ETJ vs ETY: Correlation
Measured on weekly returns over the past three years, Eaton Vance Risk-Managed Diversified Equity Income Fund (ETJ) and Eaton Vance Tax-Managed Diversified Equity Income Fund (ETY) carry a correlation of 0.83, a very strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ETJ and ETY?
Over the past 3 years, ETJ and ETY moved with a correlation of 0.83, which is very strong, meaning they move nearly in lockstep. Recent behaviour matches the longer record: 0.88 over 1 year against 0.83 over 3. Over 5 years the correlation is 0.79, and the annualized covariance of weekly returns is 166.8 %².
ETY is one of the assets that tracks ETJ most closely: it ranks #3 out of the 15 assets we track against ETJ. Their 12-month results are close: +3.4% for ETJ against -0.4% for ETY.
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.
ETJ vs ETY: side by side
| ETJ (Eaton Vance Risk-Managed Diversified Equity Income Fund) | ETY (Eaton Vance Tax-Managed Diversified Equity Income Fund) | |
|---|---|---|
| 1-year return | +3.4% | -0.4% |
| 5-year return | +19.5% | +51.2% |
| Volatility (ann.) | 13.0% | 15.4% |
| Beta vs S&P 500 | 0.71 | 0.97 |
| Max drawdown (3Y) | -15.4% | -21.3% |
| Market cap | $0.6B | – |
| P/E (trailing) | 11.4 | 5.2 |
| Dividend yield | 0.00% | 8.24% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ETJ | ETY |
|---|---|---|
| 2022 | -22.7% | -21.2% |
| 2023 | +14.2% | +21.9% |
| 2024 | +29.5% | +33.1% |
| 2025 | +3.5% | +11.0% |
| 2026 | +2.1% | +0.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ETJ and ETY good diversifiers for each other?
No: a correlation of 0.83 means ETJ and ETY tend to fall together, which is precisely when diversification is supposed to help.
FAQ
What is the correlation between ETJ and ETY?
The ETJ/ETY correlation stands at 0.83 on a 3-year window (1 year: 0.88, 5 years: 0.79), computed from weekly returns as of 2026-08-27.
Is ETY a good diversifier for ETJ?
No: a correlation of 0.83 means ETJ and ETY tend to fall together, which is precisely when diversification is supposed to help.
What does a correlation of 0.83 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/etj-vs-ety.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/etj-vs-ety/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: ETJ correlations · ETY correlations
