EVG vs WDI: Correlation
How closely do Eaton Vance Short Diversified Income Fund Eaton Vance Short (EVG) and Western Asset Diversified Income Fund (WDI) trade together? Their weekly returns over three years give a correlation of 0.64, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EVG and WDI?
Over the past 3 years, EVG and WDI moved with a correlation of 0.64, which is strong. Recent behaviour matches the longer record: 0.69 over 1 year against 0.64 over 3. Over 5 years the correlation is 0.56, and the annualized covariance of weekly returns is 62.9 %².
In EVG's tracked universe of 11 assets, WDI sits right near the top at #2. Their 12-month results are close: +2.3% for EVG against -2.3% for WDI.
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 WDI: side by side
| EVG (Eaton Vance Short Diversified Income Fund Eaton Vance Short) | WDI (Western Asset Diversified Income Fund) | |
|---|---|---|
| 1-year return | +2.3% | -2.3% |
| 5-year return | +24.1% | +14.7% |
| Volatility (ann.) | 8.4% | 11.7% |
| Beta vs S&P 500 | 0.27 | 0.46 |
| Max drawdown (3Y) | -8.2% | -14.1% |
| Market cap | – | $0.7B |
| P/E (trailing) | 10.2 | 9.3 |
| Dividend yield | 8.42% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | EVG | WDI |
|---|---|---|
| 2022 | -14.1% | -23.3% |
| 2023 | +11.9% | +25.1% |
| 2024 | +14.8% | +13.9% |
| 2025 | +8.4% | +10.7% |
| 2026 | +2.7% | +0.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EVG and WDI good diversifiers for each other?
Only partially. A correlation of 0.64 means EVG and WDI 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 EVG and WDI?
Using weekly returns as of 2026-08-27: 0.64 over 3 years, with 0.69 over the last year and 0.56 over 5 years.
Is WDI a good diversifier for EVG?
Only partially. A correlation of 0.64 means EVG and WDI share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.64 mean?
On the −1 to +1 scale, 0.64 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-wdi.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/evg-vs-wdi/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: EVG correlations · WDI correlations
