EHSTX vs. ETB

Last updated Jun 5, 2026

EHSTX (Eaton Vance Large-Cap Value Fund) and ETB (Eaton Vance Tax-Managed Buy-Write Income Fund) are both mutual funds - EHSTX is a Large Cap Value Equities fund managed by Eaton Vance, while ETB is a Options Trading fund managed by Eaton Vance. Over the past 10 years, EHSTX returned 10.94%/yr vs 8.49%/yr for ETB. A 0.57 correlation means they provide meaningful diversification when combined. EHSTX charges 1.01%/yr vs 0.01%/yr for ETB.

Performance

EHSTX vs. ETB - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Eaton Vance Large-Cap Value Fund (EHSTX) and Eaton Vance Tax-Managed Buy-Write Income Fund (ETB). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EHSTX achieves a 12.35% return, which is significantly higher than ETB's 4.96% return. Over the past 10 years, EHSTX has outperformed ETB with an annualized return of 10.94%, while ETB has yielded a comparatively lower 8.49% annualized return.

EHSTX

• 1D: 0.10%
• 1M: 2.67%
• YTD: 12.35%
• 6M: 13.87%
• 1Y: 23.88%
• 3Y*: 14.91%
• 5Y*: 9.08%
• 10Y*: 10.94%

ETB

• 1D: -0.06%
• 1M: 1.02%
• YTD: 4.96%
• 6M: 5.97%
• 1Y: 20.11%
• 3Y*: 15.32%
• 5Y*: 7.63%
• 10Y*: 8.49%

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

EHSTX vs. ETB - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EHSTX Eaton Vance Large-Cap Value Fund	12.35%	12.11%	11.25%	7.93%	-2.80%	24.25%	2.29%	30.84%	-6.96%	14.79%
ETB Eaton Vance Tax-Managed Buy-Write Income Fund	4.96%	11.16%	26.22%	7.50%	-16.59%	23.68%	0.43%	32.40%	-12.75%	9.52%

Correlation

The correlation between EHSTX and ETB is 0.60, 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	0.60
Correlation (3Y) Calculated over the trailing 3-year period	0.59
Correlation (5Y) Calculated over the trailing 5-year period	0.60
Correlation (10Y) Calculated over the trailing 10-year period	0.56
Correlation (All Time) Calculated using the full available price history since Apr 28, 2005	0.57

The correlation between EHSTX and ETB has been stable across timeframes, ranging from 0.56 to 0.60 - a consistent structural relationship.

Return for Risk

EHSTX vs. ETB — Risk / Return Rank

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

EHSTX

EHSTX Risk / Return Rank: 52
EHSTX Sharpe Ratio Rank: 51
EHSTX Sortino Ratio Rank: 50
EHSTX Omega Ratio Rank: 47
EHSTX Calmar Ratio Rank: 55
EHSTX Martin Ratio Rank: 58

ETB

ETB Risk / Return Rank: 44
ETB Sharpe Ratio Rank: 41
ETB Sortino Ratio Rank: 41
ETB Omega Ratio Rank: 42
ETB Calmar Ratio Rank: 36
ETB Martin Ratio Rank: 59

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.

EHSTX vs. ETB - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Eaton Vance Large-Cap Value Fund (EHSTX) and Eaton Vance Tax-Managed Buy-Write Income Fund (ETB). 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.

	EHSTX	ETB	Difference
Sharpe ratio: Return per unit of total volatility	2.11	1.81	+0.30
Sortino ratio: Return per unit of downside risk	2.97	2.61	+0.36
Omega ratio: Gain probability vs. loss probability	1.38	1.34	+0.04
Calmar ratio: Return relative to maximum drawdown	2.84	2.20	+0.63
Martin ratio: Return relative to average drawdown	11.48	11.57	-0.09
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

EHSTX vs. ETB - Sharpe Ratio Comparison

The current EHSTX Sharpe Ratio is 2.11, which is comparable to the ETB Sharpe Ratio of 1.81. The chart below compares the historical Sharpe Ratios of EHSTX and ETB, 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

	EHSTX	ETB	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.11	1.81	+0.30
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.62	0.47	+0.15
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.64	0.47	+0.16
Sharpe Ratio (All Time) Calculated using the full available price history	0.53	0.41	+0.12

Drawdowns

EHSTX vs. ETB - Drawdown Comparison

The maximum EHSTX drawdown since its inception was -53.47%, roughly equal to the maximum ETB drawdown of -51.09%. Use the drawdown chart below to compare losses from any high point for EHSTX and ETB.

Drawdown Indicators

	EHSTX	ETB	Difference
Max Drawdown Largest peak-to-trough decline	-53.47%	-51.09%	-2.38%
Max Drawdown (1Y) Largest decline over 1 year	-8.29%	-9.16%	+0.87%
Max Drawdown (3Y) Largest decline over 3 years	-16.44%	-20.09%	+3.65%
Max Drawdown (5Y) Largest decline over 5 years	-16.44%	-23.43%	+6.99%
Max Drawdown (10Y) Largest decline over 10 years	-39.30%	-45.08%	+5.78%
Current Drawdown Current decline from peak	-0.43%	-0.77%	+0.34%
Average Drawdown Average peak-to-trough decline	-7.40%	-6.72%	-0.68%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.04%	1.74%	+0.30%

Volatility

EHSTX vs. ETB - Volatility Comparison

Eaton Vance Large-Cap Value Fund (EHSTX) has a higher volatility of 3.30% compared to Eaton Vance Tax-Managed Buy-Write Income Fund (ETB) at 2.57%. This indicates that EHSTX's price experiences larger fluctuations and is considered to be riskier than ETB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EHSTX	ETB	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.30%	2.57%	+0.73%
Volatility (6M) Calculated over the trailing 6-month period	8.29%	9.04%	-0.75%
Volatility (1Y) Calculated over the trailing 1-year period	11.16%	11.14%	+0.02%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.74%	16.26%	-1.52%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.28%	18.01%	-0.73%

EHSTX vs. ETB - Expense Ratio Comparison

EHSTX has a 1.01% expense ratio, which is higher than ETB's 0.01% expense ratio.

Dividends

EHSTX vs. ETB - Dividend Comparison

EHSTX's dividend yield for the trailing twelve months is around 5.41%, less than ETB's 8.20% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EHSTX Eaton Vance Large-Cap Value Fund	5.41%	6.12%	4.03%	2.93%	4.25%	7.32%	1.94%	2.76%	10.94%	5.88%	1.33%	11.02%
ETB Eaton Vance Tax-Managed Buy-Write Income Fund	8.20%	8.31%	8.21%	8.62%	9.63%	7.57%	8.64%	7.90%	9.64%	7.75%	7.85%	7.77%

Frequently Asked Questions

Can I hold both EHSTX and ETB in my portfolio?

EHSTX and ETB have a correlation of 0.60, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EHSTX or ETB?

EHSTX has higher volatility (3.30%) compared to ETB (2.57%). In terms of maximum drawdown, EHSTX dropped -53.47% vs ETB's -51.09%.

Which has better risk-adjusted returns?

EHSTX currently has the higher Sharpe Ratio (2.11 vs 1.81), 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.