ECHIX vs. EVHY

Last updated Jun 23, 2026

ECHIX (Eaton Vance High Income Opportunities Fund) and EVHY (Eaton Vance High Yield ETF) are both High Yield Bonds funds from Eaton Vance. Over the past year, ECHIX returned 5.55% vs 6.29% for EVHY. A 0.63 correlation means they provide meaningful diversification when combined. ECHIX charges 1.65%/yr vs 0.48%/yr for EVHY.

Performance

ECHIX vs. EVHY - 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 High Yield ETF (EVHY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ECHIX achieves a 1.08% return, which is significantly lower than EVHY's 1.48% return.

ECHIX

• 1D: 0.24%
• 1M: 0.94%
• YTD: 1.08%
• 6M: 1.76%
• 1Y: 5.55%
• 3Y*: 6.72%
• 5Y*: 3.70%
• 10Y*: 5.51%

EVHY

• 1D: -0.12%
• 1M: 0.68%
• YTD: 1.48%
• 6M: 1.75%
• 1Y: 6.29%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

ECHIX vs. EVHY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
ECHIX Eaton Vance High Income Opportunities Fund	1.08%	7.33%	6.12%	7.35%
EVHY Eaton Vance High Yield ETF	1.48%	9.14%	6.39%	8.45%

Correlation

The correlation between ECHIX and EVHY is 0.63, 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	0.63
Correlation (All Time) Calculated using the full available price history since Oct 19, 2023	0.63

The correlation between ECHIX and EVHY has been stable across timeframes, ranging from 0.63 to 0.63 - a consistent structural relationship.

Return for Risk

ECHIX vs. EVHY — Risk / Return Rank

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

ECHIX

ECHIX Risk / Return Rank: 52
ECHIX Sharpe Ratio Rank: 41
ECHIX Sortino Ratio Rank: 52
ECHIX Omega Ratio Rank: 70
ECHIX Calmar Ratio Rank: 36
ECHIX Martin Ratio Rank: 58

EVHY

EVHY Risk / Return Rank: 60
EVHY Sharpe Ratio Rank: 57
EVHY Sortino Ratio Rank: 62
EVHY Omega Ratio Rank: 61
EVHY Calmar Ratio Rank: 52
EVHY Martin Ratio Rank: 68

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.

ECHIX vs. EVHY - 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 High Yield ETF (EVHY). 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	EVHY	Difference
Sharpe ratio: Return per unit of total volatility	1.73	1.85	-0.11
Sortino ratio: Return per unit of downside risk	2.80	2.81	-0.01
Omega ratio: Gain probability vs. loss probability	1.42	1.36	+0.06
Calmar ratio: Return relative to maximum drawdown	2.17	2.52	-0.35
Martin ratio: Return relative to average drawdown	11.00	12.14	-1.14

ECHIX vs. EVHY - Sharpe Ratio Comparison

The current ECHIX Sharpe Ratio is 1.73, which is comparable to the EVHY Sharpe Ratio of 1.85. The chart below compares the historical Sharpe Ratios of ECHIX and EVHY, 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. EVHY - Drawdown Comparison

The maximum ECHIX drawdown since its inception was -43.51%, which is greater than EVHY's maximum drawdown of -3.71%. Use the drawdown chart below to compare losses from any high point for ECHIX and EVHY.

Drawdown Indicators

	ECHIX	EVHY	Difference
Max Drawdown Largest peak-to-trough decline	-43.51%	-3.71%	-39.80%
Max Drawdown (1Y) Largest decline over 1 year	-2.57%	-2.51%	-0.06%
Max Drawdown (3Y) Largest decline over 3 years	-3.78%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-12.47%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-22.88%	—	—
Current Drawdown Current decline from peak	-0.00%	-0.12%	+0.12%
Average Drawdown Average peak-to-trough decline	-4.52%	-0.37%	-4.15%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.51%	0.52%	-0.01%

Volatility

ECHIX vs. EVHY - Volatility Comparison

Eaton Vance High Income Opportunities Fund (ECHIX) has a higher volatility of 0.97% compared to Eaton Vance High Yield ETF (EVHY) at 0.91%. This indicates that ECHIX's price experiences larger fluctuations and is considered to be riskier than EVHY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ECHIX	EVHY	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.97%	0.91%	+0.06%
Volatility (6M) Calculated over the trailing 6-month period	2.57%	2.77%	-0.20%
Volatility (1Y) Calculated over the trailing 1-year period	3.21%	3.42%	-0.21%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.93%	4.52%	+0.41%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.38%	4.52%	+1.86%

ECHIX vs. EVHY - Expense Ratio Comparison

ECHIX has a 1.65% expense ratio, which is higher than EVHY's 0.48% expense ratio.

Dividends

ECHIX vs. EVHY - Dividend Comparison

ECHIX's dividend yield for the trailing twelve months is around 5.42%, less than EVHY's 7.18% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ECHIX Eaton Vance High Income Opportunities Fund	5.42%	5.37%	4.96%	4.11%	4.71%	4.18%	4.61%	13.45%	4.91%	4.51%	4.76%	5.51%
EVHY Eaton Vance High Yield ETF	7.18%	7.39%	7.66%	1.44%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both ECHIX and EVHY in my portfolio?

ECHIX and EVHY have a correlation of 0.63, 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 EVHY?

ECHIX has higher volatility (0.97%) compared to EVHY (0.91%). In terms of maximum drawdown, ECHIX dropped -43.51% vs EVHY's -3.71%.

Which has better risk-adjusted returns?

EVHY currently has the higher Sharpe Ratio (1.85 vs 1.73), 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.