CCIF vs. ETV

Last updated Jun 26, 2026

CCIF (Carlyle Credit Income Fund) is Intermediate Core Bond fund actively managed by Carlyle, while ETV (Eaton Vance Tax-Managed Buy-Write Opportunities Fund) is a stock. Over the past 5 years, CCIF returned -9.03%/yr vs 6.88%/yr for ETV. At a 0.17 correlation, their price movements are largely independent.

Performance

CCIF vs. ETV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Carlyle Credit Income Fund (CCIF) and Eaton Vance Tax-Managed Buy-Write Opportunities Fund (ETV). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CCIF achieves a -30.01% return, which is significantly lower than ETV's 5.65% return.

CCIF

• 1D: 1.47%
• 1M: -7.43%
• YTD: -30.01%
• 6M: -29.41%
• 1Y: -40.61%
• 3Y*: -17.19%
• 5Y*: -9.03%
• 10Y*: —

ETV

• 1D: -0.34%
• 1M: 0.06%
• YTD: 5.65%
• 6M: 4.34%
• 1Y: 15.94%
• 3Y*: 15.26%
• 5Y*: 6.88%
• 10Y*: 9.51%

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

CCIF vs. ETV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
CCIF Carlyle Credit Income Fund	-30.01%	-27.64%	16.37%	14.50%	-6.37%	12.67%	0.51%	-12.85%
ETV Eaton Vance Tax-Managed Buy-Write Opportunities Fund	5.65%	8.63%	27.67%	9.94%	-19.73%	18.41%	13.03%	10.42%

Correlation

The correlation between CCIF and ETV is 0.13, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.13
Correlation (3Y) Calculated over the trailing 3-year period	0.16
Correlation (5Y) Calculated over the trailing 5-year period	0.18
Correlation (All Time) Calculated using the full available price history since May 28, 2019	0.17

Return for Risk

CCIF vs. ETV — Risk / Return Rank

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

CCIF

CCIF Risk / Return Rank: 0
CCIF Sharpe Ratio Rank: 0
CCIF Sortino Ratio Rank: 0
CCIF Omega Ratio Rank: 0
CCIF Calmar Ratio Rank: 0
CCIF Martin Ratio Rank: 0

ETV

ETV Risk / Return Rank: 77
ETV Sharpe Ratio Rank: 80
ETV Sortino Ratio Rank: 75
ETV Omega Ratio Rank: 73
ETV Calmar Ratio Rank: 72
ETV Martin Ratio Rank: 85

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.

CCIF vs. ETV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Carlyle Credit Income Fund (CCIF) and Eaton Vance Tax-Managed Buy-Write Opportunities Fund (ETV). 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	CCIF	ETV	Difference
Sharpe ratio: Return per unit of total volatility	-1.35	1.28	-2.63
Sortino ratio: Return per unit of downside risk	-1.92	1.87	-3.79
Omega ratio: Gain probability vs. loss probability	0.75	1.23	-0.48
Calmar ratio: Return relative to maximum drawdown	-0.90	1.55	-2.45
Martin ratio: Return relative to average drawdown	-1.54	7.84	-9.38

CCIF vs. ETV - Sharpe Ratio Comparison

The current CCIF Sharpe Ratio is -1.35, which is lower than the ETV Sharpe Ratio of 1.28. The chart below compares the historical Sharpe Ratios of CCIF and ETV, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

CCIF vs. ETV - Drawdown Comparison

The maximum CCIF drawdown since its inception was -53.23%, roughly equal to the maximum ETV drawdown of -52.11%. Use the drawdown chart below to compare losses from any high point for CCIF and ETV.

Drawdown Indicators

	CCIF	ETV	Difference
Max Drawdown Largest peak-to-trough decline	-53.23%	-52.11%	-1.12%
Max Drawdown (1Y) Largest decline over 1 year	-45.20%	-10.34%	-34.86%
Max Drawdown (3Y) Largest decline over 3 years	-53.23%	-20.27%	-32.96%
Max Drawdown (5Y) Largest decline over 5 years	-53.23%	-22.71%	-30.52%
Max Drawdown (10Y) Largest decline over 10 years	—	-42.39%	—
Current Drawdown Current decline from peak	-51.66%	-2.35%	-49.31%
Average Drawdown Average peak-to-trough decline	-12.05%	-5.57%	-6.48%
Ulcer Index Depth and duration of drawdowns from previous peaks	26.34%	2.04%	+24.30%

Volatility

CCIF vs. ETV - Volatility Comparison

Carlyle Credit Income Fund (CCIF) has a higher volatility of 7.66% compared to Eaton Vance Tax-Managed Buy-Write Opportunities Fund (ETV) at 3.37%. This indicates that CCIF's price experiences larger fluctuations and is considered to be riskier than ETV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CCIF	ETV	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.66%	3.37%	+4.29%
Volatility (6M) Calculated over the trailing 6-month period	26.17%	10.17%	+16.00%
Volatility (1Y) Calculated over the trailing 1-year period	30.51%	12.50%	+18.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.37%	16.91%	+3.46%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.48%	19.30%	+6.18%

Dividends

CCIF vs. ETV - Dividend Comparison

CCIF's dividend yield for the trailing twelve months is around 44.70%, more than ETV's 8.18% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CCIF Carlyle Credit Income Fund	44.70%	26.87%	15.73%	23.58%	9.96%	8.55%	6.09%	3.77%	0.00%	0.00%	0.00%	0.00%
ETV Eaton Vance Tax-Managed Buy-Write Opportunities Fund	8.18%	8.30%	8.18%	9.24%	10.57%	7.94%	8.66%	8.89%	9.86%	8.65%	8.96%	8.69%

Frequently Asked Questions

Can I hold both CCIF and ETV in my portfolio?

CCIF and ETV have a correlation of 0.13, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CCIF or ETV?

CCIF has higher volatility (7.66%) compared to ETV (3.37%). In terms of maximum drawdown, CCIF dropped -53.23% vs ETV's -52.11%.

Which has better risk-adjusted returns?

ETV currently has the higher Sharpe Ratio (1.28 vs -1.35), 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.