EVN vs SPY: Correlation
Eaton Vance Municipal Income Trust (EVN) and SPDR S&P 500 ETF Trust (SPY) show a moderate relationship: their 3-year correlation of weekly returns is 0.44.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EVN and SPY?
Over the past 3 years, EVN and SPY moved with a correlation of 0.44, which is moderate. Little has changed lately, as the 1-year reading of 0.36 lands near the 3-year figure. Over 5 years the correlation is 0.47, and the annualized covariance of weekly returns is 76.1 %².
By 3-year correlation, SPY places #6 of the 11 assets tracked against EVN. On 12-month performance SPY holds a 12.2-point edge, +8.4% against +20.6%.
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.
EVN vs SPY: side by side
| EVN (Eaton Vance Municipal Income Trust) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +8.4% | +20.6% |
| 5-year return | -2.5% | +82.4% |
| Volatility (ann.) | 12.0% | 14.5% |
| Beta vs S&P 500 | 0.36 | 1.00 |
| Max drawdown (3Y) | -10.4% | -18.8% |
| Market cap | $0.4B | – |
| P/E (trailing) | 11.6 | – |
| Dividend yield | 2.83% | 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 | EVN | SPY |
|---|---|---|
| 2022 | -25.0% | -18.2% |
| 2023 | +4.4% | +26.2% |
| 2024 | +8.9% | +24.9% |
| 2025 | +12.8% | +17.7% |
| 2026 | +3.2% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EVN and SPY good diversifiers for each other?
Reasonably. At 0.44, EVN and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between EVN and SPY?
As of 2026-08-27, the correlation of weekly returns between EVN and SPY is 0.44 over 3 years, 0.36 over 1 year and 0.47 over 5 years.
Is SPY a good diversifier for EVN?
Reasonably. At 0.44, EVN and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.44 mean?
On the −1 to +1 scale, 0.44 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.
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Related comparisons
Hubs: EVN correlations · SPY correlations
