EEIIX vs. EIPI

Last updated Jun 23, 2026

EEIIX (Eaton Vance Emerging Markets Local Income Fund Class I) and EIPI (FT Energy Income Partners Enhanced Income ETF) are both funds - EEIIX is a Emerging Markets Bonds fund actively managed by Eaton Vance, while EIPI is a Derivative Income fund actively managed by First Trust. Both are actively managed. Over the past year, EEIIX returned 17.13% vs 19.20% for EIPI. At a 0.09 correlation, their price movements are largely independent. EEIIX charges 1.01%/yr vs 1.11%/yr for EIPI.

Performance

EEIIX vs. EIPI - 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 FT Energy Income Partners Enhanced Income ETF (EIPI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EEIIX achieves a 4.44% return, which is significantly lower than EIPI's 13.00% return.

EEIIX

• 1D: -0.56%
• 1M: 1.63%
• YTD: 4.44%
• 6M: 5.46%
• 1Y: 17.13%
• 3Y*: 10.50%
• 5Y*: 4.89%
• 10Y*: 5.36%

EIPI

• 1D: 0.88%
• 1M: -3.92%
• YTD: 13.00%
• 6M: 14.24%
• 1Y: 19.20%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

EEIIX vs. EIPI - Yearly Performance Comparison

	2026 (YTD)	2025	2024
EEIIX Eaton Vance Emerging Markets Local Income Fund Class I	4.44%	26.00%	0.14%
EIPI FT Energy Income Partners Enhanced Income ETF	13.00%	12.38%	13.14%

Correlation

The correlation between EEIIX and EIPI is -0.04, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.04
Correlation (All Time) Calculated using the full available price history since May 6, 2024	0.09

The correlation between EEIIX and EIPI shifts across timeframes, from -0.04 (1 year) to 0.09 (all time), reflecting how their relationship changes across market environments.

Return for Risk

EEIIX vs. EIPI — Risk / Return Rank

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

EEIIX

EEIIX Risk / Return Rank: 61
EEIIX Sharpe Ratio Rank: 73
EEIIX Sortino Ratio Rank: 74
EEIIX Omega Ratio Rank: 77
EEIIX Calmar Ratio Rank: 41
EEIIX Martin Ratio Rank: 41

EIPI

EIPI Risk / Return Rank: 67
EIPI Sharpe Ratio Rank: 63
EIPI Sortino Ratio Rank: 67
EIPI Omega Ratio Rank: 56
EIPI Calmar Ratio Rank: 80
EIPI Martin Ratio Rank: 72

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. EIPI - 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 FT Energy Income Partners Enhanced Income ETF (EIPI). 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.

	EEIIX	EIPI	Difference
Sharpe ratio: Return per unit of total volatility	2.29	2.01	+0.29
Sortino ratio: Return per unit of downside risk	3.28	2.95	+0.33
Omega ratio: Gain probability vs. loss probability	1.46	1.34	+0.12
Calmar ratio: Return relative to maximum drawdown	2.34	4.04	-1.70
Martin ratio: Return relative to average drawdown	8.36	12.86	-4.49

EEIIX vs. EIPI - Sharpe Ratio Comparison

The current EEIIX Sharpe Ratio is 2.29, which is comparable to the EIPI Sharpe Ratio of 2.01. The chart below compares the historical Sharpe Ratios of EEIIX and EIPI, 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

EEIIX vs. EIPI - Drawdown Comparison

The maximum EEIIX drawdown since its inception was -31.11%, which is greater than EIPI's maximum drawdown of -12.33%. Use the drawdown chart below to compare losses from any high point for EEIIX and EIPI.

Drawdown Indicators

	EEIIX	EIPI	Difference
Max Drawdown Largest peak-to-trough decline	-31.11%	-12.33%	-18.78%
Max Drawdown (1Y) Largest decline over 1 year	-7.20%	-4.77%	-2.43%
Max Drawdown (3Y) Largest decline over 3 years	-9.28%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-25.70%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-28.05%	—	—
Current Drawdown Current decline from peak	-1.33%	-3.94%	+2.61%
Average Drawdown Average peak-to-trough decline	-8.68%	-1.70%	-6.98%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.01%	1.50%	+0.51%

Volatility

EEIIX vs. EIPI - Volatility Comparison

The current volatility for Eaton Vance Emerging Markets Local Income Fund Class I (EEIIX) is 2.11%, while FT Energy Income Partners Enhanced Income ETF (EIPI) has a volatility of 3.22%. This indicates that EEIIX experiences smaller price fluctuations and is considered to be less risky than EIPI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EEIIX	EIPI	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.11%	3.22%	-1.11%
Volatility (6M) Calculated over the trailing 6-month period	6.34%	7.35%	-1.01%
Volatility (1Y) Calculated over the trailing 1-year period	7.36%	9.63%	-2.27%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.08%	13.01%	-4.93%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.36%	13.01%	-4.65%

EEIIX vs. EIPI - Expense Ratio Comparison

EEIIX has a 1.01% expense ratio, which is lower than EIPI's 1.11% expense ratio.

Dividends

EEIIX vs. EIPI - Dividend Comparison

EEIIX's dividend yield for the trailing twelve months is around 10.20%, more than EIPI's 6.87% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EEIIX Eaton Vance Emerging Markets Local Income Fund Class I	10.20%	10.36%	11.46%	11.62%	13.71%	11.49%	10.06%	13.31%	10.80%	9.04%	11.27%	12.21%
EIPI FT Energy Income Partners Enhanced Income ETF	6.87%	9.71%	6.31%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both EEIIX and EIPI in my portfolio?

EEIIX and EIPI have a correlation of -0.04, 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 EIPI?

EIPI has higher volatility (3.22%) compared to EEIIX (2.11%). In terms of maximum drawdown, EEIIX dropped -31.11% vs EIPI's -12.33%.

Which has better risk-adjusted returns?

EEIIX currently has the higher Sharpe Ratio (2.29 vs 2.01), 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.