ETO vs GEHC: Correlation
Measured on weekly returns over the past three years, Eaton Vance Tax-Advantage Global Dividend Opp (ETO) and GE HealthCare (GEHC) carry a correlation of 0.60, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ETO and GEHC?
Across a 3-year window, the weekly returns of ETO and GEHC correlate at 0.60, strong. Lately the two have drifted apart, with the 1-year correlation at 0.45 versus 0.60 over 3 years. Stretching to 5 years gives 0.58, with an annualized covariance of 322.7 %².
Within ETO's tracked universe of 38 assets, GEHC comes in at #26 by 3-year correlation. The last year tells two different stories: ETO led by 26.6 percentage points, +24.4% for ETO against -2.2% for GEHC. Risk is not evenly split, since GEHC carries 2.0 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.
ETO vs GEHC: side by side
| ETO (Eaton Vance Tax-Advantage Global Dividend Opp) | GEHC (GE HealthCare) | |
|---|---|---|
| 1-year return | +24.4% | -2.2% |
| 5-year return | +43.6% | n/a |
| Volatility (ann.) | 16.6% | 32.4% |
| Beta vs S&P 500 | 1.02 | 1.22 |
| Max drawdown (3Y) | -18.2% | -37.4% |
| Market cap | $0.5B | $32.7B |
| P/E (trailing) | 3.8 | 16.9 |
| Dividend yield | 6.57% | 0.19% |
| Sector / category | US Listed | Health Care |
Year-by-year returns
| Year | ETO | GEHC |
|---|---|---|
| 2022 | -30.0% | – |
| 2023 | +21.5% | +32.6% |
| 2024 | +15.5% | +1.3% |
| 2025 | +29.9% | +5.1% |
| 2026 | +9.4% | -11.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ETO and GEHC good diversifiers for each other?
Somewhat, no more. With 0.60 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between ETO and GEHC?
As of 2026-08-27, the correlation of weekly returns between ETO and GEHC is 0.60 over 3 years, 0.45 over 1 year and 0.58 over 5 years.
Is GEHC a good diversifier for ETO?
Somewhat, no more. With 0.60 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.60 mean?
A reading of 0.60 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/eto-vs-gehc.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/eto-vs-gehc/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: ETO correlations · GEHC correlations
