EVV vs SPY: Correlation
Measured on weekly returns over the past three years, Eaton Vance Limited Duration Income Fund (EVV) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.58, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EVV and SPY?
On 3 years of weekly data the EVV/SPY correlation comes out at 0.58, moderate. Recent behaviour matches the longer record: 0.56 over 1 year against 0.58 over 3. The 5-year figure is 0.57, and annualized covariance runs at 86.0 %².
By 3-year correlation, SPY places #15 of the 23 assets tracked against EVV. Their recent paths diverged sharply: over the last 12 months SPY outperformed by 24.1 percentage points (-3.5% for EVV against +20.6% for SPY).
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.
EVV vs SPY: side by side
| EVV (Eaton Vance Limited Duration Income Fund) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -3.5% | +20.6% |
| 5-year return | +11.4% | +82.4% |
| Volatility (ann.) | 10.2% | 14.5% |
| Beta vs S&P 500 | 0.41 | 1.00 |
| Max drawdown (3Y) | -9.5% | -18.8% |
| Market cap | – | – |
| P/E (trailing) | 14.7 | – |
| Dividend yield | 9.65% | 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 | EVV | SPY |
|---|---|---|
| 2022 | -19.9% | -18.2% |
| 2023 | +13.3% | +26.2% |
| 2024 | +12.2% | +24.9% |
| 2025 | +10.7% | +17.7% |
| 2026 | -2.5% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EVV and SPY good diversifiers for each other?
To a limited degree. At 0.58 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 EVV and SPY?
As of 2026-08-27, the correlation of weekly returns between EVV and SPY is 0.58 over 3 years, 0.56 over 1 year and 0.57 over 5 years.
Is SPY a good diversifier for EVV?
To a limited degree. At 0.58 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 0.58 mean?
A reading of 0.58 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: EVV correlations · SPY correlations
