ETB vs QQQ: Correlation
Measured on weekly returns over the past three years, Eaton Vance Tax-Managed Buy-Write Income Fund Eaton Vance (ETB) and Invesco QQQ Trust (QQQ) carry a correlation of 0.80, a very strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ETB and QQQ?
Across a 3-year window, the weekly returns of ETB and QQQ correlate at 0.80, very strong, meaning they move nearly in lockstep. The relationship has been stable: the 1-year correlation (0.73) sits close to the 3-year figure. Stretching to 5 years gives 0.64, with an annualized covariance of 216.4 %².
Among the 20 assets we track against ETB, QQQ ranks #9 by 3-year correlation. On 12-month performance QQQ holds a 12.1-point edge, +14.2% against +26.3%.
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 QQQ: side by side
| ETB (Eaton Vance Tax-Managed Buy-Write Income Fund Eaton Vance) | QQQ (Invesco QQQ Trust) | |
|---|---|---|
| 1-year return | +14.2% | +26.3% |
| 5-year return | +44.4% | +95.4% |
| Volatility (ann.) | 13.9% | 19.6% |
| Beta vs S&P 500 | 0.83 | 1.28 |
| Max drawdown (3Y) | -20.1% | -22.8% |
| Market cap | $0.5B | – |
| P/E (trailing) | 7.7 | – |
| Dividend yield | 8.13% | 0.44% |
| Expense ratio | – | 0.18% |
| Assets under management | – | $452.8B |
| Sector / category | US Listed | ETF · US Growth & Tech |
QQQ is a Large Growth fund from Invesco: $452.8B under management, 104 holdings, a 0.18% expense ratio, a 0.44% trailing dividend yield.
Year-by-year returns
| Year | ETB | QQQ |
|---|---|---|
| 2022 | -16.6% | -32.6% |
| 2023 | +7.5% | +54.9% |
| 2024 | +26.2% | +25.6% |
| 2025 | +11.2% | +20.8% |
| 2026 | +8.7% | +17.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ETB and QQQ good diversifiers for each other?
Not really. At 0.80, the two trade almost as one position, and owning both buys little extra protection.
FAQ
What is the correlation between ETB and QQQ?
As of 2026-08-27, the correlation of weekly returns between ETB and QQQ is 0.80 over 3 years, 0.73 over 1 year and 0.64 over 5 years.
Is QQQ a good diversifier for ETB?
Not really. At 0.80, the two trade almost as one position, and owning both buys little extra protection.
What does a correlation of 0.80 mean?
On the −1 to +1 scale, 0.80 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
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Related comparisons
Hubs: ETB correlations · QQQ correlations
