EVT vs SPYV: Correlation
Measured on weekly returns over the past three years, Eaton Vance Tax Advantaged Dividend Income Fund (EVT) and SPDR Portfolio S&P 500 Value ETF (SPYV) carry a correlation of 0.88, a very strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EVT and SPYV?
Over the past 3 years, EVT and SPYV moved with a correlation of 0.88, which is very strong, meaning they move nearly in lockstep. Little has changed lately, as the 1-year reading of 0.81 lands near the 3-year figure. Over 5 years the correlation is 0.87, and the annualized covariance of weekly returns is 163.8 %².
Within EVT's tracked universe of 52 assets, SPYV comes in at #4 by 3-year correlation. On 12-month performance EVT holds a 10.3-point edge, +28.8% against +18.5%.
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 SPYV: side by side
| EVT (Eaton Vance Tax Advantaged Dividend Income Fund) | SPYV (SPDR Portfolio S&P 500 Value ETF) | |
|---|---|---|
| 1-year return | +28.8% | +18.5% |
| 5-year return | +51.3% | +73.5% |
| Volatility (ann.) | 15.3% | 12.1% |
| Beta vs S&P 500 | 0.85 | 0.70 |
| Max drawdown (3Y) | -18.7% | -17.5% |
| Market cap | $2.2B | – |
| P/E (trailing) | 4.5 | – |
| Dividend yield | 6.80% | 1.69% |
| Expense ratio | – | 0.04% |
| Assets under management | – | $36.2B |
| Sector / category | US Listed | ETF · US Style |
SPYV, State Street Investment Management's Large Value fund, carries $36.2B under management, 438 holdings, a 0.04% expense ratio, a 1.69% trailing dividend yield.
Year-by-year returns
| Year | EVT | SPYV |
|---|---|---|
| 2022 | -17.3% | -5.3% |
| 2023 | +5.8% | +22.2% |
| 2024 | +17.4% | +12.2% |
| 2025 | +13.8% | +13.2% |
| 2026 | +20.8% | +12.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EVT and SPYV good diversifiers for each other?
Not really. At 0.88, the two trade almost as one position, and owning both buys little extra protection.
FAQ
What is the correlation between EVT and SPYV?
Using weekly returns as of 2026-08-27: 0.88 over 3 years, with 0.81 over the last year and 0.87 over 5 years.
Is SPYV a good diversifier for EVT?
Not really. At 0.88, the two trade almost as one position, and owning both buys little extra protection.
What does a correlation of 0.88 mean?
On the −1 to +1 scale, 0.88 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-spyv.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/evt-vs-spyv/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: EVT correlations · SPYV correlations
