GDV vs HEQ: Correlation
Measured on weekly returns over the past three years, Gabelli Dividend & Income Trust (GDV) and John Hancock Diversified Income Fund (HEQ) carry a correlation of 0.78, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GDV and HEQ?
On 3 years of weekly data the GDV/HEQ correlation comes out at 0.78, strong. Little has changed lately, as the 1-year reading of 0.76 lands near the 3-year figure. The 5-year figure is 0.56, and annualized covariance runs at 144.7 %².
Among the 71 assets we track against GDV, HEQ ranks #25 by 3-year correlation. Twelve-month performance is nearly a tie, at +20.3% for GDV and +20.8% for HEQ.
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.
GDV vs HEQ: side by side
| GDV (Gabelli Dividend & Income Trust) | HEQ (John Hancock Diversified Income Fund) | |
|---|---|---|
| 1-year return | +20.3% | +20.8% |
| 5-year return | +53.8% | +43.5% |
| Volatility (ann.) | 15.0% | 12.3% |
| Beta vs S&P 500 | 0.90 | 0.59 |
| Max drawdown (3Y) | -16.1% | -11.5% |
| Market cap | $2.7B | $0.1B |
| P/E (trailing) | 6.3 | 7.6 |
| Dividend yield | 5.51% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | GDV | HEQ |
|---|---|---|
| 2022 | -18.6% | -3.1% |
| 2023 | +11.9% | -3.1% |
| 2024 | +18.1% | +11.7% |
| 2025 | +22.8% | +15.6% |
| 2026 | +13.8% | +15.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GDV and HEQ good diversifiers for each other?
To a limited degree. At 0.78 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 GDV and HEQ?
Using weekly returns as of 2026-08-27: 0.78 over 3 years, with 0.76 over the last year and 0.56 over 5 years.
Is HEQ a good diversifier for GDV?
To a limited degree. At 0.78 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 0.78 mean?
On the −1 to +1 scale, 0.78 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/gdv-vs-heq.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/gdv-vs-heq/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: GDV correlations · HEQ correlations
