EICOX vs. ESEA

Last updated Jun 10, 2026

EICOX (Eaton Vance Emerging and Frontier Countries Equity Fund) is Emerging Markets Diversified fund managed by Eaton Vance, while ESEA (Euroseas Ltd) is a stock. Over the past 10 years, EICOX returned 12.76%/yr vs 23.25%/yr for ESEA. At a 0.17 correlation, their price movements are largely independent.

Performance

EICOX vs. ESEA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Eaton Vance Emerging and Frontier Countries Equity Fund (EICOX) and Euroseas Ltd (ESEA). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EICOX achieves a 19.21% return, which is significantly lower than ESEA's 25.78% return. Over the past 10 years, EICOX has underperformed ESEA with an annualized return of 12.76%, while ESEA has yielded a comparatively higher 23.25% annualized return.

EICOX

• 1D: 0.37%
• 1M: -1.13%
• YTD: 19.21%
• 6M: 22.75%
• 1Y: 39.88%
• 3Y*: 24.83%
• 5Y*: 14.58%
• 10Y*: 12.76%

ESEA

• 1D: 1.47%
• 1M: -7.24%
• YTD: 25.78%
• 6M: 16.74%
• 1Y: 72.75%
• 3Y*: 77.90%
• 5Y*: 40.80%
• 10Y*: 23.25%

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

EICOX vs. ESEA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EICOX Eaton Vance Emerging and Frontier Countries Equity Fund	19.21%	33.22%	11.99%	25.78%	-14.59%	13.43%	13.46%	12.59%	-14.57%	31.41%
ESEA Euroseas Ltd	25.78%	140.95%	23.60%	83.39%	-21.02%	358.75%	33.42%	-27.32%	-58.82%	0.59%

Correlation

The correlation between EICOX and ESEA is 0.30, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.30
Correlation (3Y) Calculated over the trailing 3-year period	0.23
Correlation (5Y) Calculated over the trailing 5-year period	0.28
Correlation (10Y) Calculated over the trailing 10-year period	0.19
Correlation (All Time) Calculated using the full available price history since Jan 2, 2015	0.17

The correlation between EICOX and ESEA shifts across timeframes, from 0.17 (all time) to 0.30 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

EICOX vs. ESEA — Risk / Return Rank

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

EICOX

EICOX Risk / Return Rank: 76
EICOX Sharpe Ratio Rank: 82
EICOX Sortino Ratio Rank: 72
EICOX Omega Ratio Rank: 82
EICOX Calmar Ratio Rank: 76
EICOX Martin Ratio Rank: 69

ESEA

ESEA Risk / Return Rank: 84
ESEA Sharpe Ratio Rank: 85
ESEA Sortino Ratio Rank: 79
ESEA Omega Ratio Rank: 80
ESEA Calmar Ratio Rank: 89
ESEA Martin Ratio Rank: 85

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.

EICOX vs. ESEA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Eaton Vance Emerging and Frontier Countries Equity Fund (EICOX) and Euroseas Ltd (ESEA). 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.

	EICOX	ESEA	Difference
Sharpe ratio: Return per unit of total volatility	2.37	1.65	+0.72
Sortino ratio: Return per unit of downside risk	3.00	2.14	+0.86
Omega ratio: Gain probability vs. loss probability	1.48	1.28	+0.19
Calmar ratio: Return relative to maximum drawdown	3.02	3.98	-0.96
Martin ratio: Return relative to average drawdown	11.43	8.19	+3.23
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

EICOX vs. ESEA - Sharpe Ratio Comparison

The current EICOX Sharpe Ratio is 2.37, which is higher than the ESEA Sharpe Ratio of 1.65. The chart below compares the historical Sharpe Ratios of EICOX and ESEA, 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

	EICOX	ESEA	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.37	1.65	+0.72
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.05	0.74	+0.31
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.93	0.25	+0.69
Sharpe Ratio (All Time) Calculated using the full available price history	0.72	-0.11	+0.83

Drawdowns

EICOX vs. ESEA - Drawdown Comparison

The maximum EICOX drawdown since its inception was -38.75%, smaller than the maximum ESEA drawdown of -99.84%. Use the drawdown chart below to compare losses from any high point for EICOX and ESEA.

Drawdown Indicators

	EICOX	ESEA	Difference
Max Drawdown Largest peak-to-trough decline	-38.75%	-99.84%	+61.09%
Max Drawdown (1Y) Largest decline over 1 year	-13.40%	-18.36%	+4.96%
Max Drawdown (3Y) Largest decline over 3 years	-14.11%	-38.00%	+23.89%
Max Drawdown (5Y) Largest decline over 5 years	-22.46%	-51.28%	+28.82%
Max Drawdown (10Y) Largest decline over 10 years	-38.75%	-95.54%	+56.79%
Current Drawdown Current decline from peak	-6.63%	-87.23%	+80.60%
Average Drawdown Average peak-to-trough decline	-8.68%	-85.40%	+76.72%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.54%	8.91%	-5.37%

Volatility

EICOX vs. ESEA - Volatility Comparison

The current volatility for Eaton Vance Emerging and Frontier Countries Equity Fund (EICOX) is 8.86%, while Euroseas Ltd (ESEA) has a volatility of 17.94%. This indicates that EICOX experiences smaller price fluctuations and is considered to be less risky than ESEA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EICOX	ESEA	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.86%	17.94%	-9.08%
Volatility (6M) Calculated over the trailing 6-month period	15.54%	33.13%	-17.59%
Volatility (1Y) Calculated over the trailing 1-year period	17.14%	44.42%	-27.28%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.95%	55.23%	-41.28%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.72%	94.54%	-80.82%

Dividends

EICOX vs. ESEA - Dividend Comparison

EICOX's dividend yield for the trailing twelve months is around 3.09%, less than ESEA's 5.37% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EICOX Eaton Vance Emerging and Frontier Countries Equity Fund	3.09%	3.68%	2.02%	1.95%	5.72%	2.71%	0.10%	2.00%	2.95%	0.00%	0.59%	2.35%
ESEA Euroseas Ltd	5.37%	16.23%	6.63%	6.42%	8.13%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both EICOX and ESEA in my portfolio?

EICOX and ESEA have a correlation of 0.30, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EICOX or ESEA?

ESEA has higher volatility (17.94%) compared to EICOX (8.86%). In terms of maximum drawdown, EICOX dropped -38.75% vs ESEA's -99.84%.

Which has better risk-adjusted returns?

EICOX currently has the higher Sharpe Ratio (2.37 vs 1.65), 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.