EACPX vs. EAEAX

Last updated Jun 5, 2026

EACPX (Eaton Vance Tax Managed Multi Cap Growth Fund) and EAEAX (Eaton Vance Tax-Managed Equity Asset Allocation Fund) are both mutual funds - EACPX is a Large Cap Growth Equities fund managed by BlackRock, while EAEAX is a Diversified Portfolio fund managed by BlackRock. Over the past 10 years, EACPX returned 13.93%/yr vs 11.63%/yr for EAEAX. Their correlation of 0.92 suggests significant overlap in exposure. Both charge a 1.25% expense ratio.

Performance

EACPX vs. EAEAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Eaton Vance Tax Managed Multi Cap Growth Fund (EACPX) and Eaton Vance Tax-Managed Equity Asset Allocation Fund (EAEAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EACPX achieves a 3.76% return, which is significantly lower than EAEAX's 8.70% return. Over the past 10 years, EACPX has outperformed EAEAX with an annualized return of 13.93%, while EAEAX has yielded a comparatively lower 11.63% annualized return.

EACPX

• 1D: -1.10%
• 1M: 2.25%
• YTD: 3.76%
• 6M: 3.62%
• 1Y: 14.48%
• 3Y*: 16.98%
• 5Y*: 9.23%
• 10Y*: 13.93%

EAEAX

• 1D: -0.50%
• 1M: 2.64%
• YTD: 8.70%
• 6M: 8.82%
• 1Y: 20.70%
• 3Y*: 16.77%
• 5Y*: 9.12%
• 10Y*: 11.63%

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

EACPX vs. EAEAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EACPX Eaton Vance Tax Managed Multi Cap Growth Fund	3.76%	9.13%	21.92%	41.77%	-29.56%	18.48%	33.61%	31.91%	-0.04%	25.78%
EAEAX Eaton Vance Tax-Managed Equity Asset Allocation Fund	8.70%	12.06%	17.99%	20.69%	-18.19%	21.24%	15.47%	27.44%	-5.86%	19.16%

Correlation

The correlation between EACPX and EAEAX is 0.89, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.89
Correlation (3Y) Calculated over the trailing 3-year period	0.89
Correlation (5Y) Calculated over the trailing 5-year period	0.92
Correlation (10Y) Calculated over the trailing 10-year period	0.91
Correlation (All Time) Calculated using the full available price history since Mar 5, 2002	0.92

The correlation between EACPX and EAEAX has been stable across timeframes, ranging from 0.89 to 0.92 - a consistent structural relationship.

Return for Risk

EACPX vs. EAEAX — Risk / Return Rank

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

EACPX

EACPX Risk / Return Rank: 13
EACPX Sharpe Ratio Rank: 15
EACPX Sortino Ratio Rank: 14
EACPX Omega Ratio Rank: 14
EACPX Calmar Ratio Rank: 10
EACPX Martin Ratio Rank: 11

EAEAX

EAEAX Risk / Return Rank: 41
EAEAX Sharpe Ratio Rank: 40
EAEAX Sortino Ratio Rank: 40
EAEAX Omega Ratio Rank: 40
EAEAX Calmar Ratio Rank: 36
EAEAX Martin Ratio Rank: 50

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.

EACPX vs. EAEAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Eaton Vance Tax Managed Multi Cap Growth Fund (EACPX) and Eaton Vance Tax-Managed Equity Asset Allocation Fund (EAEAX). 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.

	EACPX	EAEAX	Difference
Sharpe ratio: Return per unit of total volatility	1.07	1.85	-0.78
Sortino ratio: Return per unit of downside risk	1.54	2.64	-1.11
Omega ratio: Gain probability vs. loss probability	1.19	1.34	-0.15
Calmar ratio: Return relative to maximum drawdown	0.92	2.23	-1.31
Martin ratio: Return relative to average drawdown	3.21	10.17	-6.97
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

EACPX vs. EAEAX - Sharpe Ratio Comparison

The current EACPX Sharpe Ratio is 1.07, which is lower than the EAEAX Sharpe Ratio of 1.85. The chart below compares the historical Sharpe Ratios of EACPX and EAEAX, 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

	EACPX	EAEAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.07	1.85	-0.78
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.45	0.59	-0.13
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.67	0.69	-0.03
Sharpe Ratio (All Time) Calculated using the full available price history	0.39	0.47	-0.08

Drawdowns

EACPX vs. EAEAX - Drawdown Comparison

The maximum EACPX drawdown since its inception was -63.39%, which is greater than EAEAX's maximum drawdown of -53.71%. Use the drawdown chart below to compare losses from any high point for EACPX and EAEAX.

Drawdown Indicators

	EACPX	EAEAX	Difference
Max Drawdown Largest peak-to-trough decline	-63.39%	-53.71%	-9.68%
Max Drawdown (1Y) Largest decline over 1 year	-16.26%	-9.37%	-6.89%
Max Drawdown (3Y) Largest decline over 3 years	-20.77%	-17.69%	-3.08%
Max Drawdown (5Y) Largest decline over 5 years	-33.70%	-24.72%	-8.98%
Max Drawdown (10Y) Largest decline over 10 years	-33.70%	-34.74%	+1.04%
Current Drawdown Current decline from peak	-2.01%	-0.50%	-1.51%
Average Drawdown Average peak-to-trough decline	-12.76%	-7.82%	-4.94%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.68%	2.05%	+2.63%

Volatility

EACPX vs. EAEAX - Volatility Comparison

Eaton Vance Tax Managed Multi Cap Growth Fund (EACPX) has a higher volatility of 3.48% compared to Eaton Vance Tax-Managed Equity Asset Allocation Fund (EAEAX) at 2.98%. This indicates that EACPX's price experiences larger fluctuations and is considered to be riskier than EAEAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EACPX	EAEAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.48%	2.98%	+0.50%
Volatility (6M) Calculated over the trailing 6-month period	10.80%	8.63%	+2.17%
Volatility (1Y) Calculated over the trailing 1-year period	14.07%	11.30%	+2.77%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.46%	15.67%	+4.79%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.01%	16.84%	+4.17%

EACPX vs. EAEAX - Expense Ratio Comparison

Both EACPX and EAEAX have an expense ratio of 1.25%.

Dividends

EACPX vs. EAEAX - Dividend Comparison

EACPX's dividend yield for the trailing twelve months is around 8.01%, more than EAEAX's 3.95% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EACPX Eaton Vance Tax Managed Multi Cap Growth Fund	8.01%	8.31%	4.43%	0.00%	0.00%	3.17%	3.14%	2.22%	2.39%	0.24%	0.00%	0.00%
EAEAX Eaton Vance Tax-Managed Equity Asset Allocation Fund	3.95%	4.29%	0.80%	0.53%	0.79%	2.58%	0.57%	1.87%	2.12%	3.13%	1.10%	6.32%

Frequently Asked Questions

Can I hold both EACPX and EAEAX in my portfolio?

EACPX and EAEAX have a correlation of 0.89, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EACPX or EAEAX?

EACPX has higher volatility (3.48%) compared to EAEAX (2.98%). In terms of maximum drawdown, EACPX dropped -63.39% vs EAEAX's -53.71%.

Which has better risk-adjusted returns?

EAEAX currently has the higher Sharpe Ratio (1.85 vs 1.07), 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.