ETY vs GOOGL: Correlation
Measured on weekly returns over the past three years, Eaton Vance Tax-Managed Diversified Equity Income Fund (ETY) and Alphabet Inc. (Class A) (GOOGL) carry a correlation of 0.55, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ETY and GOOGL?
On 3 years of weekly data the ETY/GOOGL correlation comes out at 0.55, moderate. Little has changed lately, as the 1-year reading of 0.60 lands near the 3-year figure. The 5-year figure is 0.53, and annualized covariance runs at 263.6 %².
By 3-year correlation, GOOGL places #20 of the 34 assets tracked against ETY. The last year tells two different stories: GOOGL led by 65.1 percentage points, -0.4% for ETY against +64.7% for GOOGL. One caveat on sizing: GOOGL is 2.0 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.
ETY vs GOOGL: side by side
| ETY (Eaton Vance Tax-Managed Diversified Equity Income Fund) | GOOGL (Alphabet Inc. (Class A)) | |
|---|---|---|
| 1-year return | -0.4% | +64.7% |
| 5-year return | +51.2% | +137.7% |
| Volatility (ann.) | 15.4% | 31.4% |
| Beta vs S&P 500 | 0.97 | 1.22 |
| Max drawdown (3Y) | -21.3% | -29.8% |
| Market cap | – | $4,166.1B |
| P/E (trailing) | 5.2 | 17.2 |
| Dividend yield | 8.24% | 0.25% |
| Sector / category | US Listed | Communication Services |
Year-by-year returns
| Year | ETY | GOOGL |
|---|---|---|
| 2022 | -21.2% | -39.1% |
| 2023 | +21.9% | +58.3% |
| 2024 | +33.1% | +36.0% |
| 2025 | +11.0% | +66.0% |
| 2026 | +0.2% | +9.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ETY and GOOGL good diversifiers for each other?
Only partially. A correlation of 0.55 means ETY and GOOGL share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between ETY and GOOGL?
The ETY/GOOGL correlation stands at 0.55 on a 3-year window (1 year: 0.60, 5 years: 0.53), computed from weekly returns as of 2026-08-27.
Is GOOGL a good diversifier for ETY?
Only partially. A correlation of 0.55 means ETY and GOOGL share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.55 mean?
A reading of 0.55 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-googl.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/ety-vs-googl/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: ETY correlations · GOOGL correlations
