ETG vs ETO: Correlation
How closely do Eaton Vance Tax-Advantaged Global Dividend Income Fund (ETG) and Eaton Vance Tax-Advantage Global Dividend Opp (ETO) trade together? Their weekly returns over three years give a correlation of 0.95, which is very strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ETG and ETO?
On 3 years of weekly data the ETG/ETO correlation comes out at 0.95, very strong, meaning they move nearly in lockstep. Recent behaviour matches the longer record: 0.95 over 1 year against 0.95 over 3. The 5-year figure is 0.92, and annualized covariance runs at 266.7 %².
In ETG's tracked universe of 27 assets, ETO sits right near the top at #1. Their 12-month results are close: +25.2% for ETG against +24.4% for ETO.
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.
ETG vs ETO: side by side
| ETG (Eaton Vance Tax-Advantaged Global Dividend Income Fund) | ETO (Eaton Vance Tax-Advantage Global Dividend Opp) | |
|---|---|---|
| 1-year return | +25.2% | +24.4% |
| 5-year return | +60.6% | +43.6% |
| Volatility (ann.) | 16.9% | 16.6% |
| Beta vs S&P 500 | 1.04 | 1.02 |
| Max drawdown (3Y) | -17.0% | -18.2% |
| Market cap | $1.9B | $0.5B |
| P/E (trailing) | 3.8 | 3.8 |
| Dividend yield | 6.41% | 6.57% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ETG | ETO |
|---|---|---|
| 2022 | -27.6% | -30.0% |
| 2023 | +22.0% | +21.5% |
| 2024 | +15.4% | +15.5% |
| 2025 | +36.9% | +29.9% |
| 2026 | +9.8% | +9.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ETG and ETO good diversifiers for each other?
Not really. At 0.95, the two trade almost as one position, and owning both buys little extra protection.
FAQ
What is the correlation between ETG and ETO?
The ETG/ETO correlation stands at 0.95 on a 3-year window (1 year: 0.95, 5 years: 0.92), computed from weekly returns as of 2026-08-27.
Is ETO a good diversifier for ETG?
Not really. At 0.95, the two trade almost as one position, and owning both buys little extra protection.
What does a correlation of 0.95 mean?
A reading of 0.95 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/etg-vs-eto.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/etg-vs-eto/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: ETG correlations · ETO correlations
