EAEAX vs. WFSPX

Last updated Jun 25, 2026

EAEAX (Eaton Vance Tax-Managed Equity Asset Allocation Fund) and WFSPX (iShares S&P 500 Index Fund Class K) are both mutual funds - EAEAX is a Diversified Portfolio fund managed by BlackRock, while WFSPX is a S&P 500 fund tracking the S&P 500 Index. Over the past 10 years, EAEAX returned 11.90%/yr vs 15.51%/yr for WFSPX. With a 0.97 correlation, they move nearly in lockstep. EAEAX charges 1.25%/yr vs 0.03%/yr for WFSPX.

Performance

EAEAX vs. WFSPX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Eaton Vance Tax-Managed Equity Asset Allocation Fund (EAEAX) and iShares S&P 500 Index Fund Class K (WFSPX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EAEAX achieves a 7.64% return, which is significantly lower than WFSPX's 8.19% return. Over the past 10 years, EAEAX has underperformed WFSPX with an annualized return of 11.90%, while WFSPX has yielded a comparatively higher 15.51% annualized return.

EAEAX

• 1D: -1.33%
• 1M: -0.22%
• YTD: 7.64%
• 6M: 6.51%
• 1Y: 17.70%
• 3Y*: 16.14%
• 5Y*: 8.71%
• 10Y*: 11.90%

WFSPX

• 1D: -1.43%
• 1M: -1.34%
• YTD: 8.19%
• 6M: 6.86%
• 1Y: 22.29%
• 3Y*: 20.77%
• 5Y*: 13.11%
• 10Y*: 15.51%

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

EAEAX vs. WFSPX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EAEAX Eaton Vance Tax-Managed Equity Asset Allocation Fund	7.64%	12.06%	17.99%	20.69%	-18.19%	21.24%	15.47%	27.44%	-5.86%	19.16%
WFSPX iShares S&P 500 Index Fund Class K	8.19%	17.83%	24.94%	26.25%	-18.14%	28.63%	18.43%	31.45%	-4.83%	21.27%

Correlation

The correlation between EAEAX and WFSPX is 0.97 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.97
Correlation (3Y) Calculated over the trailing 3-year period	0.97
Correlation (5Y) Calculated over the trailing 5-year period	0.98
Correlation (10Y) Calculated over the trailing 10-year period	0.97
Correlation (All Time) Calculated using the full available price history since Mar 4, 2002	0.97

The correlation between EAEAX and WFSPX has been stable across timeframes, ranging from 0.97 to 0.98 - a consistent structural relationship.

Return for Risk

EAEAX vs. WFSPX — Risk / Return Rank

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

EAEAX

EAEAX Risk / Return Rank: 38
EAEAX Sharpe Ratio Rank: 37
EAEAX Sortino Ratio Rank: 36
EAEAX Omega Ratio Rank: 37
EAEAX Calmar Ratio Rank: 34
EAEAX Martin Ratio Rank: 48

WFSPX

WFSPX Risk / Return Rank: 52
WFSPX Sharpe Ratio Rank: 48
WFSPX Sortino Ratio Rank: 45
WFSPX Omega Ratio Rank: 47
WFSPX Calmar Ratio Rank: 54
WFSPX Martin Ratio Rank: 66

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.

EAEAX vs. WFSPX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Eaton Vance Tax-Managed Equity Asset Allocation Fund (EAEAX) and iShares S&P 500 Index Fund Class K (WFSPX). 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.

	EAEAX	WFSPX	Difference
Sharpe ratio: Return per unit of total volatility	1.61	1.90	-0.29
Sortino ratio: Return per unit of downside risk	2.28	2.58	-0.30
Omega ratio: Gain probability vs. loss probability	1.29	1.34	-0.05
Calmar ratio: Return relative to maximum drawdown	2.04	2.67	-0.63
Martin ratio: Return relative to average drawdown	9.18	11.99	-2.81

EAEAX vs. WFSPX - Sharpe Ratio Comparison

The current EAEAX Sharpe Ratio is 1.61, which is comparable to the WFSPX Sharpe Ratio of 1.90. The chart below compares the historical Sharpe Ratios of EAEAX and WFSPX, 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

EAEAX vs. WFSPX - Drawdown Comparison

The maximum EAEAX drawdown since its inception was -53.71%, smaller than the maximum WFSPX drawdown of -58.21%. Use the drawdown chart below to compare losses from any high point for EAEAX and WFSPX.

Drawdown Indicators

	EAEAX	WFSPX	Difference
Max Drawdown Largest peak-to-trough decline	-53.71%	-58.21%	+4.50%
Max Drawdown (1Y) Largest decline over 1 year	-9.37%	-8.90%	-0.47%
Max Drawdown (3Y) Largest decline over 3 years	-17.69%	-18.74%	+1.05%
Max Drawdown (5Y) Largest decline over 5 years	-24.72%	-24.51%	-0.21%
Max Drawdown (10Y) Largest decline over 10 years	-34.74%	-33.74%	-1.00%
Current Drawdown Current decline from peak	-1.98%	-3.13%	+1.15%
Average Drawdown Average peak-to-trough decline	-7.81%	-12.76%	+4.95%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.07%	1.98%	+0.09%

Volatility

EAEAX vs. WFSPX - Volatility Comparison

The current volatility for Eaton Vance Tax-Managed Equity Asset Allocation Fund (EAEAX) is 4.51%, while iShares S&P 500 Index Fund Class K (WFSPX) has a volatility of 4.90%. This indicates that EAEAX experiences smaller price fluctuations and is considered to be less risky than WFSPX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EAEAX	WFSPX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.51%	4.90%	-0.39%
Volatility (6M) Calculated over the trailing 6-month period	9.47%	9.93%	-0.46%
Volatility (1Y) Calculated over the trailing 1-year period	11.89%	12.56%	-0.67%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.76%	16.98%	-1.22%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.85%	18.04%	-1.19%

EAEAX vs. WFSPX - Expense Ratio Comparison

EAEAX has a 1.25% expense ratio, which is higher than WFSPX's 0.03% expense ratio.

Dividends

EAEAX vs. WFSPX - Dividend Comparison

EAEAX's dividend yield for the trailing twelve months is around 3.99%, more than WFSPX's 1.61% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EAEAX Eaton Vance Tax-Managed Equity Asset Allocation Fund	3.99%	4.29%	0.80%	0.53%	0.79%	2.58%	0.57%	1.87%	2.12%	3.13%	1.10%	6.32%
WFSPX iShares S&P 500 Index Fund Class K	1.61%	1.72%	1.41%	1.50%	2.02%	1.82%	1.66%	1.99%	2.00%	1.62%	2.37%	2.49%

Frequently Asked Questions

Can I hold both EAEAX and WFSPX in my portfolio?

With a correlation of 0.97, EAEAX and WFSPX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, EAEAX or WFSPX?

WFSPX has higher volatility (4.90%) compared to EAEAX (4.51%). In terms of maximum drawdown, EAEAX dropped -53.71% vs WFSPX's -58.21%.

Which has better risk-adjusted returns?

WFSPX currently has the higher Sharpe Ratio (1.90 vs 1.61), 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.