ETO vs NMAI: Correlation
Eaton Vance Tax-Advantage Global Dividend Opp (ETO) and Nuveen Multi-Asset Income Fund (NMAI) show a strong relationship: their 3-year correlation of weekly returns is 0.76.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ETO and NMAI?
On 3 years of weekly data the ETO/NMAI correlation comes out at 0.76, strong. The relationship has been stable: the 1-year correlation (0.81) sits close to the 3-year figure. The 5-year figure is 0.74, and annualized covariance runs at 180.0 %².
Among the 38 assets we track against ETO, NMAI ranks #16 by 3-year correlation. Twelve-month performance is nearly a tie, at +24.4% for ETO and +25.5% for NMAI.
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 NMAI: side by side
| ETO (Eaton Vance Tax-Advantage Global Dividend Opp) | NMAI (Nuveen Multi-Asset Income Fund) | |
|---|---|---|
| 1-year return | +24.4% | +25.5% |
| 5-year return | +43.6% | +36.4% |
| Volatility (ann.) | 16.6% | 14.2% |
| Beta vs S&P 500 | 1.02 | 0.68 |
| Max drawdown (3Y) | -18.2% | -13.0% |
| Market cap | $0.5B | $0.5B |
| P/E (trailing) | 3.8 | 5.9 |
| Dividend yield | 6.57% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ETO | NMAI |
|---|---|---|
| 2022 | -30.0% | -26.4% |
| 2023 | +21.5% | +19.5% |
| 2024 | +15.5% | +11.7% |
| 2025 | +29.9% | +20.0% |
| 2026 | +9.4% | +17.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ETO and NMAI good diversifiers for each other?
Only partially. A correlation of 0.76 means ETO and NMAI 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 NMAI?
The ETO/NMAI correlation stands at 0.76 on a 3-year window (1 year: 0.81, 5 years: 0.74), computed from weekly returns as of 2026-08-27.
Is NMAI a good diversifier for ETO?
Only partially. A correlation of 0.76 means ETO and NMAI share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.76 mean?
On the −1 to +1 scale, 0.76 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-nmai.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/eto-vs-nmai/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: ETO correlations · NMAI correlations
