APLIX vs. ETB

Last updated Jun 4, 2026

APLIX (Cavanal Hill Hedged Income Fund) and ETB (Eaton Vance Tax-Managed Buy-Write Income Fund) are both Options Trading funds. Over the past 5 years, APLIX returned 6.96%/yr vs 7.65%/yr for ETB. A 0.58 correlation means they provide meaningful diversification when combined. APLIX charges 1.35%/yr vs 0.01%/yr for ETB.

Performance

APLIX vs. ETB - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Cavanal Hill Hedged Income Fund (APLIX) and Eaton Vance Tax-Managed Buy-Write Income Fund (ETB). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, APLIX achieves a 6.46% return, which is significantly higher than ETB's 5.02% return.

APLIX

• 1D: 0.71%
• 1M: 3.66%
• YTD: 6.46%
• 6M: 5.30%
• 1Y: 21.36%
• 3Y*: 13.15%
• 5Y*: 6.96%
• 10Y*: —

ETB

• 1D: -0.26%
• 1M: 2.14%
• YTD: 5.02%
• 6M: 5.90%
• 1Y: 20.36%
• 3Y*: 15.44%
• 5Y*: 7.65%
• 10Y*: 8.48%

*Multi-year figures are annualized to reflect compound growth (CAGR)

APLIX vs. ETB - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
APLIX Cavanal Hill Hedged Income Fund	6.46%	16.87%	10.43%	5.04%	-1.92%	7.28%
ETB Eaton Vance Tax-Managed Buy-Write Income Fund	5.02%	11.16%	26.22%	7.50%	-16.59%	27.07%

Correlation

The correlation between APLIX and ETB is 0.72, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.72
Correlation (3Y) Calculated over the trailing 3-year period	0.64
Correlation (5Y) Calculated over the trailing 5-year period	0.59
Correlation (All Time) Calculated using the full available price history since Jan 6, 2021	0.58

The correlation between APLIX and ETB shifts across timeframes, from 0.58 (all time) to 0.72 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

APLIX vs. ETB — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

APLIX

APLIX Risk / Return Rank: 55
APLIX Sharpe Ratio Rank: 57
APLIX Sortino Ratio Rank: 53
APLIX Omega Ratio Rank: 55
APLIX Calmar Ratio Rank: 53
APLIX Martin Ratio Rank: 57

ETB

ETB Risk / Return Rank: 43
ETB Sharpe Ratio Rank: 39
ETB Sortino Ratio Rank: 39
ETB Omega Ratio Rank: 40
ETB Calmar Ratio Rank: 36
ETB Martin Ratio Rank: 59

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

APLIX vs. ETB - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Cavanal Hill Hedged Income Fund (APLIX) and Eaton Vance Tax-Managed Buy-Write Income Fund (ETB). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	APLIX	ETB	Difference
Sharpe ratio: Return per unit of total volatility	2.23	1.84	+0.39
Sortino ratio: Return per unit of downside risk	3.07	2.64	+0.43
Omega ratio: Gain probability vs. loss probability	1.41	1.34	+0.07
Calmar ratio: Return relative to maximum drawdown	2.78	2.23	+0.55
Martin ratio: Return relative to average drawdown	11.48	11.72	-0.24
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

APLIX vs. ETB - Sharpe Ratio Comparison

The current APLIX Sharpe Ratio is 2.23, which is comparable to the ETB Sharpe Ratio of 1.84. The chart below compares the historical Sharpe Ratios of APLIX and ETB, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	APLIX	ETB	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.23	1.84	+0.39
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.68	0.47	+0.20
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.47	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.79	0.41	+0.39

Drawdowns

APLIX vs. ETB - Drawdown Comparison

The maximum APLIX drawdown since its inception was -14.52%, smaller than the maximum ETB drawdown of -51.09%. Use the drawdown chart below to compare losses from any high point for APLIX and ETB.

Drawdown Indicators

	APLIX	ETB	Difference
Max Drawdown Largest peak-to-trough decline	-14.52%	-51.09%	+36.57%
Max Drawdown (1Y) Largest decline over 1 year	-7.93%	-9.16%	+1.23%
Max Drawdown (3Y) Largest decline over 3 years	-14.52%	-20.09%	+5.57%
Max Drawdown (5Y) Largest decline over 5 years	-14.52%	-23.43%	+8.91%
Max Drawdown (10Y) Largest decline over 10 years	—	-45.08%	—
Current Drawdown Current decline from peak	0.00%	-0.71%	+0.71%
Average Drawdown Average peak-to-trough decline	-2.26%	-6.72%	+4.46%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.92%	1.74%	+0.18%

Volatility

APLIX vs. ETB - Volatility Comparison

Cavanal Hill Hedged Income Fund (APLIX) has a higher volatility of 2.90% compared to Eaton Vance Tax-Managed Buy-Write Income Fund (ETB) at 2.75%. This indicates that APLIX's price experiences larger fluctuations and is considered to be riskier than ETB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	APLIX	ETB	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.90%	2.75%	+0.15%
Volatility (6M) Calculated over the trailing 6-month period	7.82%	9.05%	-1.23%
Volatility (1Y) Calculated over the trailing 1-year period	9.90%	11.14%	-1.24%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.35%	16.26%	-5.91%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.18%	18.02%	-7.84%

APLIX vs. ETB - Expense Ratio Comparison

APLIX has a 1.35% expense ratio, which is higher than ETB's 0.01% expense ratio.

Dividends

APLIX vs. ETB - Dividend Comparison

APLIX's dividend yield for the trailing twelve months is around 0.32%, less than ETB's 8.20% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
APLIX Cavanal Hill Hedged Income Fund	0.32%	0.40%	0.84%	2.06%	2.09%	1.48%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
ETB Eaton Vance Tax-Managed Buy-Write Income Fund	8.20%	8.31%	8.21%	8.62%	9.63%	7.57%	8.64%	7.90%	9.64%	7.75%	7.85%	7.77%

Frequently Asked Questions

Can I hold both APLIX and ETB in my portfolio?

APLIX and ETB have a correlation of 0.72, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, APLIX or ETB?

APLIX has higher volatility (2.90%) compared to ETB (2.75%). In terms of maximum drawdown, APLIX dropped -14.52% vs ETB's -51.09%.

Which has better risk-adjusted returns?

APLIX currently has the higher Sharpe Ratio (2.23 vs 1.84), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.