EBSIX vs. EBSAX

Last updated Jun 4, 2026

EBSIX (Campbell Systematic Macro Fund Class I Shares) and EBSAX (Campbell Systematic Macro Fund Class A Shares) are both Macro Trading funds from Campbell & Company. Over the past 5 years, EBSIX returned 8.76%/yr vs 8.49%/yr for EBSAX. With a 0.99 correlation, they move nearly in lockstep. EBSIX charges 1.75%/yr vs 2.00%/yr for EBSAX.

Performance

EBSIX vs. EBSAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Campbell Systematic Macro Fund Class I Shares (EBSIX) and Campbell Systematic Macro Fund Class A Shares (EBSAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with EBSIX having a 9.83% return and EBSAX slightly lower at 9.74%.

EBSIX

• 1D: 0.59%
• 1M: 0.59%
• YTD: 9.83%
• 6M: 10.18%
• 1Y: 5.98%
• 3Y*: 4.42%
• 5Y*: 8.76%
• 10Y*: —

EBSAX

• 1D: 0.60%
• 1M: 0.60%
• YTD: 9.74%
• 6M: 10.10%
• 1Y: 5.75%
• 3Y*: 4.17%
• 5Y*: 8.49%
• 10Y*: —

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

EBSIX vs. EBSAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
EBSIX Campbell Systematic Macro Fund Class I Shares	9.83%	-1.14%	11.63%	-1.83%	30.91%	9.05%	4.94%
EBSAX Campbell Systematic Macro Fund Class A Shares	9.74%	-1.34%	11.28%	-2.11%	30.56%	8.90%	4.88%

Correlation

The correlation between EBSIX and EBSAX 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 (All Time) Calculated using the full available price history since Oct 29, 2020	0.99

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

Return for Risk

EBSIX vs. EBSAX — Risk / Return Rank

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

EBSIX

EBSIX Risk / Return Rank: 9
EBSIX Sharpe Ratio Rank: 9
EBSIX Sortino Ratio Rank: 9
EBSIX Omega Ratio Rank: 8
EBSIX Calmar Ratio Rank: 10
EBSIX Martin Ratio Rank: 7

EBSAX

EBSAX Risk / Return Rank: 8
EBSAX Sharpe Ratio Rank: 8
EBSAX Sortino Ratio Rank: 8
EBSAX Omega Ratio Rank: 7
EBSAX Calmar Ratio Rank: 10
EBSAX Martin Ratio Rank: 7

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.

EBSIX vs. EBSAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Campbell Systematic Macro Fund Class I Shares (EBSIX) and Campbell Systematic Macro Fund Class A Shares (EBSAX). 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.

	EBSIX	EBSAX	Difference
Sharpe ratio: Return per unit of total volatility	0.72	0.68	+0.04
Sortino ratio: Return per unit of downside risk	1.08	1.03	+0.06
Omega ratio: Gain probability vs. loss probability	1.13	1.12	+0.01
Calmar ratio: Return relative to maximum drawdown	0.99	0.95	+0.03
Martin ratio: Return relative to average drawdown	2.18	2.08	+0.11
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

EBSIX vs. EBSAX - Sharpe Ratio Comparison

The current EBSIX Sharpe Ratio is 0.72, which is comparable to the EBSAX Sharpe Ratio of 0.68. The chart below compares the historical Sharpe Ratios of EBSIX and EBSAX, 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

	EBSIX	EBSAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.72	0.68	+0.04
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.92	0.89	+0.03
Sharpe Ratio (All Time) Calculated using the full available price history	1.16	1.13	+0.03

Drawdowns

EBSIX vs. EBSAX - Drawdown Comparison

The maximum EBSIX drawdown since its inception was -10.96%, roughly equal to the maximum EBSAX drawdown of -11.15%. Use the drawdown chart below to compare losses from any high point for EBSIX and EBSAX.

Drawdown Indicators

	EBSIX	EBSAX	Difference
Max Drawdown Largest peak-to-trough decline	-10.96%	-11.15%	+0.19%
Max Drawdown (1Y) Largest decline over 1 year	-5.88%	-5.83%	-0.05%
Max Drawdown (3Y) Largest decline over 3 years	-10.26%	-10.26%	0.00%
Max Drawdown (5Y) Largest decline over 5 years	-10.96%	-11.15%	+0.19%
Current Drawdown Current decline from peak	-0.77%	-0.78%	+0.01%
Average Drawdown Average peak-to-trough decline	-3.06%	-3.15%	+0.09%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.64%	2.67%	-0.03%

Volatility

EBSIX vs. EBSAX - Volatility Comparison

Campbell Systematic Macro Fund Class I Shares (EBSIX) and Campbell Systematic Macro Fund Class A Shares (EBSAX) have volatilities of 1.99% and 1.98%, 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

	EBSIX	EBSAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.99%	1.98%	+0.01%
Volatility (6M) Calculated over the trailing 6-month period	5.91%	5.97%	-0.06%
Volatility (1Y) Calculated over the trailing 1-year period	8.08%	8.17%	-0.09%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.56%	9.59%	-0.03%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.46%	9.47%	-0.01%

EBSIX vs. EBSAX - Expense Ratio Comparison

EBSIX has a 1.75% expense ratio, which is lower than EBSAX's 2.00% expense ratio.

Dividends

EBSIX vs. EBSAX - Dividend Comparison

EBSIX's dividend yield for the trailing twelve months is around 2.88%, more than EBSAX's 2.74% yield.

Position	TTM	2025	2024	2023	2022	2021
EBSAX Campbell Systematic Macro Fund Class A Shares	2.74%	3.00%	2.59%	1.45%	15.15%	7.02%
EBSIX Campbell Systematic Macro Fund Class I Shares	2.88%	3.16%	2.90%	1.82%	15.10%	7.73%

Frequently Asked Questions

Can I hold both EBSIX and EBSAX in my portfolio?

With a correlation of 0.99, EBSIX and EBSAX 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, EBSIX or EBSAX?

EBSIX has higher volatility (1.99%) compared to EBSAX (1.98%). In terms of maximum drawdown, EBSIX dropped -10.96% vs EBSAX's -11.15%.

Which has better risk-adjusted returns?

EBSIX currently has the higher Sharpe Ratio (0.72 vs 0.68), 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.