ETO vs EXG: Correlation
Measured on weekly returns over the past three years, Eaton Vance Tax-Advantage Global Dividend Opp (ETO) and Eaton Vance Tax-Managed Global Diversified Equity Income (EXG) carry a correlation of 0.94, a very strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ETO and EXG?
Over the past 3 years, ETO and EXG moved with a correlation of 0.94, which is very strong, meaning they move nearly in lockstep. Little has changed lately, as the 1-year reading of 0.93 lands near the 3-year figure. Over 5 years the correlation is 0.85, and the annualized covariance of weekly returns is 233.9 %².
In ETO's tracked universe of 38 assets, EXG sits right near the top at #2. Neither side won the trailing year by much: +24.4% against +22.0%.
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 EXG: side by side
| ETO (Eaton Vance Tax-Advantage Global Dividend Opp) | EXG (Eaton Vance Tax-Managed Global Diversified Equity Income) | |
|---|---|---|
| 1-year return | +24.4% | +22.0% |
| 5-year return | +43.6% | +45.8% |
| Volatility (ann.) | 16.6% | 15.0% |
| Beta vs S&P 500 | 1.02 | 0.91 |
| Max drawdown (3Y) | -18.2% | -15.1% |
| Market cap | $0.5B | – |
| P/E (trailing) | 3.8 | 4.5 |
| Dividend yield | 6.57% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ETO | EXG |
|---|---|---|
| 2022 | -30.0% | -22.2% |
| 2023 | +21.5% | +11.4% |
| 2024 | +15.5% | +16.1% |
| 2025 | +29.9% | +27.8% |
| 2026 | +9.4% | +10.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ETO and EXG good diversifiers for each other?
No. With a correlation of 0.94, ETO and EXG move nearly in lockstep, so holding both adds very little diversification.
FAQ
What is the correlation between ETO and EXG?
Using weekly returns as of 2026-08-27: 0.94 over 3 years, with 0.93 over the last year and 0.85 over 5 years.
Is EXG a good diversifier for ETO?
No. With a correlation of 0.94, ETO and EXG move nearly in lockstep, so holding both adds very little diversification.
What does a correlation of 0.94 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/eto-vs-exg.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/eto-vs-exg/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: ETO correlations · EXG correlations
