EVT vs ULBI: Correlation
Eaton Vance Tax Advantaged Dividend Income Fund (EVT) and Ultralife Corporation (ULBI) show a moderate relationship: their 3-year correlation of weekly returns is 0.49.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EVT and ULBI?
On 3 years of weekly data the EVT/ULBI correlation comes out at 0.49, moderate. Lately the two have drifted apart, with the 1-year correlation at 0.36 versus 0.49 over 3 years. The 5-year figure is 0.27, and annualized covariance runs at 443.1 %².
Among the 52 assets we track against EVT, ULBI ranks #40 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months EVT outperformed by 34.5 percentage points (+28.8% for EVT against -5.7% for ULBI). One caveat on sizing: ULBI is 3.9 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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 ULBI: side by side
| EVT (Eaton Vance Tax Advantaged Dividend Income Fund) | ULBI (Ultralife Corporation) | |
|---|---|---|
| 1-year return | +28.8% | -5.7% |
| 5-year return | +51.3% | -19.1% |
| Volatility (ann.) | 15.3% | 59.1% |
| Beta vs S&P 500 | 0.85 | 1.74 |
| Max drawdown (3Y) | -18.7% | -68.8% |
| Market cap | $2.2B | $0.1B |
| P/E (trailing) | 4.5 | – |
| Dividend yield | 6.80% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | EVT | ULBI |
|---|---|---|
| 2022 | -17.3% | -36.1% |
| 2023 | +5.8% | +76.7% |
| 2024 | +17.4% | +9.2% |
| 2025 | +13.8% | -23.2% |
| 2026 | +20.8% | +13.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EVT and ULBI good diversifiers for each other?
A fair diversifier. At 0.49, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between EVT and ULBI?
The EVT/ULBI correlation stands at 0.49 on a 3-year window (1 year: 0.36, 5 years: 0.27), computed from weekly returns as of 2026-08-27.
Is ULBI a good diversifier for EVT?
A fair diversifier. At 0.49, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.49 mean?
A reading of 0.49 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-ulbi.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/evt-vs-ulbi/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: EVT correlations · ULBI correlations
