EVT vs HEQ: Correlation
How closely do Eaton Vance Tax Advantaged Dividend Income Fund (EVT) and John Hancock Diversified Income Fund (HEQ) trade together? Their weekly returns over three years give a correlation of 0.75, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EVT and HEQ?
Across a 3-year window, the weekly returns of EVT and HEQ correlate at 0.75, strong. The link has loosened recently: the 1-year correlation (0.60) runs below the 3-year figure (0.75). Stretching to 5 years gives 0.58, with an annualized covariance of 140.7 %².
Within EVT's tracked universe of 52 assets, HEQ comes in at #12 by 3-year correlation. The trailing year gives EVT the advantage: +28.8% versus +20.8%, a 8.0-point spread.
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 HEQ: side by side
| EVT (Eaton Vance Tax Advantaged Dividend Income Fund) | HEQ (John Hancock Diversified Income Fund) | |
|---|---|---|
| 1-year return | +28.8% | +20.8% |
| 5-year return | +51.3% | +43.5% |
| Volatility (ann.) | 15.3% | 12.3% |
| Beta vs S&P 500 | 0.85 | 0.59 |
| Max drawdown (3Y) | -18.7% | -11.5% |
| Market cap | $2.2B | $0.1B |
| P/E (trailing) | 4.5 | 7.6 |
| Dividend yield | 6.80% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | EVT | HEQ |
|---|---|---|
| 2022 | -17.3% | -3.1% |
| 2023 | +5.8% | -3.1% |
| 2024 | +17.4% | +11.7% |
| 2025 | +13.8% | +15.6% |
| 2026 | +20.8% | +15.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EVT and HEQ good diversifiers for each other?
Somewhat, no more. With 0.75 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between EVT and HEQ?
Using weekly returns as of 2026-08-27: 0.75 over 3 years, with 0.60 over the last year and 0.58 over 5 years.
Is HEQ a good diversifier for EVT?
Somewhat, no more. With 0.75 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.75 mean?
On the −1 to +1 scale, 0.75 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-heq.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/evt-vs-heq/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: EVT correlations · HEQ correlations
