EEIAX vs. ETJ

Last updated Jun 4, 2026

EEIAX (Eaton Vance Emerging Markets Local Income Fund) and ETJ (Eaton Vance Risk-Managed Diversified Equity Income Fund) are both mutual funds - EEIAX is a Emerging Markets Bonds fund managed by Eaton Vance, while ETJ is a Global Equity Income fund managed by Eaton Vance. Over the past 10 years, EEIAX returned 4.99%/yr vs 8.26%/yr for ETJ. At a 0.31 correlation, their price movements are largely independent. EEIAX charges 1.19%/yr vs 0.01%/yr for ETJ.

Performance

EEIAX vs. ETJ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Eaton Vance Emerging Markets Local Income Fund (EEIAX) and Eaton Vance Risk-Managed Diversified Equity Income Fund (ETJ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EEIAX achieves a 4.30% return, which is significantly higher than ETJ's -0.14% return. Over the past 10 years, EEIAX has underperformed ETJ with an annualized return of 4.99%, while ETJ has yielded a comparatively higher 8.26% annualized return.

EEIAX

• 1D: 0.28%
• 1M: 1.61%
• YTD: 4.30%
• 6M: 5.89%
• 1Y: 17.51%
• 3Y*: 10.47%
• 5Y*: 3.85%
• 10Y*: 4.99%

ETJ

• 1D: -0.24%
• 1M: 0.42%
• YTD: -0.14%
• 6M: 0.61%
• 1Y: 4.17%
• 3Y*: 11.63%
• 5Y*: 3.36%
• 10Y*: 8.26%

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

EEIAX vs. ETJ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EEIAX Eaton Vance Emerging Markets Local Income Fund	4.30%	23.43%	-1.23%	13.63%	-11.99%	-7.64%	4.68%	22.66%	-8.38%	16.10%
ETJ Eaton Vance Risk-Managed Diversified Equity Income Fund	-0.14%	3.49%	29.55%	14.15%	-22.74%	11.92%	22.31%	26.78%	-7.03%	18.93%

Correlation

The correlation between EEIAX and ETJ is 0.33, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.33
Correlation (3Y) Calculated over the trailing 3-year period	0.23
Correlation (5Y) Calculated over the trailing 5-year period	0.28
Correlation (10Y) Calculated over the trailing 10-year period	0.28
Correlation (All Time) Calculated using the full available price history since Jul 30, 2007	0.31

The correlation between EEIAX and ETJ shifts across timeframes, from 0.23 (3 years) to 0.33 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

EEIAX vs. ETJ — Risk / Return Rank

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

EEIAX

EEIAX Risk / Return Rank: 58
EEIAX Sharpe Ratio Rank: 69
EEIAX Sortino Ratio Rank: 70
EEIAX Omega Ratio Rank: 73
EEIAX Calmar Ratio Rank: 39
EEIAX Martin Ratio Rank: 41

ETJ

ETJ Risk / Return Rank: 5
ETJ Sharpe Ratio Rank: 5
ETJ Sortino Ratio Rank: 5
ETJ Omega Ratio Rank: 5
ETJ Calmar Ratio Rank: 5
ETJ Martin Ratio Rank: 6

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.

EEIAX vs. ETJ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Eaton Vance Emerging Markets Local Income Fund (EEIAX) and Eaton Vance Risk-Managed Diversified Equity Income Fund (ETJ). 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.

	EEIAX	ETJ	Difference
Sharpe ratio Return per unit of total volatility	2.41	0.38	+2.04
Sortino ratio Return per unit of downside risk	3.47	0.62	+2.85
Omega ratio Gain probability vs. loss probability	1.48	1.07	+0.41
Calmar ratio Return relative to maximum drawdown	2.38	0.40	+1.97
Martin ratio Return relative to average drawdown	8.78	1.60	+7.17
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

EEIAX vs. ETJ - Sharpe Ratio Comparison

The current EEIAX Sharpe Ratio is 2.41, which is higher than the ETJ Sharpe Ratio of 0.38. The chart below compares the historical Sharpe Ratios of EEIAX and ETJ, 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

	EEIAX	ETJ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.41	0.38	+2.04
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.47	0.22	+0.26
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.59	0.46	+0.13
Sharpe Ratio (All Time) Calculated using the full available price history	0.44	0.29	+0.14

Drawdowns

EEIAX vs. ETJ - Drawdown Comparison

The maximum EEIAX drawdown since its inception was -31.70%, roughly equal to the maximum ETJ drawdown of -32.81%. Use the drawdown chart below to compare losses from any high point for EEIAX and ETJ.

Drawdown Indicators

	EEIAX	ETJ	Difference
Max Drawdown Largest peak-to-trough decline	-31.70%	-32.81%	+1.11%
Max Drawdown (1Y) Largest decline over 1 year	-7.40%	-10.40%	+3.00%
Max Drawdown (3Y) Largest decline over 3 years	-9.34%	-15.44%	+6.10%
Max Drawdown (5Y) Largest decline over 5 years	-26.72%	-28.55%	+1.83%
Max Drawdown (10Y) Largest decline over 10 years	-28.43%	-32.81%	+4.38%
Current Drawdown Current decline from peak	-1.58%	-2.09%	+0.51%
Average Drawdown Average peak-to-trough decline	-8.92%	-7.52%	-1.40%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.00%	2.61%	-0.61%

Volatility

EEIAX vs. ETJ - Volatility Comparison

The current volatility for Eaton Vance Emerging Markets Local Income Fund (EEIAX) is 2.44%, while Eaton Vance Risk-Managed Diversified Equity Income Fund (ETJ) has a volatility of 2.91%. This indicates that EEIAX experiences smaller price fluctuations and is considered to be less risky than ETJ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EEIAX	ETJ	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.44%	2.91%	-0.47%
Volatility (6M) Calculated over the trailing 6-month period	6.23%	8.86%	-2.63%
Volatility (1Y) Calculated over the trailing 1-year period	7.29%	11.13%	-3.84%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.19%	15.59%	-7.40%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.43%	17.96%	-9.53%

EEIAX vs. ETJ - Expense Ratio Comparison

EEIAX has a 1.19% expense ratio, which is higher than ETJ's 0.01% expense ratio.

Dividends

EEIAX vs. ETJ - Dividend Comparison

EEIAX's dividend yield for the trailing twelve months is around 9.94%, more than ETJ's 9.21% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EEIAX Eaton Vance Emerging Markets Local Income Fund	9.94%	8.48%	11.19%	11.34%	13.39%	11.14%	9.77%	13.03%	10.48%	8.74%	10.80%	11.65%
ETJ Eaton Vance Risk-Managed Diversified Equity Income Fund	9.21%	8.86%	8.16%	8.86%	11.68%	8.53%	8.79%	9.77%	11.23%	9.82%	12.46%	10.98%

Frequently Asked Questions

Can I hold both EEIAX and ETJ in my portfolio?

EEIAX and ETJ have a correlation of 0.33, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EEIAX or ETJ?

ETJ has higher volatility (2.91%) compared to EEIAX (2.44%). In terms of maximum drawdown, EEIAX dropped -31.70% vs ETJ's -32.81%.

Which has better risk-adjusted returns?

EEIAX currently has the higher Sharpe Ratio (2.41 vs 0.38), 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.