EVG vs QQQ: Correlation
How closely do Eaton Vance Short Diversified Income Fund Eaton Vance Short (EVG) and Invesco QQQ Trust (QQQ) trade together? Their weekly returns over three years give a correlation of 0.41, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EVG and QQQ?
Across a 3-year window, the weekly returns of EVG and QQQ correlate at 0.41, moderate. The past 12 months show a tighter link (0.63) than the 3-year average (0.41). Stretching to 5 years gives 0.38, with an annualized covariance of 68.2 %².
Among the 11 assets we track against EVG, QQQ sits near the bottom by co-movement, at rank #7. Correlation aside, the last 12 months split them widely, with QQQ ahead by 24.0 points (+2.3% versus +26.3%). Note the risk asymmetry: QQQ 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.
EVG vs QQQ: side by side
| EVG (Eaton Vance Short Diversified Income Fund Eaton Vance Short) | QQQ (Invesco QQQ Trust) | |
|---|---|---|
| 1-year return | +2.3% | +26.3% |
| 5-year return | +24.1% | +95.4% |
| Volatility (ann.) | 8.4% | 19.6% |
| Beta vs S&P 500 | 0.27 | 1.28 |
| Max drawdown (3Y) | -8.2% | -22.8% |
| Market cap | – | – |
| P/E (trailing) | 10.2 | – |
| Dividend yield | 8.42% | 0.44% |
| Expense ratio | – | 0.18% |
| Assets under management | – | $452.8B |
| Sector / category | US Listed | ETF · US Growth & Tech |
QQQ is a Large Growth fund from Invesco: $452.8B under management, 104 holdings, a 0.18% expense ratio, a 0.44% trailing dividend yield.
Year-by-year returns
| Year | EVG | QQQ |
|---|---|---|
| 2022 | -14.1% | -32.6% |
| 2023 | +11.9% | +54.9% |
| 2024 | +14.8% | +25.6% |
| 2025 | +8.4% | +20.8% |
| 2026 | +2.7% | +17.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EVG and QQQ good diversifiers for each other?
Reasonably. At 0.41, EVG and QQQ keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between EVG and QQQ?
Using weekly returns as of 2026-08-27: 0.41 over 3 years, with 0.63 over the last year and 0.38 over 5 years.
Is QQQ a good diversifier for EVG?
Reasonably. At 0.41, EVG and QQQ keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.41 mean?
On the −1 to +1 scale, 0.41 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
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Related comparisons
Hubs: EVG correlations · QQQ correlations
