ETG vs SPY: Correlation
Eaton Vance Tax-Advantaged Global Dividend Income Fund (ETG) and SPDR S&P 500 ETF Trust (SPY) show a very strong relationship: their 3-year correlation of weekly returns is 0.89.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ETG and SPY?
Over the past 3 years, ETG and SPY moved with a correlation of 0.89, which is very strong, meaning they move nearly in lockstep. The relationship has been stable: the 1-year correlation (0.85) sits close to the 3-year figure. Over 5 years the correlation is 0.87, and the annualized covariance of weekly returns is 218.3 %².
By 3-year correlation, SPY places #6 of the 27 assets tracked against ETG. Twelve-month performance is nearly a tie, at +25.2% for ETG and +20.6% for SPY.
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 SPY: side by side
| ETG (Eaton Vance Tax-Advantaged Global Dividend Income Fund) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +25.2% | +20.6% |
| 5-year return | +60.6% | +82.4% |
| Volatility (ann.) | 16.9% | 14.5% |
| Beta vs S&P 500 | 1.04 | 1.00 |
| Max drawdown (3Y) | -17.0% | -18.8% |
| Market cap | $1.9B | – |
| P/E (trailing) | 3.8 | – |
| Dividend yield | 6.41% | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | US Listed | ETF · US Large Cap |
SPY is a Large Blend fund from State Street Investment Management: $795.3B under management, 504 holdings, a 0.09% expense ratio, a 1.01% trailing dividend yield.
Year-by-year returns
| Year | ETG | SPY |
|---|---|---|
| 2022 | -27.6% | -18.2% |
| 2023 | +22.0% | +26.2% |
| 2024 | +15.4% | +24.9% |
| 2025 | +36.9% | +17.7% |
| 2026 | +9.8% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ETG and SPY good diversifiers for each other?
No. With a correlation of 0.89, ETG and SPY move nearly in lockstep, so holding both adds very little diversification.
FAQ
What is the correlation between ETG and SPY?
As of 2026-08-27, the correlation of weekly returns between ETG and SPY is 0.89 over 3 years, 0.85 over 1 year and 0.87 over 5 years.
Is SPY a good diversifier for ETG?
No. With a correlation of 0.89, ETG and SPY move nearly in lockstep, so holding both adds very little diversification.
What does a correlation of 0.89 mean?
On the −1 to +1 scale, 0.89 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.
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Hubs: ETG correlations · SPY correlations
