ETY vs VOO: Correlation
How closely do Eaton Vance Tax-Managed Diversified Equity Income Fund (ETY) and Vanguard S&P 500 ETF (VOO) trade together? Their weekly returns over three years give a correlation of 0.91, which is very strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ETY and VOO?
On 3 years of weekly data the ETY/VOO correlation comes out at 0.91, 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. The 5-year figure is 0.89, and annualized covariance runs at 200.6 %².
VOO is one of the assets that tracks ETY most closely: it ranks #3 out of the 34 assets we track against ETY. The last year tells two different stories: VOO led by 21.0 percentage points, -0.4% for ETY against +20.6% for VOO.
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 VOO: side by side
| ETY (Eaton Vance Tax-Managed Diversified Equity Income Fund) | VOO (Vanguard S&P 500 ETF) | |
|---|---|---|
| 1-year return | -0.4% | +20.6% |
| 5-year return | +51.2% | +83.0% |
| Volatility (ann.) | 15.4% | 14.4% |
| Beta vs S&P 500 | 0.97 | 0.99 |
| Max drawdown (3Y) | -21.3% | -18.7% |
| Market cap | – | – |
| P/E (trailing) | 5.2 | – |
| Dividend yield | 8.24% | 1.07% |
| Expense ratio | – | 0.03% |
| Assets under management | – | $1,686.9B |
| Sector / category | US Listed | ETF · US Large Cap |
VOO, Vanguard's Large Blend fund, carries $1,686.9B under management, 503 holdings, a 0.03% expense ratio, a 1.07% trailing dividend yield.
Year-by-year returns
| Year | ETY | VOO |
|---|---|---|
| 2022 | -21.2% | -18.2% |
| 2023 | +21.9% | +26.3% |
| 2024 | +33.1% | +25.0% |
| 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 VOO good diversifiers for each other?
No. With a correlation of 0.91, ETY and VOO move nearly in lockstep, so holding both adds very little diversification.
FAQ
What is the correlation between ETY and VOO?
Using weekly returns as of 2026-08-27: 0.91 over 3 years, with 0.88 over the last year and 0.89 over 5 years.
Is VOO a good diversifier for ETY?
No. With a correlation of 0.91, ETY and VOO move nearly in lockstep, so holding both adds very little diversification.
What does a correlation of 0.91 mean?
A reading of 0.91 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: ETY correlations · VOO correlations
