ETO vs HEQ: Correlation
Measured on weekly returns over the past three years, Eaton Vance Tax-Advantage Global Dividend Opp (ETO) and John Hancock Diversified Income Fund (HEQ) 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 HEQ?
Over the past 3 years, ETO and HEQ moved with a correlation of 0.74, which is strong. The relationship has been stable: the 1-year correlation (0.66) sits close to the 3-year figure. Over 5 years the correlation is 0.49, and the annualized covariance of weekly returns is 151.2 %².
Among the 38 assets we track against ETO, HEQ ranks #20 by 3-year correlation. Neither side won the trailing year by much: +24.4% against +20.8%.
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 HEQ: side by side
| ETO (Eaton Vance Tax-Advantage Global Dividend Opp) | HEQ (John Hancock Diversified Income Fund) | |
|---|---|---|
| 1-year return | +24.4% | +20.8% |
| 5-year return | +43.6% | +43.5% |
| Volatility (ann.) | 16.6% | 12.3% |
| Beta vs S&P 500 | 1.02 | 0.59 |
| Max drawdown (3Y) | -18.2% | -11.5% |
| Market cap | $0.5B | $0.1B |
| P/E (trailing) | 3.8 | 7.6 |
| Dividend yield | 6.57% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ETO | HEQ |
|---|---|---|
| 2022 | -30.0% | -3.1% |
| 2023 | +21.5% | -3.1% |
| 2024 | +15.5% | +11.7% |
| 2025 | +29.9% | +15.6% |
| 2026 | +9.4% | +15.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ETO and HEQ 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 HEQ?
The ETO/HEQ correlation stands at 0.74 on a 3-year window (1 year: 0.66, 5 years: 0.49), computed from weekly returns as of 2026-08-27.
Is HEQ 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?
A reading of 0.74 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-heq.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/eto-vs-heq/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: ETO correlations · HEQ correlations
