ETX vs QXO: Correlation
How closely do Eaton Vance Municipal Income 2028 Term Trust (ETX) and QXO, Inc. (QXO) trade together? Their weekly returns over three years give a correlation of -0.22, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ETX and QXO?
On 3 years of weekly data the ETX/QXO correlation comes out at -0.22, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.18 over 1 year against -0.22 over 3. The 5-year figure is -0.03, and annualized covariance runs at -227.3 %².
Among the 11 assets we track against ETX, QXO sits near the bottom by co-movement, at rank #9. The last year tells two different stories: ETX led by 36.3 percentage points, +2.6% for ETX against -33.7% for QXO. One caveat on sizing: QXO is 16.7 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 QXO: side by side
| ETX (Eaton Vance Municipal Income 2028 Term Trust) | QXO (QXO, Inc.) | |
|---|---|---|
| 1-year return | +2.6% | -33.7% |
| 5-year return | -2.2% | -70.0% |
| Volatility (ann.) | 7.9% | 132.0% |
| Beta vs S&P 500 | 0.13 | 1.05 |
| Max drawdown (3Y) | -6.1% | -95.4% |
| Market cap | $0.2B | $14.4B |
| P/E (trailing) | 23.2 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ETX | QXO |
|---|---|---|
| 2022 | -13.5% | -33.8% |
| 2023 | +1.3% | +508.5% |
| 2024 | +6.9% | -86.1% |
| 2025 | +11.7% | +21.3% |
| 2026 | +0.2% | -28.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ETX and QXO good diversifiers for each other?
By historical standards, yes. A correlation of -0.22 means the two rarely move for the same reasons.
FAQ
What is the correlation between ETX and QXO?
Using weekly returns as of 2026-08-27: -0.22 over 3 years, with -0.18 over the last year and -0.03 over 5 years.
Is QXO a good diversifier for ETX?
By historical standards, yes. A correlation of -0.22 means the two rarely move for the same reasons.
What does a correlation of -0.22 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/etx-vs-qxo.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/etx-vs-qxo/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: ETX correlations · QXO correlations
