UTG vs ZTR: Correlation
Measured on weekly returns over the past three years, Reaves Utility Income Fund (UTG) and Virtus Total Return Fund Inc. (ZTR) carry a correlation of 0.69, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are UTG and ZTR?
Over the past 3 years, UTG and ZTR moved with a correlation of 0.69, which is strong. Recent behaviour matches the longer record: 0.60 over 1 year against 0.69 over 3. Over 5 years the correlation is 0.68, and the annualized covariance of weekly returns is 184.5 %².
Few assets follow UTG as closely as ZTR, which ranks #3 of 23 tracked partners. Over the last 12 months ZTR came out ahead by 11.2 percentage points (+6.8% against +18.0%).
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.
UTG vs ZTR: side by side
| UTG (Reaves Utility Income Fund) | ZTR (Virtus Total Return Fund Inc.) | |
|---|---|---|
| 1-year return | +6.8% | +18.0% |
| 5-year return | +53.5% | +27.0% |
| Volatility (ann.) | 19.1% | 14.0% |
| Beta vs S&P 500 | 0.67 | 0.40 |
| Max drawdown (3Y) | -14.9% | -18.3% |
| Market cap | $3.5B | $0.3B |
| P/E (trailing) | 2.8 | 5.7 |
| Dividend yield | 6.17% | 8.75% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | UTG | ZTR |
|---|---|---|
| 2022 | -13.4% | -21.3% |
| 2023 | +2.8% | -3.2% |
| 2024 | +28.1% | +18.3% |
| 2025 | +23.2% | +18.6% |
| 2026 | +8.1% | +15.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are UTG and ZTR good diversifiers for each other?
Somewhat, no more. With 0.69 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between UTG and ZTR?
As of 2026-08-27, the correlation of weekly returns between UTG and ZTR is 0.69 over 3 years, 0.60 over 1 year and 0.68 over 5 years.
Is ZTR a good diversifier for UTG?
Somewhat, no more. With 0.69 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.69 mean?
A reading of 0.69 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/utg-vs-ztr.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/utg-vs-ztr/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: UTG correlations · ZTR correlations
