ETX vs SPY: Correlation
How closely do Eaton Vance Municipal Income 2028 Term Trust (ETX) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.23, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ETX and SPY?
On 3 years of weekly data the ETX/SPY correlation comes out at 0.23, weak. The relationship has been stable: the 1-year correlation (0.18) sits close to the 3-year figure. The 5-year figure is 0.26, and annualized covariance runs at 26.2 %².
Among the 11 assets we track against ETX, SPY ranks #6 by 3-year correlation. Correlation aside, the last 12 months split them widely, with SPY ahead by 18.0 points (+2.6% versus +20.6%). Risk is not evenly split, since SPY carries 1.8 times the volatility of the other side.
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 SPY: side by side
| ETX (Eaton Vance Municipal Income 2028 Term Trust) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +2.6% | +20.6% |
| 5-year return | -2.2% | +82.4% |
| Volatility (ann.) | 7.9% | 14.5% |
| Beta vs S&P 500 | 0.13 | 1.00 |
| Max drawdown (3Y) | -6.1% | -18.8% |
| Market cap | $0.2B | – |
| P/E (trailing) | 23.2 | – |
| Dividend yield | 0.00% | 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 | ETX | SPY |
|---|---|---|
| 2022 | -13.5% | -18.2% |
| 2023 | +1.3% | +26.2% |
| 2024 | +6.9% | +24.9% |
| 2025 | +11.7% | +17.7% |
| 2026 | +0.2% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ETX and SPY good diversifiers for each other?
A fair diversifier. At 0.23, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between ETX and SPY?
Using weekly returns as of 2026-08-27: 0.23 over 3 years, with 0.18 over the last year and 0.26 over 5 years.
Is SPY a good diversifier for ETX?
A fair diversifier. At 0.23, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.23 mean?
A reading of 0.23 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 · SPY correlations
