EICAX vs. EIGMX
EICAX (Eaton Vance California Municipal Opportunities Fund Class I) and EIGMX (Eaton Vance Global Macro Absolute Return Fund) are both mutual funds - EICAX is a Municipal Bonds fund actively managed by Eaton Vance, while EIGMX is a Nontraditional Bonds fund managed by Eaton Vance. Over the past 10 years, EICAX returned 2.42%/yr vs 4.94%/yr for EIGMX. At a correlation of -0.04, they often move in opposite directions. EICAX charges 0.52%/yr vs 0.76%/yr for EIGMX.
Performance
EICAX vs. EIGMX - Performance Comparison
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Returns By Period
In the year-to-date period, EICAX achieves a 2.18% return, which is significantly lower than EIGMX's 5.19% return. Over the past 10 years, EICAX has underperformed EIGMX with an annualized return of 2.42%, while EIGMX has yielded a comparatively higher 4.94% annualized return.
EICAX
- 1D
- -0.10%
- 1M
- 0.21%
- 6M
- 1.78%
- YTD
- 2.18%
- 1Y
- 8.44%
- 3Y*
- 4.29%
- 5Y*
- 1.46%
- 10Y*
- 2.42%
EIGMX
- 1D
- -0.11%
- 1M
- 0.33%
- 6M
- 4.06%
- YTD
- 5.19%
- 1Y
- 11.81%
- 3Y*
- 9.04%
- 5Y*
- 6.45%
- 10Y*
- 4.94%
EICAX vs. EIGMX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
EICAX Eaton Vance California Municipal Opportunities Fund Class I | 2.18% | 4.17% | 3.65% | 5.65% | -7.43% | 0.67% | 5.58% | 8.99% | 1.31% | 4.84% |
EIGMX Eaton Vance Global Macro Absolute Return Fund | 5.19% | 11.37% | 8.69% | 6.99% | -0.47% | 2.19% | 3.59% | 9.76% | -3.29% | 4.29% |
Correlation
The correlation between EICAX and EIGMX is 0.12, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.12 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.14 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.07 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.00 |
Correlation (All Time) Calculated using the full available price history since Aug 3, 2012 | -0.04 |
The correlation between EICAX and EIGMX shifts across timeframes, from -0.04 (all time) to 0.14 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
EICAX vs. EIGMX — Risk / Return Rank
EICAX
EIGMX
EICAX vs. EIGMX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Eaton Vance California Municipal Opportunities Fund Class I (EICAX) and Eaton Vance Global Macro Absolute Return Fund (EIGMX). 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.
| EICAX | EIGMX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.55 | ||
| Sortino ratioReturn per unit of downside risk | -5.80 | ||
| Omega ratioGain probability vs. loss probability | 1.65 | 2.94 | -1.29 |
| Calmar ratioReturn relative to maximum drawdown | 2.70 | 8.13 | -5.44 |
| Martin ratioReturn relative to average drawdown | 10.02 | 29.44 | -19.42 |
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Drawdowns
EICAX vs. EIGMX - Drawdown Comparison
The maximum EICAX drawdown since its inception was -12.30%, which is greater than EIGMX's maximum drawdown of -9.42%. Use the drawdown chart below to compare losses from any high point for EICAX and EIGMX.
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Drawdown Indicators
| EICAX | EIGMX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -12.30% | -9.42% | -2.88% |
Max Drawdown (1Y)Largest decline over 1 year | -3.02% | -1.44% | -1.58% |
Max Drawdown (3Y)Largest decline over 3 years | -5.70% | -1.63% | -4.07% |
Max Drawdown (5Y)Largest decline over 5 years | -12.30% | -7.39% | -4.91% |
Max Drawdown (10Y)Largest decline over 10 years | -12.30% | -9.42% | -2.88% |
Current DrawdownCurrent decline from peak | -0.69% | -0.22% | -0.47% |
Average DrawdownAverage peak-to-trough decline | -2.31% | -0.92% | -1.39% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.82% | 0.40% | +0.42% |
Volatility
EICAX vs. EIGMX - Volatility Comparison
Eaton Vance California Municipal Opportunities Fund Class I (EICAX) has a higher volatility of 0.65% compared to Eaton Vance Global Macro Absolute Return Fund (EIGMX) at 0.54%. This indicates that EICAX's price experiences larger fluctuations and is considered to be riskier than EIGMX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| EICAX | EIGMX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.65% | 0.54% | +0.11% |
Volatility (6M)Calculated over the trailing 6-month period | 2.42% | 1.64% | +0.78% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.10% | 1.90% | +1.20% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.97% | 2.62% | +1.35% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.67% | 2.50% | +1.17% |
EICAX vs. EIGMX - Expense Ratio Comparison
EICAX has a 0.52% expense ratio, which is lower than EIGMX's 0.76% expense ratio.
Dividends
EICAX vs. EIGMX - Dividend Comparison
EICAX's dividend yield for the trailing twelve months is around 3.73%, less than EIGMX's 6.64% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EICAX Eaton Vance California Municipal Opportunities Fund Class I | 3.73% | 4.61% | 4.17% | 2.57% | 2.34% | 1.76% | 2.27% | 3.62% | 2.85% | 2.76% | 3.00% | 3.77% |
EIGMX Eaton Vance Global Macro Absolute Return Fund | 6.64% | 5.72% | 6.16% | 5.79% | 4.78% | 4.18% | 4.37% | 5.44% | 3.72% | 3.42% | 4.02% | 5.54% |
Frequently Asked Questions
EICAX and EIGMX have a correlation of 0.12, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
EICAX has higher volatility (0.65%) compared to EIGMX (0.54%). In terms of maximum drawdown, EICAX dropped -12.30% vs EIGMX's -9.42%.
EIGMX currently has the higher Sharpe Ratio (6.18 vs 2.63), 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.
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