You are shooting with 1/500s, F5.6, ISO 100
Use the EV calculator here:
Exposure: Exposure: Glossary: Learn: Digital Photography Review
The EV value is 14 EV. Let's assume the photo is well exposed.
Now you apply an EV comp of +1 EV. That increases the shutter speed from the metering's suggested 1/500s to 1/250s.
The EV value for that is 13 EV.
The photo should now be one stopped overexposed, because (b) you've doubled the shutter speed with the other settings the same, including illumination level, so twice as much light is accepted; (b) You've used exp. values for a 13 EV situation, when there was actually a 14 EV level of illumination.
Now return to 1/500s, F5.6, ISO 100 and increase the ISO to ISO 200. Again the calculator shows 13 EV. So doubling the ISO has made the camera 1 stop/1 EV more sensitive i.e. it will correctly exposure at 13 EV and be 1 stop overexposed at 14 EV.
The corollary of this is that increasing the EV comp +1 EV is the same as boosting the ISO from ISO 100 to ISO 200. So ISO 6400 +1 EV is the same as ISO 12800, while ISO 6400 + 0.7 EV is the same as ISO 10000.
Dan.