) | -20.1% | -19.9% |
| Market cap | $0.5B | $0.5B |
| P/E (trailing) | 7.7 | 5.7 |
| Dividend yield | 8.13% | 6.39% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ETB | FFA |
|---|---|---|
| 2022 | -16.6% | -20.3% |
| 2023 | +7.5% | +24.7% |
| 2024 | +26.2% | +21.5% |
| 2025 | +11.2% | +14.2% |
| 2026 | +8.7% | +8.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ETB and FFA good diversifiers for each other?
No. With a correlation of 0.88, ETB and FFA move nearly in lockstep, so holding both adds very little diversification.
FAQ
What is the correlation between ETB and FFA?
As of 2026-08-27, the correlation of weekly returns between ETB and FFA is 0.88 over 3 years, 0.84 over 1 year and 0.77 over 5 years.
Is FFA a good diversifier for ETB?
No. With a correlation of 0.88, ETB and FFA move nearly in lockstep, so holding both adds very little diversification.
What does a correlation of 0.88 mean?
A reading of 0.88 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-ffa.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/etb-vs-ffa/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: ETB correlations · FFA correlations
