ETO vs VOO: Correlation
Eaton Vance Tax-Advantage Global Dividend Opp (ETO) and Vanguard S&P 500 ETF (VOO) show a very strong relationship: their 3-year correlation of weekly returns is 0.89.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ETO and VOO?
On 3 years of weekly data the ETO/VOO correlation comes out at 0.89, very strong, meaning they move nearly in lockstep. Recent behaviour matches the longer record: 0.87 over 1 year against 0.89 over 3. The 5-year figure is 0.84, and annualized covariance runs at 212.5 %².
By 3-year correlation, VOO places #6 of the 38 assets tracked against ETO. Neither side won the trailing year by much: +24.4% against +20.6%.
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 VOO: side by side
| ETO (Eaton Vance Tax-Advantage Global Dividend Opp) | VOO (Vanguard S&P 500 ETF) | |
|---|---|---|
| 1-year return | +24.4% | +20.6% |
| 5-year return | +43.6% | +83.0% |
| Volatility (ann.) | 16.6% | 14.4% |
| Beta vs S&P 500 | 1.02 | 0.99 |
| Max drawdown (3Y) | -18.2% | -18.7% |
| Market cap | $0.5B | – |
| P/E (trailing) | 3.8 | – |
| Dividend yield | 6.57% | 1.07% |
| Expense ratio | – | 0.03% |
| Assets under management | – | $1,686.9B |
| Sector / category | US Listed | ETF · US Large Cap |
VOO, Vanguard's Large Blend fund, carries $1,686.9B under management, 503 holdings, a 0.03% expense ratio, a 1.07% trailing dividend yield.
Year-by-year returns
| Year | ETO | VOO |
|---|---|---|
| 2022 | -30.0% | -18.2% |
| 2023 | +21.5% | +26.3% |
| 2024 | +15.5% | +25.0% |
| 2025 | +29.9% | +17.8% |
| 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 VOO good diversifiers for each other?
Not really. At 0.89, the two trade almost as one position, and owning both buys little extra protection.
FAQ
What is the correlation between ETO and VOO?
As of 2026-08-27, the correlation of weekly returns between ETO and VOO is 0.89 over 3 years, 0.87 over 1 year and 0.84 over 5 years.
Is VOO a good diversifier for ETO?
Not really. At 0.89, the two trade almost as one position, and owning both buys little extra protection.
What does a correlation of 0.89 mean?
On the −1 to +1 scale, 0.89 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 · VOO correlations
