ETO vs OWLT: Correlation
Measured on weekly returns over the past three years, Eaton Vance Tax-Advantage Global Dividend Opp (ETO) and Owlet, Inc. (OWLT) carry a correlation of 0.42, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ETO and OWLT?
Over the past 3 years, ETO and OWLT moved with a correlation of 0.42, which is moderate. Little has changed lately, as the 1-year reading of 0.50 lands near the 3-year figure. Over 5 years the correlation is 0.31, and the annualized covariance of weekly returns is 523.7 %².
Out of 38 assets tracked against ETO, OWLT lands near the bottom at #34. The last year tells two different stories: ETO led by 54.9 percentage points, +24.4% for ETO against -30.5% for OWLT. One caveat on sizing: OWLT is 4.5 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 OWLT: side by side
| ETO (Eaton Vance Tax-Advantage Global Dividend Opp) | OWLT (Owlet, Inc.) | |
|---|---|---|
| 1-year return | +24.4% | -30.5% |
| 5-year return | +43.6% | -94.4% |
| Volatility (ann.) | 16.6% | 75.1% |
| Beta vs S&P 500 | 1.02 | 1.79 |
| Max drawdown (3Y) | -18.2% | -73.1% |
| Market cap | $0.5B | $0.1B |
| P/E (trailing) | 3.8 | – |
| Dividend yield | 6.57% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ETO | OWLT |
|---|---|---|
| 2022 | -30.0% | -79.1% |
| 2023 | +21.5% | -32.5% |
| 2024 | +15.5% | -15.7% |
| 2025 | +29.9% | +263.8% |
| 2026 | +9.4% | -69.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ETO and OWLT good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.42 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between ETO and OWLT?
As of 2026-08-27, the correlation of weekly returns between ETO and OWLT is 0.42 over 3 years, 0.50 over 1 year and 0.31 over 5 years.
Is OWLT a good diversifier for ETO?
Yes, to a useful degree: a correlation of 0.42 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.42 mean?
On the −1 to +1 scale, 0.42 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-owlt.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/eto-vs-owlt/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: ETO correlations · OWLT correlations
