EVT vs GAB: Correlation
How closely do Eaton Vance Tax Advantaged Dividend Income Fund (EVT) and Gabelli Equity Trust, Inc. (The) (GAB) trade together? Their weekly returns over three years give a correlation of 0.73, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EVT and GAB?
Across a 3-year window, the weekly returns of EVT and GAB correlate at 0.73, strong. Lately the two have drifted apart, with the 1-year correlation at 0.59 versus 0.73 over 3 years. Stretching to 5 years gives 0.69, with an annualized covariance of 179.4 %².
Within EVT's tracked universe of 52 assets, GAB comes in at #15 by 3-year correlation. Correlation aside, the last 12 months split them widely, with EVT ahead by 23.0 points (+28.8% versus +5.8%).
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.
EVT vs GAB: side by side
| EVT (Eaton Vance Tax Advantaged Dividend Income Fund) | GAB (Gabelli Equity Trust, Inc. (The)) | |
|---|---|---|
| 1-year return | +28.8% | +5.8% |
| 5-year return | +51.3% | +40.3% |
| Volatility (ann.) | 15.3% | 16.2% |
| Beta vs S&P 500 | 0.85 | 0.72 |
| Max drawdown (3Y) | -18.7% | -14.8% |
| Market cap | $2.2B | – |
| P/E (trailing) | 4.5 | 5.8 |
| Dividend yield | 6.80% | 10.54% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | EVT | GAB |
|---|---|---|
| 2022 | -17.3% | -16.3% |
| 2023 | +5.8% | +3.4% |
| 2024 | +17.4% | +18.0% |
| 2025 | +13.8% | +27.0% |
| 2026 | +20.8% | -1.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EVT and GAB good diversifiers for each other?
Only partially. A correlation of 0.73 means EVT and GAB 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 EVT and GAB?
Using weekly returns as of 2026-08-27: 0.73 over 3 years, with 0.59 over the last year and 0.69 over 5 years.
Is GAB a good diversifier for EVT?
Only partially. A correlation of 0.73 means EVT and GAB share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.73 mean?
On the −1 to +1 scale, 0.73 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: EVT correlations · GAB correlations
