ETO vs IIF: Correlation
Eaton Vance Tax-Advantage Global Dividend Opp (ETO) and Morgan Stanley India Investment Fund, Inc. (IIF) show a moderate relationship: their 3-year correlation of weekly returns is 0.58.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ETO and IIF?
Over the past 3 years, ETO and IIF moved with a correlation of 0.58, which is moderate. Little has changed lately, as the 1-year reading of 0.66 lands near the 3-year figure. Over 5 years the correlation is 0.59, and the annualized covariance of weekly returns is 167.2 %².
By 3-year correlation, IIF places #27 of the 38 assets tracked against ETO. Correlation aside, the last 12 months split them widely, with ETO ahead by 31.1 points (+24.4% versus -6.7%).
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 IIF: side by side
| ETO (Eaton Vance Tax-Advantage Global Dividend Opp) | IIF (Morgan Stanley India Investment Fund, Inc.) | |
|---|---|---|
| 1-year return | +24.4% | -6.7% |
| 5-year return | +43.6% | +44.4% |
| Volatility (ann.) | 16.6% | 17.4% |
| Beta vs S&P 500 | 1.02 | 0.61 |
| Max drawdown (3Y) | -18.2% | -24.1% |
| Market cap | $0.5B | – |
| P/E (trailing) | 3.8 | – |
| Dividend yield | 6.57% | 8.56% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ETO | IIF |
|---|---|---|
| 2022 | -30.0% | -9.6% |
| 2023 | +21.5% | +21.4% |
| 2024 | +15.5% | +29.6% |
| 2025 | +29.9% | +6.7% |
| 2026 | +9.4% | -7.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ETO and IIF good diversifiers for each other?
To a limited degree. At 0.58 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 IIF?
As of 2026-08-27, the correlation of weekly returns between ETO and IIF is 0.58 over 3 years, 0.66 over 1 year and 0.59 over 5 years.
Is IIF a good diversifier for ETO?
To a limited degree. At 0.58 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 0.58 mean?
On the −1 to +1 scale, 0.58 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-iif.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/eto-vs-iif/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: ETO correlations · IIF correlations
