EEIIX vs. PELAX

Last updated Jun 6, 2026

EEIIX (Eaton Vance Emerging Markets Local Income Fund Class I) and PELAX (PIMCO Emerging Markets Local Currency and Bond Fund Class A) are both Emerging Markets Bonds funds. Both are actively managed. Over the past 10 years, EEIIX returned 5.35%/yr vs 4.11%/yr for PELAX. Their correlation of 0.91 suggests significant overlap in exposure. EEIIX charges 1.01%/yr vs 2.00%/yr for PELAX.

Performance

EEIIX vs. PELAX - 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 PIMCO Emerging Markets Local Currency and Bond Fund Class A (PELAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EEIIX achieves a 3.85% return, which is significantly higher than PELAX's 0.95% return. Over the past 10 years, EEIIX has outperformed PELAX with an annualized return of 5.35%, while PELAX has yielded a comparatively lower 4.11% 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%

PELAX

• 1D: 0.16%
• 1M: -0.09%
• YTD: 0.95%
• 6M: 2.62%
• 1Y: 11.39%
• 3Y*: 9.66%
• 5Y*: 3.97%
• 10Y*: 4.11%

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

EEIIX vs. PELAX - 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%
PELAX PIMCO Emerging Markets Local Currency and Bond Fund Class A	0.95%	22.47%	-1.15%	15.23%	-7.64%	-8.12%	1.76%	16.76%	-7.87%	14.98%

Correlation

The correlation between EEIIX and PELAX is 0.86, 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	0.86
Correlation (3Y) Calculated over the trailing 3-year period	0.85
Correlation (5Y) Calculated over the trailing 5-year period	0.85
Correlation (10Y) Calculated over the trailing 10-year period	0.88
Correlation (All Time) Calculated using the full available price history since Nov 30, 2009	0.91

The correlation between EEIIX and PELAX has been stable across timeframes, ranging from 0.85 to 0.91 - a consistent structural relationship.

Return for Risk

EEIIX vs. PELAX — 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

PELAX

PELAX Risk / Return Rank: 32
PELAX Sharpe Ratio Rank: 36
PELAX Sortino Ratio Rank: 37
PELAX Omega Ratio Rank: 42
PELAX Calmar Ratio Rank: 22
PELAX Martin Ratio Rank: 24

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. PELAX - 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 PIMCO Emerging Markets Local Currency and Bond Fund Class A (PELAX). 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	PELAX	Difference
Sharpe ratio: Return per unit of total volatility	2.36	1.67	+0.69
Sortino ratio: Return per unit of downside risk	3.39	2.47	+0.92
Omega ratio: Gain probability vs. loss probability	1.48	1.34	+0.14
Calmar ratio: Return relative to maximum drawdown	2.35	1.62	+0.73
Martin ratio: Return relative to average drawdown	8.56	5.53	+3.03
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. PELAX - Sharpe Ratio Comparison

The current EEIIX Sharpe Ratio is 2.36, which is higher than the PELAX Sharpe Ratio of 1.67. The chart below compares the historical Sharpe Ratios of EEIIX and PELAX, 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	PELAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.36	1.67	+0.69
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.54	0.50	+0.04
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.64	0.46	+0.18
Sharpe Ratio (All Time) Calculated using the full available price history	0.42	0.25	+0.18

Drawdowns

EEIIX vs. PELAX - Drawdown Comparison

The maximum EEIIX drawdown since its inception was -31.11%, smaller than the maximum PELAX drawdown of -36.92%. Use the drawdown chart below to compare losses from any high point for EEIIX and PELAX.

Drawdown Indicators

	EEIIX	PELAX	Difference
Max Drawdown Largest peak-to-trough decline	-31.11%	-36.92%	+5.81%
Max Drawdown (1Y) Largest decline over 1 year	-7.20%	-7.33%	+0.13%
Max Drawdown (3Y) Largest decline over 3 years	-9.28%	-8.55%	-0.73%
Max Drawdown (5Y) Largest decline over 5 years	-26.28%	-23.34%	-2.94%
Max Drawdown (10Y) Largest decline over 10 years	-28.05%	-24.94%	-3.11%
Current Drawdown Current decline from peak	-1.88%	-2.60%	+0.72%
Average Drawdown Average peak-to-trough decline	-8.70%	-13.28%	+4.58%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.97%	2.14%	-0.17%

Volatility

EEIIX vs. PELAX - Volatility Comparison

The current volatility for Eaton Vance Emerging Markets Local Income Fund Class I (EEIIX) is 2.25%, while PIMCO Emerging Markets Local Currency and Bond Fund Class A (PELAX) has a volatility of 2.43%. This indicates that EEIIX experiences smaller price fluctuations and is considered to be less risky than PELAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EEIIX	PELAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.25%	2.43%	-0.18%
Volatility (6M) Calculated over the trailing 6-month period	6.15%	6.11%	+0.04%
Volatility (1Y) Calculated over the trailing 1-year period	7.16%	7.11%	+0.05%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.06%	8.04%	+0.02%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.37%	8.89%	-0.52%

EEIIX vs. PELAX - Expense Ratio Comparison

EEIIX has a 1.01% expense ratio, which is lower than PELAX's 2.00% expense ratio.

Dividends

EEIIX vs. PELAX - Dividend Comparison

EEIIX's dividend yield for the trailing twelve months is around 10.26%, more than PELAX's 6.69% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EEIIX Eaton Vance Emerging Markets Local Income Fund Class I	10.26%	10.36%	11.46%	11.62%	13.71%	11.49%	10.06%	13.31%	10.80%	9.04%	11.27%	12.21%
PELAX PIMCO Emerging Markets Local Currency and Bond Fund Class A	6.69%	6.33%	6.67%	4.89%	2.93%	4.92%	4.50%	5.76%	6.44%	5.45%	5.24%	4.99%

Frequently Asked Questions

Can I hold both EEIIX and PELAX in my portfolio?

EEIIX and PELAX have a correlation of 0.86, 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 PELAX?

PELAX has higher volatility (2.43%) compared to EEIIX (2.25%). In terms of maximum drawdown, EEIIX dropped -31.11% vs PELAX's -36.92%.

Which has better risk-adjusted returns?

EEIIX currently has the higher Sharpe Ratio (2.36 vs 1.67), 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.