ETX vs HGLB: Correlation
Eaton Vance Municipal Income 2028 Term Trust (ETX) and Highland Global Allocation Fund (HGLB) show a moderate relationship: their 3-year correlation of weekly returns is 0.42.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ETX and HGLB?
On 3 years of weekly data the ETX/HGLB correlation comes out at 0.42, moderate. The past 12 months show a weaker link (0.15) than the 3-year average (0.42). The 5-year figure is 0.24, and annualized covariance runs at 87.4 %².
HGLB is one of the assets that tracks ETX most closely: it ranks #2 out of the 11 assets we track against ETX. Their 12-month results are close: +2.6% for ETX against +1.0% for HGLB. One caveat on sizing: HGLB is 3.3 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.
ETX vs HGLB: side by side
| ETX (Eaton Vance Municipal Income 2028 Term Trust) | HGLB (Highland Global Allocation Fund) | |
|---|---|---|
| 1-year return | +2.6% | +1.0% |
| 5-year return | -2.2% | +36.3% |
| Volatility (ann.) | 7.9% | 26.1% |
| Beta vs S&P 500 | 0.13 | 0.91 |
| Max drawdown (3Y) | -6.1% | -24.1% |
| Market cap | $0.2B | $0.2B |
| P/E (trailing) | 23.2 | 18.9 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ETX | HGLB |
|---|---|---|
| 2022 | -13.5% | +14.5% |
| 2023 | +1.3% | -6.1% |
| 2024 | +6.9% | -1.5% |
| 2025 | +11.7% | +51.7% |
| 2026 | +0.2% | -10.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ETX and HGLB 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 ETX and HGLB?
As of 2026-08-27, the correlation of weekly returns between ETX and HGLB is 0.42 over 3 years, 0.15 over 1 year and 0.24 over 5 years.
Is HGLB a good diversifier for ETX?
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?
A reading of 0.42 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: ETX correlations · HGLB correlations
