ETB vs MELI: Correlation
Measured on weekly returns over the past three years, Eaton Vance Tax-Managed Buy-Write Income Fund Eaton Vance (ETB) and MercadoLibre, Inc. (MELI) carry a correlation of 0.49, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ETB and MELI?
Across a 3-year window, the weekly returns of ETB and MELI correlate at 0.49, moderate. Recent behaviour matches the longer record: 0.55 over 1 year against 0.49 over 3. Stretching to 5 years gives 0.37, with an annualized covariance of 243.7 %².
Out of 20 assets tracked against ETB, MELI lands near the bottom at #16. Their recent paths diverged sharply: over the last 12 months ETB outperformed by 34.2 percentage points (+14.2% for ETB against -20.0% for MELI). Risk is not evenly split, since MELI carries 2.6 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.
ETB vs MELI: side by side
| ETB (Eaton Vance Tax-Managed Buy-Write Income Fund Eaton Vance) | MELI (MercadoLibre, Inc.) | |
|---|---|---|
| 1-year return | +14.2% | -20.0% |
| 5-year return | +44.4% | +2.8% |
| Volatility (ann.) | 13.9% | 35.7% |
| Beta vs S&P 500 | 0.83 | 1.04 |
| Max drawdown (3Y) | -20.1% | -40.8% |
| Market cap | $0.5B | $97.9B |
| P/E (trailing) | 7.7 | 53.2 |
| Dividend yield | 8.13% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ETB | MELI |
|---|---|---|
| 2022 | -16.6% | -37.2% |
| 2023 | +7.5% | +85.7% |
| 2024 | +26.2% | +8.2% |
| 2025 | +11.2% | +18.5% |
| 2026 | +8.7% | -4.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ETB and MELI good diversifiers for each other?
A fair diversifier. At 0.49, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between ETB and MELI?
As of 2026-08-27, the correlation of weekly returns between ETB and MELI is 0.49 over 3 years, 0.55 over 1 year and 0.37 over 5 years.
Is MELI a good diversifier for ETB?
A fair diversifier. At 0.49, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.49 mean?
On the −1 to +1 scale, 0.49 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-meli.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/etb-vs-meli/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: ETB correlations · MELI correlations
