EEIIX vs. EEIAX

Last updated Jun 6, 2026

EEIIX (Eaton Vance Emerging Markets Local Income Fund Class I) and EEIAX (Eaton Vance Emerging Markets Local Income Fund) are both Emerging Markets Bonds funds from Eaton Vance. Over the past 10 years, EEIIX returned 5.35%/yr vs 4.87%/yr for EEIAX. With a 0.97 correlation, they move nearly in lockstep. EEIIX charges 1.01%/yr vs 1.19%/yr for EEIAX.

Performance

EEIIX vs. EEIAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Eaton Vance Emerging Markets Local Income Fund Class I (EEIIX) and Eaton Vance Emerging Markets Local Income Fund (EEIAX). 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 EEIIX having a 3.85% return and EEIAX slightly lower at 3.72%. Over the past 10 years, EEIIX has outperformed EEIAX with an annualized return of 5.35%, while EEIAX has yielded a comparatively lower 4.87% annualized return.

EEIIX

• 1D: 0.28%
• 1M: -0.35%
• YTD: 3.85%
• 6M: 5.75%
• 1Y: 16.47%
• 3Y*: 11.01%
• 5Y*: 4.32%
• 10Y*: 5.35%

EEIAX

• 1D: 0.00%
• 1M: -0.38%
• YTD: 3.72%
• 6M: 5.30%
• 1Y: 15.81%
• 3Y*: 10.05%
• 5Y*: 3.65%
• 10Y*: 4.87%

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

EEIIX vs. EEIAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EEIIX Eaton Vance Emerging Markets Local Income Fund Class I	3.85%	26.00%	-0.97%	13.95%	-11.53%	-7.57%	5.00%	23.01%	-8.11%	16.45%
EEIAX Eaton Vance Emerging Markets Local Income Fund	3.72%	23.43%	-1.23%	13.63%	-11.99%	-7.64%	4.68%	22.66%	-8.38%	16.10%

Correlation

The correlation between EEIIX and EEIAX is 0.88, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.88
Correlation (3Y) Calculated over the trailing 3-year period	0.91
Correlation (5Y) Calculated over the trailing 5-year period	0.93
Correlation (10Y) Calculated over the trailing 10-year period	0.96
Correlation (All Time) Calculated using the full available price history since Nov 30, 2009	0.97

The correlation between EEIIX and EEIAX has been stable across timeframes, ranging from 0.88 to 0.97 - a consistent structural relationship.

Return for Risk

EEIIX vs. EEIAX — Risk / Return Rank

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

EEIIX

EEIIX Risk / Return Rank: 59
EEIIX Sharpe Ratio Rank: 69
EEIIX Sortino Ratio Rank: 70
EEIIX Omega Ratio Rank: 76
EEIIX Calmar Ratio Rank: 41
EEIIX Martin Ratio Rank: 41

EEIAX

EEIAX Risk / Return Rank: 55
EEIAX Sharpe Ratio Rank: 63
EEIAX Sortino Ratio Rank: 65
EEIAX Omega Ratio Rank: 70
EEIAX Calmar Ratio Rank: 38
EEIAX Martin Ratio Rank: 39

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.

EEIIX vs. EEIAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Eaton Vance Emerging Markets Local Income Fund Class I (EEIIX) and Eaton Vance Emerging Markets Local Income Fund (EEIAX). 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.

	EEIIX	EEIAX	Difference
Sharpe ratio: Return per unit of total volatility	2.36	2.27	+0.09
Sortino ratio: Return per unit of downside risk	3.39	3.27	+0.12
Omega ratio: Gain probability vs. loss probability	1.48	1.45	+0.03
Calmar ratio: Return relative to maximum drawdown	2.35	2.24	+0.11
Martin ratio: Return relative to average drawdown	8.56	8.23	+0.32
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

EEIIX vs. EEIAX - Sharpe Ratio Comparison

The current EEIIX Sharpe Ratio is 2.36, which is comparable to the EEIAX Sharpe Ratio of 2.27. The chart below compares the historical Sharpe Ratios of EEIIX and EEIAX, 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

	EEIIX	EEIAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.36	2.27	+0.09
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.54	0.45	+0.09
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.64	0.58	+0.06
Sharpe Ratio (All Time) Calculated using the full available price history	0.42	0.44	-0.01

Drawdowns

EEIIX vs. EEIAX - Drawdown Comparison

The maximum EEIIX drawdown since its inception was -31.11%, roughly equal to the maximum EEIAX drawdown of -31.70%. Use the drawdown chart below to compare losses from any high point for EEIIX and EEIAX.

Drawdown Indicators

	EEIIX	EEIAX	Difference
Max Drawdown Largest peak-to-trough decline	-31.11%	-31.70%	+0.59%
Max Drawdown (1Y) Largest decline over 1 year	-7.20%	-7.40%	+0.20%
Max Drawdown (3Y) Largest decline over 3 years	-9.28%	-9.34%	+0.06%
Max Drawdown (5Y) Largest decline over 5 years	-26.28%	-26.72%	+0.44%
Max Drawdown (10Y) Largest decline over 10 years	-28.05%	-28.43%	+0.38%
Current Drawdown Current decline from peak	-1.88%	-2.14%	+0.26%
Average Drawdown Average peak-to-trough decline	-8.70%	-8.91%	+0.21%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.97%	2.01%	-0.04%

Volatility

EEIIX vs. EEIAX - Volatility Comparison

The current volatility for Eaton Vance Emerging Markets Local Income Fund Class I (EEIIX) is 2.25%, while Eaton Vance Emerging Markets Local Income Fund (EEIAX) has a volatility of 2.49%. This indicates that EEIIX experiences smaller price fluctuations and is considered to be less risky than EEIAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EEIIX	EEIAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.25%	2.49%	-0.24%
Volatility (6M) Calculated over the trailing 6-month period	6.15%	6.25%	-0.10%
Volatility (1Y) Calculated over the trailing 1-year period	7.16%	7.31%	-0.15%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.06%	8.19%	-0.13%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.37%	8.43%	-0.06%

EEIIX vs. EEIAX - Expense Ratio Comparison

EEIIX has a 1.01% expense ratio, which is lower than EEIAX's 1.19% expense ratio.

Dividends

EEIIX vs. EEIAX - Dividend Comparison

EEIIX's dividend yield for the trailing twelve months is around 10.26%, more than EEIAX's 10.00% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EEIAX Eaton Vance Emerging Markets Local Income Fund	10.00%	8.48%	11.19%	11.34%	13.39%	11.14%	9.77%	13.03%	10.48%	8.74%	10.80%	11.65%
EEIIX Eaton Vance Emerging Markets Local Income Fund Class I	10.26%	10.36%	11.46%	11.62%	13.71%	11.49%	10.06%	13.31%	10.80%	9.04%	11.27%	12.21%

Frequently Asked Questions

Can I hold both EEIIX and EEIAX in my portfolio?

EEIIX and EEIAX have a correlation of 0.88, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EEIIX or EEIAX?

EEIAX has higher volatility (2.49%) compared to EEIIX (2.25%). In terms of maximum drawdown, EEIIX dropped -31.11% vs EEIAX's -31.70%.

Which has better risk-adjusted returns?

EEIIX currently has the higher Sharpe Ratio (2.36 vs 2.27), 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.