EELDX vs. SHMDX

Last updated Jun 4, 2026

EELDX (Eaton Vance Emerging Markets Debt Opportunities Fund) and SHMDX (Virtus Stone Harbor Emerging Mkts Debt) are both Emerging Markets Bonds funds. Over the past 10 years, EELDX returned 7.99%/yr vs 4.39%/yr for SHMDX. A 0.58 correlation means they provide meaningful diversification when combined. EELDX charges 0.78%/yr vs 0.73%/yr for SHMDX.

Performance

EELDX vs. SHMDX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Eaton Vance Emerging Markets Debt Opportunities Fund (EELDX) and Virtus Stone Harbor Emerging Mkts Debt (SHMDX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EELDX achieves a 6.66% return, which is significantly higher than SHMDX's 4.06% return. Over the past 10 years, EELDX has outperformed SHMDX with an annualized return of 7.99%, while SHMDX has yielded a comparatively lower 4.39% annualized return.

EELDX

• 1D: 0.12%
• 1M: 1.02%
• YTD: 6.66%
• 6M: 8.15%
• 1Y: 19.13%
• 3Y*: 15.14%
• 5Y*: 8.09%
• 10Y*: 7.99%

SHMDX

• 1D: 0.25%
• 1M: 1.37%
• YTD: 4.06%
• 6M: 4.62%
• 1Y: 16.04%
• 3Y*: 13.57%
• 5Y*: 3.47%
• 10Y*: 4.39%

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

EELDX vs. SHMDX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EELDX Eaton Vance Emerging Markets Debt Opportunities Fund	6.66%	15.80%	14.87%	11.46%	-6.14%	1.55%	7.44%	18.34%	-4.27%	13.05%
SHMDX Virtus Stone Harbor Emerging Mkts Debt	4.06%	15.13%	8.90%	14.81%	-19.74%	-2.52%	7.06%	15.20%	-7.86%	11.58%

Correlation

The correlation between EELDX and SHMDX is 0.59, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.59
Correlation (3Y) Calculated over the trailing 3-year period	0.50
Correlation (5Y) Calculated over the trailing 5-year period	0.52
Correlation (10Y) Calculated over the trailing 10-year period	0.54
Correlation (All Time) Calculated using the full available price history since Jan 3, 2014	0.58

The correlation between EELDX and SHMDX has been stable across timeframes, ranging from 0.50 to 0.59 - a consistent structural relationship.

Return for Risk

EELDX vs. SHMDX — Risk / Return Rank

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

EELDX

EELDX Risk / Return Rank: 97
EELDX Sharpe Ratio Rank: 100
EELDX Sortino Ratio Rank: 99
EELDX Omega Ratio Rank: 98
EELDX Calmar Ratio Rank: 93
EELDX Martin Ratio Rank: 94

SHMDX

SHMDX Risk / Return Rank: 92
SHMDX Sharpe Ratio Rank: 96
SHMDX Sortino Ratio Rank: 97
SHMDX Omega Ratio Rank: 95
SHMDX Calmar Ratio Rank: 82
SHMDX Martin Ratio Rank: 87

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.

EELDX vs. SHMDX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Eaton Vance Emerging Markets Debt Opportunities Fund (EELDX) and Virtus Stone Harbor Emerging Mkts Debt (SHMDX). 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.

	EELDX	SHMDX	Difference
Sharpe ratio: Return per unit of total volatility	5.55	3.59	+1.96
Sortino ratio: Return per unit of downside risk	8.56	5.94	+2.62
Omega ratio: Gain probability vs. loss probability	2.49	1.81	+0.68
Calmar ratio: Return relative to maximum drawdown	5.22	3.83	+1.40
Martin ratio: Return relative to average drawdown	21.28	16.98	+4.30
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

EELDX vs. SHMDX - Sharpe Ratio Comparison

The current EELDX Sharpe Ratio is 5.55, which is higher than the SHMDX Sharpe Ratio of 3.59. The chart below compares the historical Sharpe Ratios of EELDX and SHMDX, 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

	EELDX	SHMDX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	5.55	3.59	+1.96
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.76	0.50	+1.26
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	1.69	0.58	+1.11
Sharpe Ratio (All Time) Calculated using the full available price history	1.39	0.53	+0.86

Drawdowns

EELDX vs. SHMDX - Drawdown Comparison

The maximum EELDX drawdown since its inception was -19.12%, smaller than the maximum SHMDX drawdown of -35.83%. Use the drawdown chart below to compare losses from any high point for EELDX and SHMDX.

Drawdown Indicators

	EELDX	SHMDX	Difference
Max Drawdown Largest peak-to-trough decline	-19.12%	-35.83%	+16.71%
Max Drawdown (1Y) Largest decline over 1 year	-3.68%	-4.33%	+0.65%
Max Drawdown (3Y) Largest decline over 3 years	-3.98%	-6.23%	+2.25%
Max Drawdown (5Y) Largest decline over 5 years	-17.35%	-31.98%	+14.63%
Max Drawdown (10Y) Largest decline over 10 years	-19.12%	-31.98%	+12.86%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-2.91%	-5.94%	+3.03%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.90%	0.97%	-0.07%

Volatility

EELDX vs. SHMDX - Volatility Comparison

The current volatility for Eaton Vance Emerging Markets Debt Opportunities Fund (EELDX) is 0.63%, while Virtus Stone Harbor Emerging Mkts Debt (SHMDX) has a volatility of 1.55%. This indicates that EELDX experiences smaller price fluctuations and is considered to be less risky than SHMDX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EELDX	SHMDX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.63%	1.55%	-0.92%
Volatility (6M) Calculated over the trailing 6-month period	3.04%	3.86%	-0.82%
Volatility (1Y) Calculated over the trailing 1-year period	3.47%	4.63%	-1.16%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.61%	6.94%	-2.33%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.74%	7.60%	-2.86%

EELDX vs. SHMDX - Expense Ratio Comparison

EELDX has a 0.78% expense ratio, which is higher than SHMDX's 0.73% expense ratio.

Dividends

EELDX vs. SHMDX - Dividend Comparison

EELDX's dividend yield for the trailing twelve months is around 10.78%, more than SHMDX's 6.15% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EELDX Eaton Vance Emerging Markets Debt Opportunities Fund	10.78%	9.44%	8.58%	9.02%	9.17%	7.87%	7.71%	7.86%	8.16%	7.90%	4.12%	1.65%
SHMDX Virtus Stone Harbor Emerging Mkts Debt	6.15%	6.21%	6.73%	8.10%	10.70%	4.78%	5.24%	5.51%	6.80%	6.12%	6.72%	6.65%

Frequently Asked Questions

Can I hold both EELDX and SHMDX in my portfolio?

EELDX and SHMDX have a correlation of 0.59, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EELDX or SHMDX?

SHMDX has higher volatility (1.55%) compared to EELDX (0.63%). In terms of maximum drawdown, EELDX dropped -19.12% vs SHMDX's -35.83%.

Which has better risk-adjusted returns?

EELDX currently has the higher Sharpe Ratio (5.55 vs 3.59), 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.