ETY vs GOOG: Correlation
Eaton Vance Tax-Managed Diversified Equity Income Fund (ETY) and Alphabet Inc. (Class C) (GOOG) show a moderate relationship: their 3-year correlation of weekly returns is 0.54.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ETY and GOOG?
On 3 years of weekly data the ETY/GOOG correlation comes out at 0.54, moderate. Recent behaviour matches the longer record: 0.60 over 1 year against 0.54 over 3. The 5-year figure is 0.53, and annualized covariance runs at 259.1 %².
Among the 34 assets we track against ETY, GOOG ranks #22 by 3-year correlation. The last year tells two different stories: GOOG led by 63.1 percentage points, -0.4% for ETY against +62.7% for GOOG. Note the risk asymmetry: GOOG runs 2.0 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
ETY vs GOOG: side by side
| ETY (Eaton Vance Tax-Managed Diversified Equity Income Fund) | GOOG (Alphabet Inc. (Class C)) | |
|---|---|---|
| 1-year return | -0.4% | +62.7% |
| 5-year return | +51.2% | +134.2% |
| Volatility (ann.) | 15.4% | 31.1% |
| Beta vs S&P 500 | 0.97 | 1.20 |
| Max drawdown (3Y) | -21.3% | -29.4% |
| Market cap | – | $4,130.2B |
| P/E (trailing) | 5.2 | 17.0 |
| Dividend yield | 8.24% | 0.25% |
| Sector / category | US Listed | Communication Services |
Year-by-year returns
| Year | ETY | GOOG |
|---|---|---|
| 2022 | -21.2% | -38.7% |
| 2023 | +21.9% | +58.8% |
| 2024 | +33.1% | +35.6% |
| 2025 | +11.0% | +65.4% |
| 2026 | +0.2% | +7.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ETY and GOOG good diversifiers for each other?
Somewhat, no more. With 0.54 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between ETY and GOOG?
Using weekly returns as of 2026-08-27: 0.54 over 3 years, with 0.60 over the last year and 0.53 over 5 years.
Is GOOG a good diversifier for ETY?
Somewhat, no more. With 0.54 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.54 mean?
A reading of 0.54 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/ety-vs-goog.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/ety-vs-goog/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: ETY correlations · GOOG correlations
