EVT vs MCN: Correlation
How closely do Eaton Vance Tax Advantaged Dividend Income Fund (EVT) and XAI Madison Equity Premium Income Fund (MCN) trade together? Their weekly returns over three years give a correlation of 0.57, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EVT and MCN?
Across a 3-year window, the weekly returns of EVT and MCN correlate at 0.57, moderate. Lately the two have moved closer together, with the 1-year correlation at 0.69 versus 0.57 over 3 years. Stretching to 5 years gives 0.60, with an annualized covariance of 120.6 %².
Among the 52 assets we track against EVT, MCN ranks #30 by 3-year correlation. Correlation aside, the last 12 months split them widely, with EVT ahead by 27.0 points (+28.8% versus +1.8%).
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 MCN: side by side
| EVT (Eaton Vance Tax Advantaged Dividend Income Fund) | MCN (XAI Madison Equity Premium Income Fund) | |
|---|---|---|
| 1-year return | +28.8% | +1.8% |
| 5-year return | +51.3% | +17.0% |
| Volatility (ann.) | 15.3% | 13.9% |
| Beta vs S&P 500 | 0.85 | 0.46 |
| Max drawdown (3Y) | -18.7% | -24.5% |
| Market cap | $2.2B | $0.1B |
| P/E (trailing) | 4.5 | 18.2 |
| Dividend yield | 6.80% | 12.74% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | EVT | MCN |
|---|---|---|
| 2022 | -17.3% | +6.3% |
| 2023 | +5.8% | +7.0% |
| 2024 | +17.4% | -1.5% |
| 2025 | +13.8% | +0.7% |
| 2026 | +20.8% | +2.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EVT and MCN good diversifiers for each other?
To a limited degree. At 0.57 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between EVT and MCN?
Using weekly returns as of 2026-08-27: 0.57 over 3 years, with 0.69 over the last year and 0.60 over 5 years.
Is MCN a good diversifier for EVT?
To a limited degree. At 0.57 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.57 mean?
A reading of 0.57 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/evt-vs-mcn.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/evt-vs-mcn/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: EVT correlations · MCN correlations
