ETG vs EW: Correlation
Measured on weekly returns over the past three years, Eaton Vance Tax-Advantaged Global Dividend Income Fund (ETG) and Edwards Lifesciences (EW) carry a correlation of 0.38, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ETG and EW?
Across a 3-year window, the weekly returns of ETG and EW correlate at 0.38, moderate. The relationship has been stable: the 1-year correlation (0.29) sits close to the 3-year figure. Stretching to 5 years gives 0.48, with an annualized covariance of 202.4 %².
Out of 27 assets tracked against ETG, EW lands near the bottom at #23. Over the last 12 months ETG came out ahead by 14.0 percentage points (+25.2% against +11.2%). Risk is not evenly split, since EW carries 1.9 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.
ETG vs EW: side by side
| ETG (Eaton Vance Tax-Advantaged Global Dividend Income Fund) | EW (Edwards Lifesciences) | |
|---|---|---|
| 1-year return | +25.2% | +11.2% |
| 5-year return | +60.6% | -23.8% |
| Volatility (ann.) | 16.9% | 31.6% |
| Beta vs S&P 500 | 1.04 | 0.81 |
| Max drawdown (3Y) | -17.0% | -37.5% |
| Market cap | $1.9B | $51.8B |
| P/E (trailing) | 3.8 | 54.2 |
| Dividend yield | 6.41% | 0.00% |
| Sector / category | US Listed | Health Care |
Year-by-year returns
| Year | ETG | EW |
|---|---|---|
| 2022 | -27.6% | -42.4% |
| 2023 | +22.0% | +2.2% |
| 2024 | +15.4% | -2.9% |
| 2025 | +36.9% | +15.2% |
| 2026 | +9.8% | +5.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ETG and EW good diversifiers for each other?
A fair diversifier. At 0.38, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between ETG and EW?
As of 2026-08-27, the correlation of weekly returns between ETG and EW is 0.38 over 3 years, 0.29 over 1 year and 0.48 over 5 years.
Is EW a good diversifier for ETG?
A fair diversifier. At 0.38, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.38 mean?
A reading of 0.38 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-ew.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/etg-vs-ew/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: ETG correlations · EW correlations
