ETO vs QQQ: Correlation
How closely do Eaton Vance Tax-Advantage Global Dividend Opp (ETO) and Invesco QQQ Trust (QQQ) trade together? Their weekly returns over three years give a correlation of 0.82, which is very strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ETO and QQQ?
Over the past 3 years, ETO and QQQ moved with a correlation of 0.82, which is very strong, meaning they move nearly in lockstep. Recent behaviour matches the longer record: 0.76 over 1 year against 0.82 over 3. Over 5 years the correlation is 0.78, and the annualized covariance of weekly returns is 265.7 %².
Among the 38 assets we track against ETO, QQQ ranks #13 by 3-year correlation. Their 12-month results are close: +24.4% for ETO against +26.3% for QQQ.
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 QQQ: side by side
| ETO (Eaton Vance Tax-Advantage Global Dividend Opp) | QQQ (Invesco QQQ Trust) | |
|---|---|---|
| 1-year return | +24.4% | +26.3% |
| 5-year return | +43.6% | +95.4% |
| Volatility (ann.) | 16.6% | 19.6% |
| Beta vs S&P 500 | 1.02 | 1.28 |
| Max drawdown (3Y) | -18.2% | -22.8% |
| Market cap | $0.5B | – |
| P/E (trailing) | 3.8 | – |
| Dividend yield | 6.57% | 0.44% |
| Expense ratio | – | 0.18% |
| Assets under management | – | $452.8B |
| Sector / category | US Listed | ETF · US Growth & Tech |
QQQ is a Large Growth fund from Invesco: $452.8B under management, 104 holdings, a 0.18% expense ratio, a 0.44% trailing dividend yield.
Year-by-year returns
| Year | ETO | QQQ |
|---|---|---|
| 2022 | -30.0% | -32.6% |
| 2023 | +21.5% | +54.9% |
| 2024 | +15.5% | +25.6% |
| 2025 | +29.9% | +20.8% |
| 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 QQQ good diversifiers for each other?
Not really. At 0.82, the two trade almost as one position, and owning both buys little extra protection.
FAQ
What is the correlation between ETO and QQQ?
Using weekly returns as of 2026-08-27: 0.82 over 3 years, with 0.76 over the last year and 0.78 over 5 years.
Is QQQ a good diversifier for ETO?
Not really. At 0.82, the two trade almost as one position, and owning both buys little extra protection.
What does a correlation of 0.82 mean?
On the −1 to +1 scale, 0.82 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.
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Related comparisons
Hubs: ETO correlations · QQQ correlations
