EICOX vs. HJPSX

Last updated Aug 1, 2026

EICOX (Eaton Vance Emerging and Frontier Countries Equity Fund) and HJPSX (Hennessy Japan Small Cap Fund) are both mutual funds - EICOX is a Emerging Markets Equities fund managed by Eaton Vance, while HJPSX is a Japan Equities fund managed by Hennessy. Over the past 10 years, EICOX returned 11.94%/yr vs 10.62%/yr for HJPSX. Their 0.49 correlation means their historical movements had little consistent relationship. EICOX charges 1.31%/yr vs 1.57%/yr for HJPSX.

Performance

EICOX vs. HJPSX - 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 Hennessy Japan Small Cap Fund (HJPSX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with EICOX having a 16.70% return and HJPSX slightly lower at 16.69%. Over the past 10 years, EICOX has outperformed HJPSX with an annualized return of 11.94%, while HJPSX has yielded a comparatively lower 10.62% annualized return.

EICOX

• 1D: 4.24%
• 1M: -3.95%
• 6M: 5.58%
• YTD: 16.70%
• 1Y: 30.87%
• 3Y*: 20.87%
• 5Y*: 14.29%
• 10Y*: 11.94%
• ALL TIME*: 9.50%

HJPSX

• 1D: 3.74%
• 1M: 1.97%
• 6M: 10.94%
• YTD: 16.69%
• 1Y: 26.15%
• 3Y*: 20.25%
• 5Y*: 8.56%
• 10Y*: 10.62%
• ALL TIME*: 9.37%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
EICOX Eaton Vance Emerging and Frontier Countries Equity Fund	$0.00	$0.00	$0.00
HJPSX Hennessy Japan Small Cap Fund	$0.00	$0.00	$0.00

EICOX vs. HJPSX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EICOX Eaton Vance Emerging and Frontier Countries Equity Fund	16.70%	33.22%	11.99%	25.78%	-14.59%	13.43%	13.46%	12.59%	-14.57%	31.41%
HJPSX Hennessy Japan Small Cap Fund	16.69%	29.02%	8.24%	16.30%	-16.35%	-4.64%	13.43%	19.97%	-12.56%	49.60%

Correlation

The correlation between EICOX and HJPSX is 0.47, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.47
Correlation (3Y) Balances recent behavior with more history.	0.48
Correlation (5Y) Shows whether the relationship held over a longer period.	0.51
Correlation (10Y) Provides a long-term view across more market conditions.	0.49
Correlation (All Time) Calculated using the full available price history since Jan 2, 2015	0.49

The correlation between EICOX and HJPSX has been stable across timeframes, ranging from 0.47 to 0.51 - a consistent structural relationship.

Return for Risk

EICOX vs. HJPSX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

EICOX

EICOX Risk / Return Rank: 54
EICOX Sharpe Ratio Rank: 54
EICOX Sortino Ratio Rank: 49
EICOX Omega Ratio Rank: 63
EICOX Calmar Ratio Rank: 60
EICOX Martin Ratio Rank: 46

HJPSX

HJPSX Risk / Return Rank: 54
HJPSX Sharpe Ratio Rank: 62
HJPSX Sortino Ratio Rank: 61
HJPSX Omega Ratio Rank: 60
HJPSX Calmar Ratio Rank: 51
HJPSX Martin Ratio Rank: 38

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

EICOX vs. HJPSX - 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 Hennessy Japan Small Cap Fund (HJPSX). 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	HJPSX	Difference
Sharpe ratio: Return per unit of total volatility	1.40	1.53	-0.14
Sortino ratio: Return per unit of downside risk	1.92	2.18	-0.26
Omega ratio: Gain probability vs. loss probability	1.28	1.27	0.00
Calmar ratio: Return relative to maximum drawdown	2.05	1.90	+0.15
Martin ratio: Return relative to average drawdown	6.48	5.60	+0.88

EICOX vs. HJPSX - Sharpe Ratio Comparison

The current EICOX Sharpe Ratio is 1.40, which is comparable to the HJPSX Sharpe Ratio of 1.53. The chart below compares the historical Sharpe Ratios of EICOX and HJPSX, 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. HJPSX - Drawdown Comparison

The maximum EICOX drawdown since its inception was -38.75%, smaller than the maximum HJPSX drawdown of -47.91%. Use the drawdown chart below to compare losses from any high point for EICOX and HJPSX.

Drawdown Indicators

	EICOX	HJPSX	Difference
Max Drawdown Largest peak-to-trough decline	-38.75%	-47.91%	+9.16%
Max Drawdown (1Y) Largest decline over 1 year	-14.22%	-14.77%	+0.55%
Max Drawdown (3Y) Largest decline over 3 years	-14.22%	-14.77%	+0.55%
Max Drawdown (5Y) Largest decline over 5 years	-22.46%	-33.24%	+10.78%
Max Drawdown (10Y) Largest decline over 10 years	-38.75%	-34.80%	-3.95%
Current Drawdown Current decline from peak	-10.58%	-1.30%	-9.28%
Average Drawdown Average peak-to-trough decline	-8.65%	-10.01%	+1.36%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.48%	5.00%	-0.52%

Volatility

EICOX vs. HJPSX - Volatility Comparison

Eaton Vance Emerging and Frontier Countries Equity Fund (EICOX) has a higher volatility of 9.46% compared to Hennessy Japan Small Cap Fund (HJPSX) at 6.19%. This indicates that EICOX's price experiences larger fluctuations and is considered to be riskier than HJPSX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EICOX	HJPSX	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.46%	6.19%	+3.27%
Volatility (6M) Calculated over the trailing 6-month period	19.59%	14.44%	+5.15%
Volatility (1Y) Calculated over the trailing 1-year period	20.85%	18.33%	+2.52%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.98%	17.45%	-2.47%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.17%	17.76%	-3.59%

EICOX vs. HJPSX - Expense Ratio Comparison

EICOX has a 1.31% expense ratio, which is lower than HJPSX's 1.57% expense ratio.

Dividends

EICOX vs. HJPSX - Dividend Comparison

EICOX's dividend yield for the trailing twelve months is around 3.16%, less than HJPSX's 11.35% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EICOX Eaton Vance Emerging and Frontier Countries Equity Fund	3.16%	3.68%	2.02%	1.95%	5.72%	2.71%	0.10%	2.00%	2.95%	0.00%	0.59%	2.35%
HJPSX Hennessy Japan Small Cap Fund	11.35%	13.25%	3.64%	0.85%	0.61%	0.43%	0.23%	1.30%	3.46%	2.09%	2.03%	3.34%

Frequently Asked Questions

Can I hold both EICOX and HJPSX in my portfolio?

EICOX and HJPSX have a correlation of 0.47, 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 HJPSX?

EICOX has higher volatility (9.46%) compared to HJPSX (6.19%). In terms of maximum drawdown, EICOX dropped -38.75% vs HJPSX's -47.91%.

Which has better risk-adjusted returns?

HJPSX currently has the higher Sharpe Ratio (1.53 vs 1.40), 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.