EXG vs SPY: Correlation
Eaton Vance Tax-Managed Global Diversified Equity Income (EXG) and SPDR S&P 500 ETF Trust (SPY) show a very strong relationship: their 3-year correlation of weekly returns is 0.88.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EXG and SPY?
Over the past 3 years, EXG and SPY moved with a correlation of 0.88, which is very strong, meaning they move nearly in lockstep. Recent behaviour matches the longer record: 0.84 over 1 year against 0.88 over 3. Over 5 years the correlation is 0.86, and the annualized covariance of weekly returns is 190.2 %².
By 3-year correlation, SPY places #6 of the 32 assets tracked against EXG. Neither side won the trailing year by much: +22.0% against +20.6%.
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.
EXG vs SPY: side by side
| EXG (Eaton Vance Tax-Managed Global Diversified Equity Income) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +22.0% | +20.6% |
| 5-year return | +45.8% | +82.4% |
| Volatility (ann.) | 15.0% | 14.5% |
| Beta vs S&P 500 | 0.91 | 1.00 |
| Max drawdown (3Y) | -15.1% | -18.8% |
| Market cap | – | – |
| P/E (trailing) | 4.5 | – |
| Dividend yield | 0.00% | 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 | EXG | SPY |
|---|---|---|
| 2022 | -22.2% | -18.2% |
| 2023 | +11.4% | +26.2% |
| 2024 | +16.1% | +24.9% |
| 2025 | +27.8% | +17.7% |
| 2026 | +10.7% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EXG and SPY 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 EXG and SPY?
As of 2026-08-27, the correlation of weekly returns between EXG and SPY is 0.88 over 3 years, 0.84 over 1 year and 0.86 over 5 years.
Is SPY a good diversifier for EXG?
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?
A reading of 0.88 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: EXG correlations · SPY correlations
