ETO vs GILT: Correlation
Measured on weekly returns over the past three years, Eaton Vance Tax-Advantage Global Dividend Opp (ETO) and Gilat Satellite Networks Ltd. (GILT) carry a correlation of 0.46, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ETO and GILT?
On 3 years of weekly data the ETO/GILT correlation comes out at 0.46, moderate. Recent behaviour matches the longer record: 0.50 over 1 year against 0.46 over 3. The 5-year figure is 0.38, and annualized covariance runs at 389.8 %².
By 3-year correlation, GILT places #32 of the 38 assets tracked against ETO. Their recent paths diverged sharply: over the last 12 months ETO outperformed by 18.9 percentage points (+24.4% for ETO against +5.5% for GILT). One caveat on sizing: GILT is 3.0 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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 GILT: side by side
| ETO (Eaton Vance Tax-Advantage Global Dividend Opp) | GILT (Gilat Satellite Networks Ltd.) | |
|---|---|---|
| 1-year return | +24.4% | +5.5% |
| 5-year return | +43.6% | +4.3% |
| Volatility (ann.) | 16.6% | 50.6% |
| Beta vs S&P 500 | 1.02 | 1.53 |
| Max drawdown (3Y) | -18.2% | -52.3% |
| Market cap | $0.5B | $0.8B |
| P/E (trailing) | 3.8 | 23.0 |
| Dividend yield | 6.57% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ETO | GILT |
|---|---|---|
| 2022 | -30.0% | -18.0% |
| 2023 | +21.5% | +5.3% |
| 2024 | +15.5% | +0.7% |
| 2025 | +29.9% | +110.4% |
| 2026 | +9.4% | -19.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ETO and GILT good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.46 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between ETO and GILT?
Using weekly returns as of 2026-08-27: 0.46 over 3 years, with 0.50 over the last year and 0.38 over 5 years.
Is GILT a good diversifier for ETO?
Yes, to a useful degree: a correlation of 0.46 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.46 mean?
On the −1 to +1 scale, 0.46 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-gilt.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/eto-vs-gilt/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: ETO correlations · GILT correlations
