EVF vs SPY: Correlation
Measured on weekly returns over the past three years, Eaton Vance Senior Income Trust (EVF) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.58, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EVF and SPY?
Over the past 3 years, EVF and SPY moved with a correlation of 0.58, which is moderate. Little has changed lately, as the 1-year reading of 0.57 lands near the 3-year figure. Over 5 years the correlation is 0.49, and the annualized covariance of weekly returns is 85.2 %².
Among the 14 assets we track against EVF, SPY ranks #8 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months SPY outperformed by 23.6 percentage points (-3.0% for EVF against +20.6% for SPY).
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.
EVF vs SPY: side by side
| EVF (Eaton Vance Senior Income Trust) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -3.0% | +20.6% |
| 5-year return | +15.0% | +82.4% |
| Volatility (ann.) | 10.2% | 14.5% |
| Beta vs S&P 500 | 0.41 | 1.00 |
| Max drawdown (3Y) | -16.9% | -18.8% |
| Market cap | $0.1B | – |
| P/E (trailing) | 24.7 | – |
| Dividend yield | 0.00% | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | US Listed | ETF · US Large Cap |
SPY is a Large Blend fund from State Street Investment Management: $795.3B under management, 504 holdings, a 0.09% expense ratio, a 1.01% trailing dividend yield.
Year-by-year returns
| Year | EVF | SPY |
|---|---|---|
| 2022 | -14.8% | -18.2% |
| 2023 | +34.5% | +26.2% |
| 2024 | +7.3% | +24.9% |
| 2025 | -6.1% | +17.7% |
| 2026 | -0.8% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EVF and SPY good diversifiers for each other?
Only partially. A correlation of 0.58 means EVF and SPY 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 EVF and SPY?
As of 2026-08-27, the correlation of weekly returns between EVF and SPY is 0.58 over 3 years, 0.57 over 1 year and 0.49 over 5 years.
Is SPY a good diversifier for EVF?
Only partially. A correlation of 0.58 means EVF and SPY share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.58 mean?
A reading of 0.58 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: EVF correlations · SPY correlations
