EVT vs GDL: Correlation
How closely do Eaton Vance Tax Advantaged Dividend Income Fund (EVT) and GDL Fund, The (GDL) trade together? Their weekly returns over three years give a correlation of 0.56, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EVT and GDL?
Across a 3-year window, the weekly returns of EVT and GDL correlate at 0.56, moderate. Lately the two have drifted apart, with the 1-year correlation at 0.38 versus 0.56 over 3 years. Stretching to 5 years gives 0.52, with an annualized covariance of 51.6 %².
Among the 52 assets we track against EVT, GDL ranks #32 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months EVT outperformed by 24.4 percentage points (+28.8% for EVT against +4.4% for GDL). Risk is not evenly split, since EVT carries 2.6 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.
EVT vs GDL: side by side
| EVT (Eaton Vance Tax Advantaged Dividend Income Fund) | GDL (GDL Fund, The) | |
|---|---|---|
| 1-year return | +28.8% | +4.4% |
| 5-year return | +51.3% | +23.0% |
| Volatility (ann.) | 15.3% | 6.0% |
| Beta vs S&P 500 | 0.85 | 0.20 |
| Max drawdown (3Y) | -18.7% | -6.0% |
| Market cap | $2.2B | – |
| P/E (trailing) | 4.5 | 12.0 |
| Dividend yield | 6.80% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | EVT | GDL |
|---|---|---|
| 2022 | -17.3% | -6.9% |
| 2023 | +5.8% | +9.0% |
| 2024 | +17.4% | +5.9% |
| 2025 | +13.8% | +11.8% |
| 2026 | +20.8% | +1.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EVT and GDL good diversifiers for each other?
Only partially. A correlation of 0.56 means EVT and GDL 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 GDL?
Using weekly returns as of 2026-08-27: 0.56 over 3 years, with 0.38 over the last year and 0.52 over 5 years.
Is GDL a good diversifier for EVT?
Only partially. A correlation of 0.56 means EVT and GDL share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.56 mean?
On the −1 to +1 scale, 0.56 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/evt-vs-gdl.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/evt-vs-gdl/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: EVT correlations · GDL correlations
