EVT vs HIX: Correlation
How closely do Eaton Vance Tax Advantaged Dividend Income Fund (EVT) and Western Asset High Income Fund II Inc. (HIX) trade together? Their weekly returns over three years give a correlation of 0.67, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EVT and HIX?
Over the past 3 years, EVT and HIX moved with a correlation of 0.67, which is strong. The relationship has been stable: the 1-year correlation (0.64) sits close to the 3-year figure. Over 5 years the correlation is 0.62, and the annualized covariance of weekly returns is 137.9 %².
By 3-year correlation, HIX places #19 of the 52 assets tracked against EVT. Their recent paths diverged sharply: over the last 12 months EVT outperformed by 23.8 percentage points (+28.8% for EVT against +5.0% for HIX).
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 HIX: side by side
| EVT (Eaton Vance Tax Advantaged Dividend Income Fund) | HIX (Western Asset High Income Fund II Inc.) | |
|---|---|---|
| 1-year return | +28.8% | +5.0% |
| 5-year return | +51.3% | -2.9% |
| Volatility (ann.) | 15.3% | 13.4% |
| Beta vs S&P 500 | 0.85 | 0.55 |
| Max drawdown (3Y) | -18.7% | -13.8% |
| Market cap | $2.2B | $0.4B |
| P/E (trailing) | 4.5 | 7.6 |
| Dividend yield | 6.80% | 15.04% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | EVT | HIX |
|---|---|---|
| 2022 | -17.3% | -24.6% |
| 2023 | +5.8% | +15.7% |
| 2024 | +17.4% | -3.1% |
| 2025 | +13.8% | +13.6% |
| 2026 | +20.8% | +3.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EVT and HIX good diversifiers for each other?
Somewhat, no more. With 0.67 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between EVT and HIX?
The EVT/HIX correlation stands at 0.67 on a 3-year window (1 year: 0.64, 5 years: 0.62), computed from weekly returns as of 2026-08-27.
Is HIX a good diversifier for EVT?
Somewhat, no more. With 0.67 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.67 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/evt-vs-hix.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/evt-vs-hix/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: EVT correlations · HIX correlations
