EIFVX vs. EIRAX

Last updated Aug 1, 2026

EIFVX (Eaton Vance Focused Value Opportunities Fund) and EIRAX (Eaton Vance Richard Bernstein All Asset Strategy Fund) are both mutual funds - EIFVX is a Large Cap Value Equities fund managed by Eaton Vance, while EIRAX is a Tactical Allocation fund managed by Eaton Vance. Over the past 10 years, EIFVX returned 12.51%/yr vs 5.72%/yr for EIRAX. Their 0.78 correlation means they have sometimes moved together and sometimes differently. EIFVX charges 0.74%/yr vs 0.93%/yr for EIRAX.

Performance

EIFVX vs. EIRAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Eaton Vance Focused Value Opportunities Fund (EIFVX) and Eaton Vance Richard Bernstein All Asset Strategy Fund (EIRAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EIFVX achieves a 19.73% return, which is significantly higher than EIRAX's 6.16% return. Over the past 10 years, EIFVX has outperformed EIRAX with an annualized return of 12.51%, while EIRAX has yielded a comparatively lower 5.72% annualized return.

EIFVX

• 1D: 0.81%
• 1M: 2.09%
• 6M: 14.83%
• YTD: 19.73%
• 1Y: 32.77%
• 3Y*: 14.54%
• 5Y*: 10.57%
• 10Y*: 12.51%
• ALL TIME*: 12.40%

EIRAX

• 1D: 1.77%
• 1M: -1.07%
• 6M: 3.59%
• YTD: 6.16%
• 1Y: 13.66%
• 3Y*: 9.27%
• 5Y*: 3.66%
• 10Y*: 5.72%
• ALL TIME*: 5.75%

*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)
EIFVX Eaton Vance Focused Value Opportunities Fund	$0.00	$0.00	$0.00
EIRAX Eaton Vance Richard Bernstein All Asset Strategy Fund	$0.00	$0.00	$0.00

EIFVX vs. EIRAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EIFVX Eaton Vance Focused Value Opportunities Fund	19.73%	10.89%	12.44%	8.48%	-3.31%	23.71%	2.23%	37.25%	-6.15%	20.40%
EIRAX Eaton Vance Richard Bernstein All Asset Strategy Fund	6.16%	12.89%	7.68%	6.80%	-14.73%	7.22%	9.83%	16.28%	-7.47%	15.02%

Correlation

The correlation between EIFVX and EIRAX is 0.74, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.74
Correlation (3Y) Balances recent behavior with more history.	0.70
Correlation (5Y) Shows whether the relationship held over a longer period.	0.70
Correlation (10Y) Provides a long-term view across more market conditions.	0.74
Correlation (All Time) Calculated using the full available price history since Aug 3, 2012	0.78

The correlation between EIFVX and EIRAX has been stable across timeframes, ranging from 0.70 to 0.78 - a consistent structural relationship.

Return for Risk

EIFVX vs. EIRAX — Risk / Return Rank

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

EIFVX

EIFVX Risk / Return Rank: 90
EIFVX Sharpe Ratio Rank: 94
EIFVX Sortino Ratio Rank: 91
EIFVX Omega Ratio Rank: 87
EIFVX Calmar Ratio Rank: 86
EIFVX Martin Ratio Rank: 91

EIRAX

EIRAX Risk / Return Rank: 55
EIRAX Sharpe Ratio Rank: 57
EIRAX Sortino Ratio Rank: 56
EIRAX Omega Ratio Rank: 57
EIRAX Calmar Ratio Rank: 47
EIRAX Martin Ratio Rank: 59

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.

EIFVX vs. EIRAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Eaton Vance Focused Value Opportunities Fund (EIFVX) and Eaton Vance Richard Bernstein All Asset Strategy Fund (EIRAX). 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.

	EIFVX	EIRAX	Difference
Sharpe ratio: Return per unit of total volatility	2.48	1.39	+1.09
Sortino ratio: Return per unit of downside risk	3.52	2.00	+1.52
Omega ratio: Gain probability vs. loss probability	1.44	1.26	+0.19
Calmar ratio: Return relative to maximum drawdown	3.02	1.75	+1.26
Martin ratio: Return relative to average drawdown	12.76	7.54	+5.22

EIFVX vs. EIRAX - Sharpe Ratio Comparison

The current EIFVX Sharpe Ratio is 2.48, which is higher than the EIRAX Sharpe Ratio of 1.39. The chart below compares the historical Sharpe Ratios of EIFVX and EIRAX, 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

EIFVX vs. EIRAX - Drawdown Comparison

The maximum EIFVX drawdown since its inception was -40.64%, which is greater than EIRAX's maximum drawdown of -19.85%. Use the drawdown chart below to compare losses from any high point for EIFVX and EIRAX.

Drawdown Indicators

	EIFVX	EIRAX	Difference
Max Drawdown Largest peak-to-trough decline	-40.64%	-19.85%	-20.79%
Max Drawdown (1Y) Largest decline over 1 year	-9.93%	-7.73%	-2.20%
Max Drawdown (3Y) Largest decline over 3 years	-17.87%	-8.03%	-9.84%
Max Drawdown (5Y) Largest decline over 5 years	-17.87%	-19.85%	+1.98%
Max Drawdown (10Y) Largest decline over 10 years	-40.64%	-19.85%	-20.79%
Current Drawdown Current decline from peak	-0.44%	-1.88%	+1.44%
Average Drawdown Average peak-to-trough decline	-3.81%	-3.79%	-0.02%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.35%	1.80%	+0.55%

Volatility

EIFVX vs. EIRAX - Volatility Comparison

The current volatility for Eaton Vance Focused Value Opportunities Fund (EIFVX) is 2.68%, while Eaton Vance Richard Bernstein All Asset Strategy Fund (EIRAX) has a volatility of 3.35%. This indicates that EIFVX experiences smaller price fluctuations and is considered to be less risky than EIRAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EIFVX	EIRAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.68%	3.35%	-0.67%
Volatility (6M) Calculated over the trailing 6-month period	9.39%	8.39%	+1.00%
Volatility (1Y) Calculated over the trailing 1-year period	12.10%	9.74%	+2.36%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.66%	9.01%	+6.65%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.01%	9.06%	+8.95%

EIFVX vs. EIRAX - Expense Ratio Comparison

EIFVX has a 0.74% expense ratio, which is lower than EIRAX's 0.93% expense ratio.

Dividends

EIFVX vs. EIRAX - Dividend Comparison

EIFVX's dividend yield for the trailing twelve months is around 4.66%, more than EIRAX's 2.64% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EIFVX Eaton Vance Focused Value Opportunities Fund	4.66%	5.58%	6.99%	2.92%	4.13%	9.92%	3.05%	7.05%	17.26%	3.57%	2.86%	4.17%
EIRAX Eaton Vance Richard Bernstein All Asset Strategy Fund	2.64%	2.80%	2.35%	2.58%	1.11%	5.68%	3.13%	7.42%	2.98%	2.35%	0.73%	1.59%

Frequently Asked Questions

Can I hold both EIFVX and EIRAX in my portfolio?

EIFVX and EIRAX have a correlation of 0.74, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EIFVX or EIRAX?

EIRAX has higher volatility (3.35%) compared to EIFVX (2.68%). In terms of maximum drawdown, EIFVX dropped -40.64% vs EIRAX's -19.85%.

Which has better risk-adjusted returns?

EIFVX currently has the higher Sharpe Ratio (2.48 vs 1.39), 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.