ETO vs RACE: Correlation
Measured on weekly returns over the past three years, Eaton Vance Tax-Advantage Global Dividend Opp (ETO) and Ferrari N.V. (RACE) 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 RACE?
On 3 years of weekly data the ETO/RACE correlation comes out at 0.51, moderate. Recent behaviour matches the longer record: 0.48 over 1 year against 0.51 over 3. The 5-year figure is 0.55, and annualized covariance runs at 276.7 %².
Among the 38 assets we track against ETO, RACE ranks #30 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months ETO outperformed by 35.2 percentage points (+24.4% for ETO against -10.8% for RACE). Note the risk asymmetry: RACE runs 2.0 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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 RACE: side by side
| ETO (Eaton Vance Tax-Advantage Global Dividend Opp) | RACE (Ferrari N.V.) | |
|---|---|---|
| 1-year return | +24.4% | -10.8% |
| 5-year return | +43.6% | +98.0% |
| Volatility (ann.) | 16.6% | 32.9% |
| Beta vs S&P 500 | 1.02 | 0.99 |
| Max drawdown (3Y) | -18.2% | -39.2% |
| Market cap | $0.5B | $72.8B |
| P/E (trailing) | 3.8 | 38.2 |
| Dividend yield | 6.57% | 0.88% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ETO | RACE |
|---|---|---|
| 2022 | -30.0% | -16.7% |
| 2023 | +21.5% | +59.1% |
| 2024 | +15.5% | +26.3% |
| 2025 | +29.9% | -12.3% |
| 2026 | +9.4% | +13.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ETO and RACE good diversifiers for each other?
Somewhat, no more. With 0.51 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between ETO and RACE?
As of 2026-08-27, the correlation of weekly returns between ETO and RACE is 0.51 over 3 years, 0.48 over 1 year and 0.55 over 5 years.
Is RACE a good diversifier for ETO?
Somewhat, no more. With 0.51 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.51 mean?
A reading of 0.51 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: ETO correlations · RACE correlations
