ETY vs MELI: Correlation
Measured on weekly returns over the past three years, Eaton Vance Tax-Managed Diversified Equity Income Fund (ETY) and MercadoLibre, Inc. (MELI) carry a correlation of 0.53, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ETY and MELI?
Across a 3-year window, the weekly returns of ETY and MELI correlate at 0.53, moderate. Little has changed lately, as the 1-year reading of 0.50 lands near the 3-year figure. Stretching to 5 years gives 0.53, with an annualized covariance of 290.1 %².
Within ETY's tracked universe of 34 assets, MELI comes in at #23 by 3-year correlation. Correlation aside, the last 12 months split them widely, with ETY ahead by 19.6 points (-0.4% versus -20.0%). Note the risk asymmetry: MELI runs 2.3 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 MELI: side by side
| ETY (Eaton Vance Tax-Managed Diversified Equity Income Fund) | MELI (MercadoLibre, Inc.) | |
|---|---|---|
| 1-year return | -0.4% | -20.0% |
| 5-year return | +51.2% | +2.8% |
| Volatility (ann.) | 15.4% | 35.7% |
| Beta vs S&P 500 | 0.97 | 1.04 |
| Max drawdown (3Y) | -21.3% | -40.8% |
| Market cap | – | $97.9B |
| P/E (trailing) | 5.2 | 53.2 |
| Dividend yield | 8.24% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ETY | MELI |
|---|---|---|
| 2022 | -21.2% | -37.2% |
| 2023 | +21.9% | +85.7% |
| 2024 | +33.1% | +8.2% |
| 2025 | +11.0% | +18.5% |
| 2026 | +0.2% | -4.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ETY and MELI good diversifiers for each other?
Only partially. A correlation of 0.53 means ETY and MELI 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 MELI?
Using weekly returns as of 2026-08-27: 0.53 over 3 years, with 0.50 over the last year and 0.53 over 5 years.
Is MELI a good diversifier for ETY?
Only partially. A correlation of 0.53 means ETY and MELI share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.53 mean?
On the −1 to +1 scale, 0.53 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-meli.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/ety-vs-meli/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: ETY correlations · MELI correlations
