ETO vs GLV: Correlation
How closely do Eaton Vance Tax-Advantage Global Dividend Opp (ETO) and Clough Global Dividend and Income Fund (GLV) trade together? Their weekly returns over three years give a correlation of 0.73, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ETO and GLV?
Across a 3-year window, the weekly returns of ETO and GLV correlate at 0.73, strong. Little has changed lately, as the 1-year reading of 0.63 lands near the 3-year figure. Stretching to 5 years gives 0.61, with an annualized covariance of 148.4 %².
By 3-year correlation, GLV places #22 of the 38 assets tracked against ETO. Over the last 12 months ETO came out ahead by 6.2 percentage points (+24.4% against +18.2%).
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 GLV: side by side
| ETO (Eaton Vance Tax-Advantage Global Dividend Opp) | GLV (Clough Global Dividend and Income Fund) | |
|---|---|---|
| 1-year return | +24.4% | +18.2% |
| 5-year return | +43.6% | -5.5% |
| Volatility (ann.) | 16.6% | 12.3% |
| Beta vs S&P 500 | 1.02 | 0.60 |
| Max drawdown (3Y) | -18.2% | -11.5% |
| Market cap | $0.5B | $0.1B |
| P/E (trailing) | 3.8 | 3.9 |
| Dividend yield | 6.57% | 10.55% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ETO | GLV |
|---|---|---|
| 2022 | -30.0% | -31.9% |
| 2023 | +21.5% | -8.4% |
| 2024 | +15.5% | +18.0% |
| 2025 | +29.9% | +23.0% |
| 2026 | +9.4% | +10.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ETO and GLV good diversifiers for each other?
To a limited degree. At 0.73 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 GLV?
As of 2026-08-27, the correlation of weekly returns between ETO and GLV is 0.73 over 3 years, 0.63 over 1 year and 0.61 over 5 years.
Is GLV a good diversifier for ETO?
To a limited degree. At 0.73 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 0.73 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-glv.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/eto-vs-glv/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: ETO correlations · GLV correlations
