EEIAX vs. VEMBX

Last updated Aug 1, 2026

EEIAX (Eaton Vance Emerging Markets Local Income Fund) and VEMBX (Vanguard Emerging Markets Bond Fund Investor Shares) are both Emerging Markets Bonds funds. Over the past 5 years, EEIAX returned 4.35%/yr vs 3.99%/yr for VEMBX. Their 0.52 correlation means they have sometimes moved together and sometimes differently. EEIAX charges 1.19%/yr vs 0.50%/yr for VEMBX.

Performance

EEIAX vs. VEMBX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Eaton Vance Emerging Markets Local Income Fund (EEIAX) and Vanguard Emerging Markets Bond Fund Investor Shares (VEMBX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EEIAX achieves a 4.98% return, which is significantly higher than VEMBX's 2.14% return.

EEIAX

• 1D: 0.76%
• 1M: -0.37%
• 6M: 1.69%
• YTD: 4.98%
• 1Y: 15.41%
• 3Y*: 8.97%
• 5Y*: 4.35%
• 10Y*: 4.69%
• ALL TIME*: 4.22%

VEMBX

• 1D: -0.09%
• 1M: -1.12%
• 6M: 1.57%
• YTD: 2.14%
• 1Y: 8.80%
• 3Y*: 9.83%
• 5Y*: 3.99%
• 10Y*: —
• ALL TIME*: 6.63%

*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)
EEIAX Eaton Vance Emerging Markets Local Income Fund	$0.00	$0.00	$0.00
VEMBX Vanguard Emerging Markets Bond Fund Investor Shares	$0.00	$0.00	$0.00

EEIAX vs. VEMBX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EEIAX Eaton Vance Emerging Markets Local Income Fund	4.98%	23.43%	-1.23%	13.63%	-11.99%	-7.64%	4.68%	22.66%	-8.38%	16.10%
VEMBX Vanguard Emerging Markets Bond Fund Investor Shares	2.14%	14.32%	7.38%	13.66%	-13.18%	-1.53%	14.99%	17.72%	-0.89%	13.12%

Correlation

The correlation between EEIAX and VEMBX is 0.65, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.65
Correlation (3Y) Balances recent behavior with more history.	0.53
Correlation (5Y) Shows whether the relationship held over a longer period.	0.56
Correlation (All Time) Calculated using the full available price history since Jan 3, 2017	0.52

The correlation between EEIAX and VEMBX shifts across timeframes, from 0.52 (all time) to 0.65 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

EEIAX vs. VEMBX — Risk / Return Rank

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

EEIAX

EEIAX Risk / Return Rank: 78
EEIAX Sharpe Ratio Rank: 88
EEIAX Sortino Ratio Rank: 86
EEIAX Omega Ratio Rank: 86
EEIAX Calmar Ratio Rank: 68
EEIAX Martin Ratio Rank: 62

VEMBX

VEMBX Risk / Return Rank: 85
VEMBX Sharpe Ratio Rank: 87
VEMBX Sortino Ratio Rank: 90
VEMBX Omega Ratio Rank: 85
VEMBX Calmar Ratio Rank: 76
VEMBX Martin Ratio Rank: 85

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.

EEIAX vs. VEMBX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Eaton Vance Emerging Markets Local Income Fund (EEIAX) and Vanguard Emerging Markets Bond Fund Investor Shares (VEMBX). 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.

	EEIAX	VEMBX	Difference
Sharpe ratio: Return per unit of total volatility	2.17	2.13	+0.04
Sortino ratio: Return per unit of downside risk	3.08	3.38	-0.30
Omega ratio: Gain probability vs. loss probability	1.42	1.42	+0.01
Calmar ratio: Return relative to maximum drawdown	2.19	2.43	-0.25
Martin ratio: Return relative to average drawdown	7.76	10.42	-2.66

EEIAX vs. VEMBX - Sharpe Ratio Comparison

The current EEIAX Sharpe Ratio is 2.17, which is comparable to the VEMBX Sharpe Ratio of 2.13. The chart below compares the historical Sharpe Ratios of EEIAX and VEMBX, 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

EEIAX vs. VEMBX - Drawdown Comparison

The maximum EEIAX drawdown since its inception was -31.70%, which is greater than VEMBX's maximum drawdown of -24.36%. Use the drawdown chart below to compare losses from any high point for EEIAX and VEMBX.

Drawdown Indicators

	EEIAX	VEMBX	Difference
Max Drawdown Largest peak-to-trough decline	-31.70%	-24.36%	-7.34%
Max Drawdown (1Y) Largest decline over 1 year	-7.40%	-3.77%	-3.63%
Max Drawdown (3Y) Largest decline over 3 years	-8.40%	-5.00%	-3.40%
Max Drawdown (5Y) Largest decline over 5 years	-25.94%	-24.36%	-1.58%
Max Drawdown (10Y) Largest decline over 10 years	-28.43%	—	—
Current Drawdown Current decline from peak	-0.94%	-1.36%	+0.42%
Average Drawdown Average peak-to-trough decline	-8.85%	-3.82%	-5.03%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.08%	0.88%	+1.20%

Volatility

EEIAX vs. VEMBX - Volatility Comparison

Eaton Vance Emerging Markets Local Income Fund (EEIAX) has a higher volatility of 2.05% compared to Vanguard Emerging Markets Bond Fund Investor Shares (VEMBX) at 1.00%. This indicates that EEIAX's price experiences larger fluctuations and is considered to be riskier than VEMBX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EEIAX	VEMBX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.05%	1.00%	+1.05%
Volatility (6M) Calculated over the trailing 6-month period	6.57%	3.67%	+2.90%
Volatility (1Y) Calculated over the trailing 1-year period	7.49%	4.32%	+3.17%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.23%	6.38%	+1.85%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.36%	6.33%	+2.03%

EEIAX vs. VEMBX - Expense Ratio Comparison

EEIAX has a 1.19% expense ratio, which is higher than VEMBX's 0.50% expense ratio.

Dividends

EEIAX vs. VEMBX - Dividend Comparison

EEIAX's dividend yield for the trailing twelve months is around 10.02%, more than VEMBX's 5.50% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EEIAX Eaton Vance Emerging Markets Local Income Fund	10.02%	8.48%	11.19%	11.34%	13.39%	11.14%	9.77%	13.03%	10.48%	8.74%	10.80%	11.65%
VEMBX Vanguard Emerging Markets Bond Fund Investor Shares	5.50%	6.20%	6.86%	7.06%	5.43%	5.00%	4.50%	6.27%	4.81%	6.50%	0.00%	0.00%

Frequently Asked Questions

Can I hold both EEIAX and VEMBX in my portfolio?

EEIAX and VEMBX have a correlation of 0.65, 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 VEMBX?

EEIAX has higher volatility (2.05%) compared to VEMBX (1.00%). In terms of maximum drawdown, EEIAX dropped -31.70% vs VEMBX's -24.36%.

Which has better risk-adjusted returns?

EEIAX currently has the higher Sharpe Ratio (2.17 vs 2.12), 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.