ETY vs QQQX: Correlation
Measured on weekly returns over the past three years, Eaton Vance Tax-Managed Diversified Equity Income Fund (ETY) and Nuveen NASDAQ 100 Dynamic Overwrite Fund - Closed End Fund (QQQX) carry a correlation of 0.88, a very strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ETY and QQQX?
On 3 years of weekly data the ETY/QQQX correlation comes out at 0.88, very strong, meaning they move nearly in lockstep. Little has changed lately, as the 1-year reading of 0.84 lands near the 3-year figure. The 5-year figure is 0.84, and annualized covariance runs at 245.3 %².
By 3-year correlation, QQQX places #7 of the 34 assets tracked against ETY. Correlation aside, the last 12 months split them widely, with QQQX ahead by 24.8 points (-0.4% versus +24.4%).
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 QQQX: side by side
| ETY (Eaton Vance Tax-Managed Diversified Equity Income Fund) | QQQX (Nuveen NASDAQ 100 Dynamic Overwrite Fund - Closed End Fund) | |
|---|---|---|
| 1-year return | -0.4% | +24.4% |
| 5-year return | +51.2% | +51.0% |
| Volatility (ann.) | 15.4% | 18.1% |
| Beta vs S&P 500 | 0.97 | 1.09 |
| Max drawdown (3Y) | -21.3% | -22.8% |
| Market cap | – | $1.5B |
| P/E (trailing) | 5.2 | 8.1 |
| Dividend yield | 8.24% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ETY | QQQX |
|---|---|---|
| 2022 | -21.2% | -27.4% |
| 2023 | +21.9% | +21.7% |
| 2024 | +33.1% | +25.6% |
| 2025 | +11.0% | +14.9% |
| 2026 | +0.2% | +13.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ETY and QQQX good diversifiers for each other?
No: a correlation of 0.88 means ETY and QQQX tend to fall together, which is precisely when diversification is supposed to help.
FAQ
What is the correlation between ETY and QQQX?
As of 2026-08-27, the correlation of weekly returns between ETY and QQQX is 0.88 over 3 years, 0.84 over 1 year and 0.84 over 5 years.
Is QQQX a good diversifier for ETY?
No: a correlation of 0.88 means ETY and QQQX tend to fall together, which is precisely when diversification is supposed to help.
What does a correlation of 0.88 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/ety-vs-qqqx.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/ety-vs-qqqx/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: ETY correlations · QQQX correlations
