EVT vs ZBRA: Correlation
Eaton Vance Tax Advantaged Dividend Income Fund (EVT) and Zebra Technologies (ZBRA) show a moderate relationship: their 3-year correlation of weekly returns is 0.57.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EVT and ZBRA?
On 3 years of weekly data the EVT/ZBRA correlation comes out at 0.57, moderate. Lately the two have drifted apart, with the 1-year correlation at 0.42 versus 0.57 over 3 years. The 5-year figure is 0.60, and annualized covariance runs at 357.3 %².
Within EVT's tracked universe of 52 assets, ZBRA comes in at #31 by 3-year correlation. The last year tells two different stories: EVT led by 16.5 percentage points, +28.8% for EVT against +12.3% for ZBRA. Note the risk asymmetry: ZBRA runs 2.7 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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 ZBRA: side by side
| EVT (Eaton Vance Tax Advantaged Dividend Income Fund) | ZBRA (Zebra Technologies) | |
|---|---|---|
| 1-year return | +28.8% | +12.3% |
| 5-year return | +51.3% | -38.2% |
| Volatility (ann.) | 15.3% | 40.8% |
| Beta vs S&P 500 | 0.85 | 1.54 |
| Max drawdown (3Y) | -18.7% | -52.7% |
| Market cap | $2.2B | $17.1B |
| P/E (trailing) | 4.5 | 33.0 |
| Dividend yield | 6.80% | 0.00% |
| Sector / category | US Listed | Information Technology |
Year-by-year returns
| Year | EVT | ZBRA |
|---|---|---|
| 2022 | -17.3% | -56.9% |
| 2023 | +5.8% | +6.6% |
| 2024 | +17.4% | +41.3% |
| 2025 | +13.8% | -37.1% |
| 2026 | +20.8% | +48.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EVT and ZBRA good diversifiers for each other?
Only partially. A correlation of 0.57 means EVT and ZBRA share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between EVT and ZBRA?
Using weekly returns as of 2026-08-27: 0.57 over 3 years, with 0.42 over the last year and 0.60 over 5 years.
Is ZBRA a good diversifier for EVT?
Only partially. A correlation of 0.57 means EVT and ZBRA share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.57 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-zbra.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/evt-vs-zbra/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: EVT correlations · ZBRA correlations
