ETO vs EWJ: Correlation
Measured on weekly returns over the past three years, Eaton Vance Tax-Advantage Global Dividend Opp (ETO) and iShares MSCI Japan ETF (EWJ) carry a correlation of 0.74, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ETO and EWJ?
On 3 years of weekly data the ETO/EWJ correlation comes out at 0.74, strong. Recent behaviour matches the longer record: 0.66 over 1 year against 0.74 over 3. The 5-year figure is 0.70, and annualized covariance runs at 242.2 %².
Among the 38 assets we track against ETO, EWJ ranks #19 by 3-year correlation. Their 12-month results are close: +24.4% for ETO against +27.1% for EWJ.
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.
ETO vs EWJ: side by side
| ETO (Eaton Vance Tax-Advantage Global Dividend Opp) | EWJ (iShares MSCI Japan ETF) | |
|---|---|---|
| 1-year return | +24.4% | +27.1% |
| 5-year return | +43.6% | +58.6% |
| Volatility (ann.) | 16.6% | 19.6% |
| Beta vs S&P 500 | 1.02 | 0.94 |
| Max drawdown (3Y) | -18.2% | -14.7% |
| Market cap | $0.5B | – |
| P/E (trailing) | 3.8 | – |
| Dividend yield | 6.57% | 3.86% |
| Expense ratio | – | 0.49% |
| Assets under management | – | $21.8B |
| Sector / category | US Listed | ETF · International |
EWJ, iShares's Japan Stock fund, carries $21.8B under management, 168 holdings, a 0.49% expense ratio, a 3.86% trailing dividend yield.
Year-by-year returns
| Year | ETO | EWJ |
|---|---|---|
| 2022 | -30.0% | -17.7% |
| 2023 | +21.5% | +20.3% |
| 2024 | +15.5% | +7.0% |
| 2025 | +29.9% | +25.8% |
| 2026 | +9.4% | +19.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ETO and EWJ good diversifiers for each other?
To a limited degree. At 0.74 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between ETO and EWJ?
The ETO/EWJ correlation stands at 0.74 on a 3-year window (1 year: 0.66, 5 years: 0.70), computed from weekly returns as of 2026-08-27.
Is EWJ a good diversifier for ETO?
To a limited degree. At 0.74 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.74 mean?
On the −1 to +1 scale, 0.74 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/eto-vs-ewj.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/eto-vs-ewj/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: ETO correlations · EWJ correlations
