EATVX vs. HDCTX

Last updated Jun 25, 2026

EATVX (Eaton Vance Tax Managed Value Fund) and HDCTX (Rational Equity Armor Fund) are both Large Cap Value Equities funds. Over the past 10 years, EATVX returned 12.15%/yr vs 5.30%/yr for HDCTX. Their correlation of 0.83 suggests significant overlap in exposure. EATVX charges 1.15%/yr vs 1.17%/yr for HDCTX.

Performance

EATVX vs. HDCTX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Eaton Vance Tax Managed Value Fund (EATVX) and Rational Equity Armor Fund (HDCTX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EATVX achieves a 17.94% return, which is significantly higher than HDCTX's 8.19% return. Over the past 10 years, EATVX has outperformed HDCTX with an annualized return of 12.15%, while HDCTX has yielded a comparatively lower 5.30% annualized return.

EATVX

• 1D: -1.68%
• 1M: 3.52%
• YTD: 17.94%
• 6M: 16.76%
• 1Y: 30.35%
• 3Y*: 18.42%
• 5Y*: 10.61%
• 10Y*: 12.15%

HDCTX

• 1D: -1.19%
• 1M: -1.52%
• YTD: 8.19%
• 6M: 6.61%
• 1Y: 16.75%
• 3Y*: 14.35%
• 5Y*: 6.94%
• 10Y*: 5.30%

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

EATVX vs. HDCTX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EATVX Eaton Vance Tax Managed Value Fund	17.94%	12.86%	14.37%	9.44%	-9.77%	25.92%	4.39%	29.73%	-5.98%	17.65%
HDCTX Rational Equity Armor Fund	8.19%	12.64%	16.85%	2.95%	-10.68%	14.52%	15.85%	11.32%	-11.94%	-1.99%

Correlation

The correlation between EATVX and HDCTX is 0.66, 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	0.66
Correlation (3Y) Calculated over the trailing 3-year period	0.65
Correlation (5Y) Calculated over the trailing 5-year period	0.73
Correlation (10Y) Calculated over the trailing 10-year period	0.73
Correlation (All Time) Calculated using the full available price history since Feb 28, 2001	0.83

The correlation between EATVX and HDCTX shifts across timeframes, from 0.65 (3 years) to 0.83 (all time), reflecting how their relationship changes across market environments.

Return for Risk

EATVX vs. HDCTX — Risk / Return Rank

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

EATVX

EATVX Risk / Return Rank: 86
EATVX Sharpe Ratio Rank: 88
EATVX Sortino Ratio Rank: 84
EATVX Omega Ratio Rank: 80
EATVX Calmar Ratio Rank: 87
EATVX Martin Ratio Rank: 91

HDCTX

HDCTX Risk / Return Rank: 48
HDCTX Sharpe Ratio Rank: 52
HDCTX Sortino Ratio Rank: 54
HDCTX Omega Ratio Rank: 48
HDCTX Calmar Ratio Rank: 54
HDCTX Martin Ratio Rank: 33

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.

EATVX vs. HDCTX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Eaton Vance Tax Managed Value Fund (EATVX) and Rational Equity Armor Fund (HDCTX). 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.

	EATVX	HDCTX	Difference
Sharpe ratio: Return per unit of total volatility	2.59	1.86	+0.72
Sortino ratio: Return per unit of downside risk	3.60	2.70	+0.90
Omega ratio: Gain probability vs. loss probability	1.46	1.33	+0.13
Calmar ratio: Return relative to maximum drawdown	3.95	2.59	+1.36
Martin ratio: Return relative to average drawdown	16.87	6.70	+10.18

EATVX vs. HDCTX - Sharpe Ratio Comparison

The current EATVX Sharpe Ratio is 2.59, which is higher than the HDCTX Sharpe Ratio of 1.86. The chart below compares the historical Sharpe Ratios of EATVX and HDCTX, 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

EATVX vs. HDCTX - Drawdown Comparison

The maximum EATVX drawdown since its inception was -53.01%, smaller than the maximum HDCTX drawdown of -59.05%. Use the drawdown chart below to compare losses from any high point for EATVX and HDCTX.

Drawdown Indicators

	EATVX	HDCTX	Difference
Max Drawdown Largest peak-to-trough decline	-53.01%	-59.05%	+6.04%
Max Drawdown (1Y) Largest decline over 1 year	-8.03%	-6.95%	-1.08%
Max Drawdown (3Y) Largest decline over 3 years	-18.74%	-11.74%	-7.00%
Max Drawdown (5Y) Largest decline over 5 years	-20.70%	-18.22%	-2.48%
Max Drawdown (10Y) Largest decline over 10 years	-38.63%	-19.43%	-19.20%
Current Drawdown Current decline from peak	-1.68%	-3.56%	+1.88%
Average Drawdown Average peak-to-trough decline	-8.17%	-6.40%	-1.77%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.88%	2.68%	-0.80%

Volatility

EATVX vs. HDCTX - Volatility Comparison

Eaton Vance Tax Managed Value Fund (EATVX) has a higher volatility of 4.93% compared to Rational Equity Armor Fund (HDCTX) at 2.96%. This indicates that EATVX's price experiences larger fluctuations and is considered to be riskier than HDCTX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EATVX	HDCTX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.93%	2.96%	+1.97%
Volatility (6M) Calculated over the trailing 6-month period	9.69%	7.18%	+2.51%
Volatility (1Y) Calculated over the trailing 1-year period	12.27%	9.69%	+2.58%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.21%	10.67%	+4.54%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.57%	11.55%	+6.02%

EATVX vs. HDCTX - Expense Ratio Comparison

EATVX has a 1.15% expense ratio, which is lower than HDCTX's 1.17% expense ratio.

Dividends

EATVX vs. HDCTX - Dividend Comparison

EATVX's dividend yield for the trailing twelve months is around 3.53%, more than HDCTX's 0.19% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EATVX Eaton Vance Tax Managed Value Fund	3.53%	4.16%	3.75%	3.24%	2.17%	4.50%	1.29%	1.13%	1.57%	0.95%	1.10%	8.71%
HDCTX Rational Equity Armor Fund	0.19%	0.00%	0.00%	0.17%	0.78%	1.21%	1.10%	5.37%	7.86%	5.60%	3.28%	15.32%

Frequently Asked Questions

Can I hold both EATVX and HDCTX in my portfolio?

EATVX and HDCTX have a correlation of 0.66, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EATVX or HDCTX?

EATVX has higher volatility (4.93%) compared to HDCTX (2.96%). In terms of maximum drawdown, EATVX dropped -53.01% vs HDCTX's -59.05%.

Which has better risk-adjusted returns?

EATVX currently has the higher Sharpe Ratio (2.59 vs 1.86), 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.