ECHIX vs. ETY

Last updated Aug 1, 2026

ECHIX (Eaton Vance High Income Opportunities Fund) and ETY (Eaton Vance Tax Managed Diversified Equity Income Closed Fund) are both mutual funds - ECHIX is a High Yield Bonds fund managed by Eaton Vance, while ETY is a Derivative Income fund actively managed by Eaton Vance. Over the past 10 years, ECHIX returned 5.25%/yr vs 12.23%/yr for ETY. Their 0.41 correlation means their historical movements had little consistent relationship. ECHIX charges 1.65%/yr vs 1.06%/yr for ETY.

Performance

ECHIX vs. ETY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Eaton Vance High Income Opportunities Fund (ECHIX) and Eaton Vance Tax Managed Diversified Equity Income Closed Fund (ETY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ECHIX achieves a 0.82% return, which is significantly higher than ETY's -1.59% return. Over the past 10 years, ECHIX has underperformed ETY with an annualized return of 5.25%, while ETY has yielded a comparatively higher 12.23% annualized return.

ECHIX

• 1D: 0.24%
• 1M: -0.71%
• 6M: 0.37%
• YTD: 0.82%
• 1Y: 3.85%
• 3Y*: 6.06%
• 5Y*: 3.46%
• 10Y*: 5.25%
• ALL TIME*: 5.80%

ETY

• 1D: 1.27%
• 1M: -0.56%
• 6M: -1.83%
• YTD: -1.59%
• 1Y: 0.54%
• 3Y*: 13.80%
• 5Y*: 8.69%
• 10Y*: 12.23%
• ALL TIME*: 8.45%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
ECHIX Eaton Vance High Income Opportunities Fund	$0.00	$0.00	$0.00
ETY Eaton Vance Tax Managed Diversified Equity Income Closed Fund	$3.58M	$3.53M	$3.55M

ECHIX vs. ETY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ECHIX Eaton Vance High Income Opportunities Fund	0.82%	7.33%	6.12%	9.85%	-8.06%	6.43%	3.83%	24.14%	-4.02%	5.54%
ETY Eaton Vance Tax Managed Diversified Equity Income Closed Fund	-1.59%	11.02%	33.11%	21.83%	-21.21%	32.61%	7.27%	33.68%	-8.96%	28.72%

Correlation

The correlation between ECHIX and ETY is 0.49, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.49
Correlation (3Y) Balances recent behavior with more history.	0.46
Correlation (5Y) Shows whether the relationship held over a longer period.	0.49
Correlation (10Y) Provides a long-term view across more market conditions.	0.47
Correlation (All Time) Calculated using the full available price history since Nov 28, 2006	0.41

Return for Risk

ECHIX vs. ETY — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

ECHIX

ECHIX Risk / Return Rank: 51
ECHIX Sharpe Ratio Rank: 43
ECHIX Sortino Ratio Rank: 50
ECHIX Omega Ratio Rank: 64
ECHIX Calmar Ratio Rank: 38
ECHIX Martin Ratio Rank: 58

ETY

ETY Risk / Return Rank: 4
ETY Sharpe Ratio Rank: 4
ETY Sortino Ratio Rank: 4
ETY Omega Ratio Rank: 4
ETY Calmar Ratio Rank: 4
ETY Martin Ratio Rank: 4

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

ECHIX vs. ETY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Eaton Vance High Income Opportunities Fund (ECHIX) and Eaton Vance Tax Managed Diversified Equity Income Closed Fund (ETY). 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.

	ECHIX	ETY	Difference
Sharpe ratio: Return per unit of total volatility	1.25	-0.05	+1.30
Sortino ratio: Return per unit of downside risk	1.95	0.03	+1.92
Omega ratio: Gain probability vs. loss probability	1.29	1.00	+0.28
Calmar ratio: Return relative to maximum drawdown	1.59	-0.05	+1.64
Martin ratio: Return relative to average drawdown	7.64	-0.17	+7.81

ECHIX vs. ETY - Sharpe Ratio Comparison

The current ECHIX Sharpe Ratio is 1.25, which is higher than the ETY Sharpe Ratio of -0.05. The chart below compares the historical Sharpe Ratios of ECHIX and ETY, 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

ECHIX vs. ETY - Drawdown Comparison

The maximum ECHIX drawdown since its inception was -43.51%, smaller than the maximum ETY drawdown of -53.06%. Use the drawdown chart below to compare losses from any high point for ECHIX and ETY.

Drawdown Indicators

	ECHIX	ETY	Difference
Max Drawdown Largest peak-to-trough decline	-43.51%	-53.06%	+9.55%
Max Drawdown (1Y) Largest decline over 1 year	-2.57%	-14.40%	+11.83%
Max Drawdown (3Y) Largest decline over 3 years	-3.78%	-21.28%	+17.50%
Max Drawdown (5Y) Largest decline over 5 years	-12.47%	-24.06%	+11.59%
Max Drawdown (10Y) Largest decline over 10 years	-22.88%	-42.46%	+19.58%
Current Drawdown Current decline from peak	-0.94%	-3.76%	+2.82%
Average Drawdown Average peak-to-trough decline	-4.51%	-7.56%	+3.05%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.53%	4.12%	-3.59%

Volatility

ECHIX vs. ETY - Volatility Comparison

The current volatility for Eaton Vance High Income Opportunities Fund (ECHIX) is 0.86%, while Eaton Vance Tax Managed Diversified Equity Income Closed Fund (ETY) has a volatility of 3.61%. This indicates that ECHIX experiences smaller price fluctuations and is considered to be less risky than ETY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ECHIX	ETY	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.86%	3.61%	-2.75%
Volatility (6M) Calculated over the trailing 6-month period	2.70%	11.33%	-8.63%
Volatility (1Y) Calculated over the trailing 1-year period	3.26%	13.82%	-10.56%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.93%	17.98%	-13.05%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.36%	19.91%	-13.55%

ECHIX vs. ETY - Expense Ratio Comparison

ECHIX has a 1.65% expense ratio, which is higher than ETY's 1.06% expense ratio.

Dividends

ECHIX vs. ETY - Dividend Comparison

ECHIX's dividend yield for the trailing twelve months is around 5.01%, less than ETY's 8.27% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ECHIX Eaton Vance High Income Opportunities Fund	5.01%	5.37%	4.96%	4.11%	4.71%	4.18%	4.61%	13.45%	4.91%	4.51%	4.76%	5.51%
ETY Eaton Vance Tax Managed Diversified Equity Income Closed Fund	8.27%	7.76%	7.59%	7.92%	10.04%	7.01%	8.26%	8.08%	9.92%	8.30%	9.77%	9.03%

Frequently Asked Questions

Can I hold both ECHIX and ETY in my portfolio?

ECHIX and ETY have a correlation of 0.49, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ECHIX or ETY?

ETY has higher volatility (3.61%) compared to ECHIX (0.86%). In terms of maximum drawdown, ECHIX dropped -43.51% vs ETY's -53.06%.

Which has better risk-adjusted returns?

ECHIX currently has the higher Sharpe Ratio (1.25 vs -0.05), 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.