ETY vs IVV: Correlation
Measured on weekly returns over the past three years, Eaton Vance Tax-Managed Diversified Equity Income Fund (ETY) and iShares Core S&P 500 ETF (IVV) carry a correlation of 0.91, a very strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ETY and IVV?
Over the past 3 years, ETY and IVV moved with a correlation of 0.91, which is very strong, meaning they move nearly in lockstep. Little has changed lately, as the 1-year reading of 0.88 lands near the 3-year figure. Over 5 years the correlation is 0.89, and the annualized covariance of weekly returns is 202.8 %².
Few assets follow ETY as closely as IVV, which ranks #1 of 34 tracked partners. The last year tells two different stories: IVV led by 21.1 percentage points, -0.4% for ETY against +20.7% for IVV.
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 IVV: side by side
| ETY (Eaton Vance Tax-Managed Diversified Equity Income Fund) | IVV (iShares Core S&P 500 ETF) | |
|---|---|---|
| 1-year return | -0.4% | +20.7% |
| 5-year return | +51.2% | +83.0% |
| Volatility (ann.) | 15.4% | 14.5% |
| Beta vs S&P 500 | 0.97 | 1.00 |
| Max drawdown (3Y) | -21.3% | -18.8% |
| Market cap | – | – |
| P/E (trailing) | 5.2 | – |
| Dividend yield | 8.24% | 1.09% |
| Expense ratio | – | 0.03% |
| Assets under management | – | $869.2B |
| Sector / category | US Listed | ETF · US Large Cap |
IVV is a Large Blend fund from iShares: $869.2B under management, 503 holdings, a 0.03% expense ratio, a 1.09% trailing dividend yield.
Year-by-year returns
| Year | ETY | IVV |
|---|---|---|
| 2022 | -21.2% | -18.2% |
| 2023 | +21.9% | +26.3% |
| 2024 | +33.1% | +24.9% |
| 2025 | +11.0% | +17.8% |
| 2026 | +0.2% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ETY and IVV good diversifiers for each other?
Not really. At 0.91, the two trade almost as one position, and owning both buys little extra protection.
FAQ
What is the correlation between ETY and IVV?
The ETY/IVV correlation stands at 0.91 on a 3-year window (1 year: 0.88, 5 years: 0.89), computed from weekly returns as of 2026-08-27.
Is IVV a good diversifier for ETY?
Not really. At 0.91, the two trade almost as one position, and owning both buys little extra protection.
What does a correlation of 0.91 mean?
On the −1 to +1 scale, 0.91 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/ety-vs-ivv.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/ety-vs-ivv/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: ETY correlations · IVV correlations
