ETJ vs SPMC: Correlation
How closely do Eaton Vance Risk-Managed Diversified Equity Income Fund (ETJ) and Sound Point Meridian Capital, Inc. (SPMC) trade together? Their weekly returns over three years give a correlation of 0.47, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ETJ and SPMC?
Across a 3-year window, the weekly returns of ETJ and SPMC correlate at 0.47, moderate. The past 12 months show a weaker link (0.35) than the 3-year average (0.47). Stretching to 5 years gives n/a, with an annualized covariance of 191.4 %².
Among the 15 assets we track against ETJ, SPMC ranks #8 by 3-year correlation. Correlation aside, the last 12 months split them widely, with ETJ ahead by 38.0 points (+3.4% versus -34.6%). Risk is not evenly split, since SPMC carries 2.4 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.
ETJ vs SPMC: side by side
| ETJ (Eaton Vance Risk-Managed Diversified Equity Income Fund) | SPMC (Sound Point Meridian Capital, Inc.) | |
|---|---|---|
| 1-year return | +3.4% | -34.6% |
| 5-year return | +19.5% | n/a |
| Volatility (ann.) | 13.0% | 31.4% |
| Beta vs S&P 500 | 0.71 | 1.01 |
| Max drawdown (3Y) | -15.4% | -52.9% |
| Market cap | $0.6B | $0.2B |
| P/E (trailing) | 11.4 | – |
| Dividend yield | 0.00% | 30.91% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ETJ | SPMC |
|---|---|---|
| 2022 | -22.7% | – |
| 2023 | +14.2% | – |
| 2024 | +29.5% | – |
| 2025 | +3.5% | -22.5% |
| 2026 | +2.1% | -20.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ETJ and SPMC good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.47 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between ETJ and SPMC?
The ETJ/SPMC correlation stands at 0.47 on a 3-year window (1 year: 0.35, 5 years: n/a), computed from weekly returns as of 2026-08-27.
Is SPMC a good diversifier for ETJ?
Yes, to a useful degree: a correlation of 0.47 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.47 mean?
A reading of 0.47 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/etj-vs-spmc.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/etj-vs-spmc/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: ETJ correlations · SPMC correlations
