EICOX vs. FRDM

Last updated Jun 23, 2026

EICOX (Eaton Vance Emerging and Frontier Countries Equity Fund) and FRDM (Freedom 100 Emerging Markets ETF) are both Emerging Markets Diversified funds. Over the past 5 years, EICOX returned 16.74%/yr vs 20.53%/yr for FRDM. A 0.78 correlation means they provide meaningful diversification when combined. EICOX charges 1.31%/yr vs 0.49%/yr for FRDM.

Performance

EICOX vs. FRDM - 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 Freedom 100 Emerging Markets ETF (FRDM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EICOX achieves a 30.08% return, which is significantly lower than FRDM's 49.24% return.

EICOX

• 1D: 2.98%
• 1M: 9.01%
• YTD: 30.08%
• 6M: 32.28%
• 1Y: 55.02%
• 3Y*: 27.47%
• 5Y*: 16.74%
• 10Y*: 13.70%

FRDM

• 1D: 0.13%
• 1M: 12.84%
• YTD: 49.24%
• 6M: 53.92%
• 1Y: 101.71%
• 3Y*: 38.21%
• 5Y*: 20.53%
• 10Y*: —

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

EICOX vs. FRDM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
EICOX Eaton Vance Emerging and Frontier Countries Equity Fund	30.08%	33.22%	11.99%	25.78%	-14.59%	13.43%	13.46%	8.45%
FRDM Freedom 100 Emerging Markets ETF	49.24%	61.27%	1.70%	22.77%	-14.45%	6.13%	16.90%	12.23%

Correlation

The correlation between EICOX and FRDM is 0.85, 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	0.85
Correlation (3Y) Calculated over the trailing 3-year period	0.80
Correlation (5Y) Calculated over the trailing 5-year period	0.78
Correlation (All Time) Calculated using the full available price history since May 23, 2019	0.78

The correlation between EICOX and FRDM has been stable across timeframes, ranging from 0.78 to 0.85 - a consistent structural relationship.

Return for Risk

EICOX vs. FRDM — Risk / Return Rank

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

EICOX

EICOX Risk / Return Rank: 89
EICOX Sharpe Ratio Rank: 95
EICOX Sortino Ratio Rank: 86
EICOX Omega Ratio Rank: 90
EICOX Calmar Ratio Rank: 88
EICOX Martin Ratio Rank: 87

FRDM

FRDM Risk / Return Rank: 93
FRDM Sharpe Ratio Rank: 96
FRDM Sortino Ratio Rank: 92
FRDM Omega Ratio Rank: 93
FRDM Calmar Ratio Rank: 93
FRDM Martin Ratio Rank: 93

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. FRDM - 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 Freedom 100 Emerging Markets ETF (FRDM). 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.

	EICOX	FRDM	Difference
Sharpe ratio: Return per unit of total volatility	3.03	3.76	-0.73
Sortino ratio: Return per unit of downside risk	3.82	4.22	-0.40
Omega ratio: Gain probability vs. loss probability	1.61	1.63	-0.02
Calmar ratio: Return relative to maximum drawdown	4.10	6.06	-1.97
Martin ratio: Return relative to average drawdown	15.28	23.38	-8.10

EICOX vs. FRDM - Sharpe Ratio Comparison

The current EICOX Sharpe Ratio is 3.03, which is comparable to the FRDM Sharpe Ratio of 3.76. The chart below compares the historical Sharpe Ratios of EICOX and FRDM, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

EICOX vs. FRDM - Drawdown Comparison

The maximum EICOX drawdown since its inception was -38.75%, roughly equal to the maximum FRDM drawdown of -40.49%. Use the drawdown chart below to compare losses from any high point for EICOX and FRDM.

Drawdown Indicators

	EICOX	FRDM	Difference
Max Drawdown Largest peak-to-trough decline	-38.75%	-40.49%	+1.74%
Max Drawdown (1Y) Largest decline over 1 year	-13.40%	-16.87%	+3.47%
Max Drawdown (3Y) Largest decline over 3 years	-14.11%	-16.87%	+2.76%
Max Drawdown (5Y) Largest decline over 5 years	-22.46%	-29.25%	+6.79%
Max Drawdown (10Y) Largest decline over 10 years	-38.75%	—	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-8.66%	-7.07%	-1.59%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.59%	4.37%	-0.78%

Volatility

EICOX vs. FRDM - Volatility Comparison

The current volatility for Eaton Vance Emerging and Frontier Countries Equity Fund (EICOX) is 9.68%, while Freedom 100 Emerging Markets ETF (FRDM) has a volatility of 14.15%. This indicates that EICOX experiences smaller price fluctuations and is considered to be less risky than FRDM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EICOX	FRDM	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.68%	14.15%	-4.47%
Volatility (6M) Calculated over the trailing 6-month period	16.71%	24.80%	-8.09%
Volatility (1Y) Calculated over the trailing 1-year period	18.15%	27.26%	-9.11%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.25%	21.48%	-7.23%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.86%	23.15%	-9.29%

EICOX vs. FRDM - Expense Ratio Comparison

EICOX has a 1.31% expense ratio, which is higher than FRDM's 0.49% expense ratio.

Dividends

EICOX vs. FRDM - Dividend Comparison

EICOX's dividend yield for the trailing twelve months is around 2.83%, more than FRDM's 1.47% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EICOX Eaton Vance Emerging and Frontier Countries Equity Fund	2.83%	3.68%	2.02%	1.95%	5.72%	2.71%	0.10%	2.00%	2.95%	0.00%	0.59%	2.35%
FRDM Freedom 100 Emerging Markets ETF	1.47%	2.26%	2.53%	2.66%	2.72%	2.17%	1.11%	1.07%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both EICOX and FRDM in my portfolio?

EICOX and FRDM have a correlation of 0.85, 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 FRDM?

FRDM has higher volatility (14.15%) compared to EICOX (9.68%). In terms of maximum drawdown, EICOX dropped -38.75% vs FRDM's -40.49%.

Which has better risk-adjusted returns?

FRDM currently has the higher Sharpe Ratio (3.76 vs 3.03), 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.