EAPCX vs. EIPCX

Last updated Jun 23, 2026

EAPCX (Parametric Commodity Strategy Fund Class A) and EIPCX (Parametric Commodity Strategy Fund Class I) are both Commodities funds from Eaton Vance. Over the past 10 years, EAPCX returned 9.95%/yr vs 10.23%/yr for EIPCX. With a 0.99 correlation, they move nearly in lockstep. EAPCX charges 0.91%/yr vs 0.66%/yr for EIPCX.

Performance

EAPCX vs. EIPCX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Parametric Commodity Strategy Fund Class A (EAPCX) and Parametric Commodity Strategy Fund Class I (EIPCX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with EAPCX having a 15.73% return and EIPCX slightly higher at 15.99%. Both investments have delivered pretty close results over the past 10 years, with EAPCX having a 9.95% annualized return and EIPCX not far ahead at 10.23%.

EAPCX

• 1D: -1.17%
• 1M: -5.49%
• YTD: 15.73%
• 6M: 16.26%
• 1Y: 28.40%
• 3Y*: 14.39%
• 5Y*: 14.01%
• 10Y*: 9.95%

EIPCX

• 1D: -1.16%
• 1M: -5.30%
• YTD: 15.99%
• 6M: 16.52%
• 1Y: 28.85%
• 3Y*: 14.72%
• 5Y*: 14.30%
• 10Y*: 10.23%

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

EAPCX vs. EIPCX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EAPCX Parametric Commodity Strategy Fund Class A	15.73%	22.06%	9.63%	-4.87%	17.26%	29.92%	7.77%	9.19%	-9.60%	6.71%
EIPCX Parametric Commodity Strategy Fund Class I	15.99%	22.27%	9.97%	-4.70%	17.76%	30.13%	7.83%	9.58%	-9.45%	7.07%

Correlation

The correlation between EAPCX and EIPCX is 0.99 - 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	0.99
Correlation (3Y) Calculated over the trailing 3-year period	0.99
Correlation (5Y) Calculated over the trailing 5-year period	0.99
Correlation (10Y) Calculated over the trailing 10-year period	0.99
Correlation (All Time) Calculated using the full available price history since Jan 3, 2012	0.99

The correlation between EAPCX and EIPCX has been stable across timeframes, ranging from 0.99 to 0.99 - a consistent structural relationship.

Return for Risk

EAPCX vs. EIPCX — Risk / Return Rank

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

EAPCX

EAPCX Risk / Return Rank: 55
EAPCX Sharpe Ratio Rank: 53
EAPCX Sortino Ratio Rank: 46
EAPCX Omega Ratio Rank: 49
EAPCX Calmar Ratio Rank: 69
EAPCX Martin Ratio Rank: 56

EIPCX

EIPCX Risk / Return Rank: 57
EIPCX Sharpe Ratio Rank: 55
EIPCX Sortino Ratio Rank: 47
EIPCX Omega Ratio Rank: 52
EIPCX Calmar Ratio Rank: 73
EIPCX Martin Ratio Rank: 57

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.

EAPCX vs. EIPCX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Parametric Commodity Strategy Fund Class A (EAPCX) and Parametric Commodity Strategy Fund Class I (EIPCX). 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.

	EAPCX	EIPCX	Difference
Sharpe ratio: Return per unit of total volatility	1.99	2.02	-0.04
Sortino ratio: Return per unit of downside risk	2.63	2.67	-0.05
Omega ratio: Gain probability vs. loss probability	1.35	1.36	-0.01
Calmar ratio: Return relative to maximum drawdown	3.07	3.16	-0.09
Martin ratio: Return relative to average drawdown	10.64	10.83	-0.19

EAPCX vs. EIPCX - Sharpe Ratio Comparison

The current EAPCX Sharpe Ratio is 1.99, which is comparable to the EIPCX Sharpe Ratio of 2.02. The chart below compares the historical Sharpe Ratios of EAPCX and EIPCX, 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

EAPCX vs. EIPCX - Drawdown Comparison

The maximum EAPCX drawdown since its inception was -52.59%, roughly equal to the maximum EIPCX drawdown of -54.05%. Use the drawdown chart below to compare losses from any high point for EAPCX and EIPCX.

Drawdown Indicators

	EAPCX	EIPCX	Difference
Max Drawdown Largest peak-to-trough decline	-52.59%	-54.05%	+1.46%
Max Drawdown (1Y) Largest decline over 1 year	-9.11%	-8.99%	-0.12%
Max Drawdown (3Y) Largest decline over 3 years	-10.57%	-10.46%	-0.11%
Max Drawdown (5Y) Largest decline over 5 years	-18.05%	-18.00%	-0.05%
Max Drawdown (10Y) Largest decline over 10 years	-28.81%	-28.53%	-0.28%
Current Drawdown Current decline from peak	-9.11%	-8.99%	-0.12%
Average Drawdown Average peak-to-trough decline	-22.71%	-24.18%	+1.47%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.64%	2.64%	0.00%

Volatility

EAPCX vs. EIPCX - Volatility Comparison

Parametric Commodity Strategy Fund Class A (EAPCX) and Parametric Commodity Strategy Fund Class I (EIPCX) have volatilities of 3.34% and 3.38%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EAPCX	EIPCX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.34%	3.38%	-0.04%
Volatility (6M) Calculated over the trailing 6-month period	11.79%	11.82%	-0.03%
Volatility (1Y) Calculated over the trailing 1-year period	14.06%	14.03%	+0.03%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.56%	14.57%	-0.01%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.26%	13.27%	-0.01%

EAPCX vs. EIPCX - Expense Ratio Comparison

EAPCX has a 0.91% expense ratio, which is higher than EIPCX's 0.66% expense ratio.

Dividends

EAPCX vs. EIPCX - Dividend Comparison

EAPCX's dividend yield for the trailing twelve months is around 11.43%, which matches EIPCX's 11.49% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
EAPCX Parametric Commodity Strategy Fund Class A	11.43%	13.23%	5.46%	3.43%	14.80%	13.74%	3.01%	1.11%	0.41%	4.98%	6.49%
EIPCX Parametric Commodity Strategy Fund Class I	11.49%	13.33%	5.65%	3.69%	14.93%	13.83%	3.10%	1.54%	0.87%	5.14%	6.59%

Frequently Asked Questions

Can I hold both EAPCX and EIPCX in my portfolio?

With a correlation of 0.99, EAPCX and EIPCX 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, EAPCX or EIPCX?

EIPCX has higher volatility (3.38%) compared to EAPCX (3.34%). In terms of maximum drawdown, EAPCX dropped -52.59% vs EIPCX's -54.05%.

Which has better risk-adjusted returns?

EIPCX currently has the higher Sharpe Ratio (2.02 vs 1.99), 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.