EVT vs SPY: Correlation
Measured on weekly returns over the past three years, Eaton Vance Tax Advantaged Dividend Income Fund (EVT) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.80, a very strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EVT and SPY?
Over the past 3 years, EVT and SPY moved with a correlation of 0.80, which is very strong, meaning they move nearly in lockstep. Little has changed lately, as the 1-year reading of 0.73 lands near the 3-year figure. Over 5 years the correlation is 0.82, and the annualized covariance of weekly returns is 177.9 %².
By 3-year correlation, SPY places #9 of the 52 assets tracked against EVT. The trailing year gives EVT the advantage: +28.8% versus +20.6%, a 8.2-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 SPY: side by side
| EVT (Eaton Vance Tax Advantaged Dividend Income Fund) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +28.8% | +20.6% |
| 5-year return | +51.3% | +82.4% |
| Volatility (ann.) | 15.3% | 14.5% |
| Beta vs S&P 500 | 0.85 | 1.00 |
| Max drawdown (3Y) | -18.7% | -18.8% |
| Market cap | $2.2B | – |
| P/E (trailing) | 4.5 | – |
| Dividend yield | 6.80% | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | US Listed | ETF · US Large Cap |
SPY is a Large Blend fund from State Street Investment Management: $795.3B under management, 504 holdings, a 0.09% expense ratio, a 1.01% trailing dividend yield.
Year-by-year returns
| Year | EVT | SPY |
|---|---|---|
| 2022 | -17.3% | -18.2% |
| 2023 | +5.8% | +26.2% |
| 2024 | +17.4% | +24.9% |
| 2025 | +13.8% | +17.7% |
| 2026 | +20.8% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EVT and SPY good diversifiers for each other?
No: a correlation of 0.80 means EVT and SPY tend to fall together, which is precisely when diversification is supposed to help.
FAQ
What is the correlation between EVT and SPY?
Using weekly returns as of 2026-08-27: 0.80 over 3 years, with 0.73 over the last year and 0.82 over 5 years.
Is SPY a good diversifier for EVT?
No: a correlation of 0.80 means EVT and SPY tend to fall together, which is precisely when diversification is supposed to help.
What does a correlation of 0.80 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.
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Related comparisons
Hubs: EVT correlations · SPY correlations
