ETO vs IDXX: Correlation
Measured on weekly returns over the past three years, Eaton Vance Tax-Advantage Global Dividend Opp (ETO) and Idexx Laboratories (IDXX) carry a correlation of 0.51, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ETO and IDXX?
On 3 years of weekly data the ETO/IDXX correlation comes out at 0.51, moderate. The past 12 months show a weaker link (0.33) than the 3-year average (0.51). The 5-year figure is 0.56, and annualized covariance runs at 260.0 %².
Within ETO's tracked universe of 38 assets, IDXX comes in at #29 by 3-year correlation. Correlation aside, the last 12 months split them widely, with ETO ahead by 39.3 points (+24.4% versus -14.9%). One caveat on sizing: IDXX is 1.9 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 IDXX: side by side
| ETO (Eaton Vance Tax-Advantage Global Dividend Opp) | IDXX (Idexx Laboratories) | |
|---|---|---|
| 1-year return | +24.4% | -14.9% |
| 5-year return | +43.6% | -20.7% |
| Volatility (ann.) | 16.6% | 30.9% |
| Beta vs S&P 500 | 1.02 | 1.01 |
| Max drawdown (3Y) | -18.2% | -37.4% |
| Market cap | $0.5B | $42.9B |
| P/E (trailing) | 3.8 | 38.9 |
| Dividend yield | 6.57% | 0.00% |
| Sector / category | US Listed | Health Care |
Year-by-year returns
| Year | ETO | IDXX |
|---|---|---|
| 2022 | -30.0% | -38.0% |
| 2023 | +21.5% | +36.1% |
| 2024 | +15.5% | -25.5% |
| 2025 | +29.9% | +63.6% |
| 2026 | +9.4% | -19.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ETO and IDXX good diversifiers for each other?
Only partially. A correlation of 0.51 means ETO and IDXX share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between ETO and IDXX?
As of 2026-08-27, the correlation of weekly returns between ETO and IDXX is 0.51 over 3 years, 0.33 over 1 year and 0.56 over 5 years.
Is IDXX a good diversifier for ETO?
Only partially. A correlation of 0.51 means ETO and IDXX share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.51 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-idxx.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/eto-vs-idxx/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: ETO correlations · IDXX correlations
