ETO vs SPY: Correlation
Measured on weekly returns over the past three years, Eaton Vance Tax-Advantage Global Dividend Opp (ETO) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.89, a very strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ETO and SPY?
On 3 years of weekly data the ETO/SPY correlation comes out at 0.89, very strong, meaning they move nearly in lockstep. The relationship has been stable: the 1-year correlation (0.87) sits close to the 3-year figure. The 5-year figure is 0.84, and annualized covariance runs at 213.3 %².
By 3-year correlation, SPY places #5 of the 38 assets tracked against ETO. Twelve-month performance is nearly a tie, at +24.4% for ETO and +20.6% for SPY.
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 SPY: side by side
| ETO (Eaton Vance Tax-Advantage Global Dividend Opp) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +24.4% | +20.6% |
| 5-year return | +43.6% | +82.4% |
| Volatility (ann.) | 16.6% | 14.5% |
| Beta vs S&P 500 | 1.02 | 1.00 |
| Max drawdown (3Y) | -18.2% | -18.8% |
| Market cap | $0.5B | – |
| P/E (trailing) | 3.8 | – |
| Dividend yield | 6.57% | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | US Listed | ETF · US Large Cap |
SPY is a Large Blend fund from State Street Investment Management: $795.3B under management, 504 holdings, a 0.09% expense ratio, a 1.01% trailing dividend yield.
Year-by-year returns
| Year | ETO | SPY |
|---|---|---|
| 2022 | -30.0% | -18.2% |
| 2023 | +21.5% | +26.2% |
| 2024 | +15.5% | +24.9% |
| 2025 | +29.9% | +17.7% |
| 2026 | +9.4% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ETO and SPY good diversifiers for each other?
No: a correlation of 0.89 means ETO and SPY tend to fall together, which is precisely when diversification is supposed to help.
FAQ
What is the correlation between ETO and SPY?
The ETO/SPY correlation stands at 0.89 on a 3-year window (1 year: 0.87, 5 years: 0.84), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for ETO?
No: a correlation of 0.89 means ETO and SPY tend to fall together, which is precisely when diversification is supposed to help.
What does a correlation of 0.89 mean?
A reading of 0.89 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 · SPY correlations
