ETJ vs MPTI: Correlation
How closely do Eaton Vance Risk-Managed Diversified Equity Income Fund (ETJ) and M-tron Industries, Inc. (MPTI) trade together? Their weekly returns over three years give a correlation of 0.37, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ETJ and MPTI?
On 3 years of weekly data the ETJ/MPTI correlation comes out at 0.37, moderate. The link has loosened recently: the 1-year correlation (0.22) runs below the 3-year figure (0.37). The 5-year figure is 0.34, and annualized covariance runs at 327.6 %².
MPTI is close to the least connected end of ETJ's tracked universe, ranking #11 of 15. Their recent paths diverged sharply: over the last 12 months MPTI outperformed by 70.5 percentage points (+3.4% for ETJ against +73.9% for MPTI). Note the risk asymmetry: MPTI runs 5.3 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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 MPTI: side by side
| ETJ (Eaton Vance Risk-Managed Diversified Equity Income Fund) | MPTI (M-tron Industries, Inc.) | |
|---|---|---|
| 1-year return | +3.4% | +73.9% |
| 5-year return | +19.5% | n/a |
| Volatility (ann.) | 13.0% | 68.5% |
| Beta vs S&P 500 | 0.71 | 1.51 |
| Max drawdown (3Y) | -15.4% | -50.0% |
| Market cap | $0.6B | $0.3B |
| P/E (trailing) | 11.4 | 31.1 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ETJ | MPTI |
|---|---|---|
| 2022 | -22.7% | – |
| 2023 | +14.2% | +308.0% |
| 2024 | +29.5% | +35.7% |
| 2025 | +3.5% | +9.9% |
| 2026 | +2.1% | +47.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ETJ and MPTI good diversifiers for each other?
A fair diversifier. At 0.37, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between ETJ and MPTI?
Using weekly returns as of 2026-08-27: 0.37 over 3 years, with 0.22 over the last year and 0.34 over 5 years.
Is MPTI a good diversifier for ETJ?
A fair diversifier. At 0.37, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.37 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-mpti.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/etj-vs-mpti/)
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Related comparisons
Hubs: ETJ correlations · MPTI correlations
