ETG vs NMAI: Correlation
How closely do Eaton Vance Tax-Advantaged Global Dividend Income Fund (ETG) and Nuveen Multi-Asset Income Fund (NMAI) trade together? Their weekly returns over three years give a correlation of 0.77, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ETG and NMAI?
Across a 3-year window, the weekly returns of ETG and NMAI correlate at 0.77, strong. Recent behaviour matches the longer record: 0.81 over 1 year against 0.77 over 3. Stretching to 5 years gives 0.78, with an annualized covariance of 185.3 %².
By 3-year correlation, NMAI places #15 of the 27 assets tracked against ETG. Twelve-month performance is nearly a tie, at +25.2% for ETG and +25.5% for NMAI.
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 NMAI: side by side
| ETG (Eaton Vance Tax-Advantaged Global Dividend Income Fund) | NMAI (Nuveen Multi-Asset Income Fund) | |
|---|---|---|
| 1-year return | +25.2% | +25.5% |
| 5-year return | +60.6% | +36.4% |
| Volatility (ann.) | 16.9% | 14.2% |
| Beta vs S&P 500 | 1.04 | 0.68 |
| Max drawdown (3Y) | -17.0% | -13.0% |
| Market cap | $1.9B | $0.5B |
| P/E (trailing) | 3.8 | 5.9 |
| Dividend yield | 6.41% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ETG | NMAI |
|---|---|---|
| 2022 | -27.6% | -26.4% |
| 2023 | +22.0% | +19.5% |
| 2024 | +15.4% | +11.7% |
| 2025 | +36.9% | +20.0% |
| 2026 | +9.8% | +17.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ETG and NMAI good diversifiers for each other?
Only partially. A correlation of 0.77 means ETG and NMAI share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between ETG and NMAI?
Using weekly returns as of 2026-08-27: 0.77 over 3 years, with 0.81 over the last year and 0.78 over 5 years.
Is NMAI a good diversifier for ETG?
Only partially. A correlation of 0.77 means ETG and NMAI share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.77 mean?
On the −1 to +1 scale, 0.77 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/etg-vs-nmai.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/etg-vs-nmai/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: ETG correlations · NMAI correlations
