EVG vs SPY: Correlation
Measured on weekly returns over the past three years, Eaton Vance Short Diversified Income Fund Eaton Vance Short (EVG) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.46, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EVG and SPY?
On 3 years of weekly data the EVG/SPY correlation comes out at 0.46, moderate. Lately the two have moved closer together, with the 1-year correlation at 0.64 versus 0.46 over 3 years. The 5-year figure is 0.45, and annualized covariance runs at 55.9 %².
By 3-year correlation, SPY places #6 of the 11 assets tracked against EVG. Their recent paths diverged sharply: over the last 12 months SPY outperformed by 18.3 percentage points (+2.3% for EVG against +20.6% for SPY). Risk is not evenly split, since SPY carries 1.7 times the volatility of the other side.
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 SPY: side by side
| EVG (Eaton Vance Short Diversified Income Fund Eaton Vance Short) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +2.3% | +20.6% |
| 5-year return | +24.1% | +82.4% |
| Volatility (ann.) | 8.4% | 14.5% |
| Beta vs S&P 500 | 0.27 | 1.00 |
| Max drawdown (3Y) | -8.2% | -18.8% |
| Market cap | – | – |
| P/E (trailing) | 10.2 | – |
| Dividend yield | 8.42% | 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 | EVG | SPY |
|---|---|---|
| 2022 | -14.1% | -18.2% |
| 2023 | +11.9% | +26.2% |
| 2024 | +14.8% | +24.9% |
| 2025 | +8.4% | +17.7% |
| 2026 | +2.7% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EVG and SPY good diversifiers for each other?
Reasonably. At 0.46, EVG and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between EVG and SPY?
As of 2026-08-27, the correlation of weekly returns between EVG and SPY is 0.46 over 3 years, 0.64 over 1 year and 0.45 over 5 years.
Is SPY a good diversifier for EVG?
Reasonably. At 0.46, EVG and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.46 mean?
On the −1 to +1 scale, 0.46 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/evg-vs-spy.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/evg-vs-spy/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: EVG correlations · SPY correlations
