ETX vs UZX: Correlation
How closely do Eaton Vance Municipal Income 2028 Term Trust (ETX) and Linkage Global Inc - Class A (UZX) trade together? Their weekly returns over three years give a correlation of -0.23, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ETX and UZX?
On 3 years of weekly data the ETX/UZX correlation comes out at -0.23, negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.28 lands near the 3-year figure. The 5-year figure is n/a, and annualized covariance runs at -222.7 %².
Out of 11 assets tracked against ETX, UZX lands near the bottom at #10. Correlation aside, the last 12 months split them widely, with ETX ahead by 97.2 points (+2.6% versus -94.6%). Risk is not evenly split, since UZX carries 17.4 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 UZX: side by side
| ETX (Eaton Vance Municipal Income 2028 Term Trust) | UZX (Linkage Global Inc - Class A) | |
|---|---|---|
| 1-year return | +2.6% | -94.6% |
| 5-year return | -2.2% | n/a |
| Volatility (ann.) | 7.9% | 137.7% |
| Beta vs S&P 500 | 0.13 | 0.09 |
| Max drawdown (3Y) | -6.1% | -99.8% |
| Market cap | $0.2B | – |
| P/E (trailing) | 23.2 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ETX | UZX |
|---|---|---|
| 2022 | -13.5% | – |
| 2023 | +1.3% | – |
| 2024 | +6.9% | -71.7% |
| 2025 | +11.7% | -58.8% |
| 2026 | +0.2% | -93.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ETX and UZX good diversifiers for each other?
Yes. With a correlation of -0.23, ETX and UZX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between ETX and UZX?
The ETX/UZX correlation stands at -0.23 on a 3-year window (1 year: -0.28, 5 years: n/a), computed from weekly returns as of 2026-08-27.
Is UZX a good diversifier for ETX?
Yes. With a correlation of -0.23, ETX and UZX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.23 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-uzx.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/etx-vs-uzx/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: ETX correlations · UZX correlations
