EIRAX vs. ETJ

Last updated Jun 3, 2026

EIRAX (Eaton Vance Richard Bernstein All Asset Strategy Fund) and ETJ (Eaton Vance Risk-Managed Diversified Equity Income Fund) are both mutual funds - EIRAX is a Tactical Allocation fund managed by Eaton Vance, while ETJ is a Global Equity Income fund managed by Eaton Vance. Over the past 10 years, EIRAX returned 6.15%/yr vs 8.29%/yr for ETJ. A 0.59 correlation means they provide meaningful diversification when combined. EIRAX charges 0.93%/yr vs 0.01%/yr for ETJ.

Performance

EIRAX vs. ETJ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Eaton Vance Richard Bernstein All Asset Strategy Fund (EIRAX) and Eaton Vance Risk-Managed Diversified Equity Income Fund (ETJ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EIRAX achieves a 7.56% return, which is significantly higher than ETJ's 0.10% return. Over the past 10 years, EIRAX has underperformed ETJ with an annualized return of 6.15%, while ETJ has yielded a comparatively higher 8.29% annualized return.

EIRAX

• 1D: 0.12%
• 1M: 2.79%
• YTD: 7.56%
• 6M: 8.62%
• 1Y: 18.05%
• 3Y*: 10.14%
• 5Y*: 3.79%
• 10Y*: 6.15%

ETJ

• 1D: 0.00%
• 1M: 0.42%
• YTD: 0.10%
• 6M: 0.51%
• 1Y: 5.01%
• 3Y*: 11.72%
• 5Y*: 3.48%
• 10Y*: 8.29%

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

EIRAX vs. ETJ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EIRAX Eaton Vance Richard Bernstein All Asset Strategy Fund	7.56%	12.89%	7.68%	6.80%	-14.73%	7.22%	9.83%	16.28%	-7.47%	15.02%
ETJ Eaton Vance Risk-Managed Diversified Equity Income Fund	0.10%	3.49%	29.55%	14.15%	-22.74%	11.92%	22.31%	26.78%	-7.03%	18.93%

Correlation

The correlation between EIRAX and ETJ is 0.60, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.60
Correlation (3Y) Calculated over the trailing 3-year period	0.54
Correlation (5Y) Calculated over the trailing 5-year period	0.55
Correlation (10Y) Calculated over the trailing 10-year period	0.57
Correlation (All Time) Calculated using the full available price history since Aug 6, 2012	0.59

The correlation between EIRAX and ETJ has been stable across timeframes, ranging from 0.54 to 0.60 - a consistent structural relationship.

Return for Risk

EIRAX vs. ETJ — Risk / Return Rank

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

EIRAX

EIRAX Risk / Return Rank: 49
EIRAX Sharpe Ratio Rank: 52
EIRAX Sortino Ratio Rank: 51
EIRAX Omega Ratio Rank: 53
EIRAX Calmar Ratio Rank: 38
EIRAX Martin Ratio Rank: 52

ETJ

ETJ Risk / Return Rank: 6
ETJ Sharpe Ratio Rank: 5
ETJ Sortino Ratio Rank: 5
ETJ Omega Ratio Rank: 5
ETJ Calmar Ratio Rank: 5
ETJ Martin Ratio Rank: 7

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.

EIRAX vs. ETJ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Eaton Vance Richard Bernstein All Asset Strategy Fund (EIRAX) and Eaton Vance Risk-Managed Diversified Equity Income Fund (ETJ). 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.

	EIRAX	ETJ	Difference
Sharpe ratio Return per unit of total volatility	2.13	0.45	+1.68
Sortino ratio Return per unit of downside risk	3.03	0.73	+2.30
Omega ratio Gain probability vs. loss probability	1.40	1.09	+0.32
Calmar ratio Return relative to maximum drawdown	2.36	0.48	+1.88
Martin ratio Return relative to average drawdown	10.69	1.92	+8.77
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

EIRAX vs. ETJ - Sharpe Ratio Comparison

The current EIRAX Sharpe Ratio is 2.13, which is higher than the ETJ Sharpe Ratio of 0.45. The chart below compares the historical Sharpe Ratios of EIRAX and ETJ, 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

	EIRAX	ETJ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.13	0.45	+1.68
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.43	0.22	+0.21
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.68	0.46	+0.22
Sharpe Ratio (All Time) Calculated using the full available price history	0.68	0.30	+0.39

Drawdowns

EIRAX vs. ETJ - Drawdown Comparison

The maximum EIRAX drawdown since its inception was -19.85%, smaller than the maximum ETJ drawdown of -32.81%. Use the drawdown chart below to compare losses from any high point for EIRAX and ETJ.

Drawdown Indicators

	EIRAX	ETJ	Difference
Max Drawdown Largest peak-to-trough decline	-19.85%	-32.81%	+12.96%
Max Drawdown (1Y) Largest decline over 1 year	-7.73%	-10.40%	+2.67%
Max Drawdown (3Y) Largest decline over 3 years	-8.71%	-15.44%	+6.73%
Max Drawdown (5Y) Largest decline over 5 years	-19.85%	-28.55%	+8.70%
Max Drawdown (10Y) Largest decline over 10 years	-19.85%	-32.81%	+12.96%
Current Drawdown Current decline from peak	0.00%	-1.86%	+1.86%
Average Drawdown Average peak-to-trough decline	-3.82%	-7.52%	+3.70%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.71%	2.61%	-0.90%

Volatility

EIRAX vs. ETJ - Volatility Comparison

The current volatility for Eaton Vance Richard Bernstein All Asset Strategy Fund (EIRAX) is 2.74%, while Eaton Vance Risk-Managed Diversified Equity Income Fund (ETJ) has a volatility of 2.91%. This indicates that EIRAX experiences smaller price fluctuations and is considered to be less risky than ETJ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EIRAX	ETJ	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.74%	2.91%	-0.17%
Volatility (6M) Calculated over the trailing 6-month period	7.25%	8.93%	-1.68%
Volatility (1Y) Calculated over the trailing 1-year period	8.60%	11.12%	-2.52%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.80%	15.59%	-6.79%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.10%	17.96%	-8.86%

EIRAX vs. ETJ - Expense Ratio Comparison

EIRAX has a 0.93% expense ratio, which is higher than ETJ's 0.01% expense ratio.

Dividends

EIRAX vs. ETJ - Dividend Comparison

EIRAX's dividend yield for the trailing twelve months is around 2.60%, less than ETJ's 9.19% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EIRAX Eaton Vance Richard Bernstein All Asset Strategy Fund	2.60%	2.80%	2.35%	2.58%	1.11%	5.68%	3.13%	7.42%	2.98%	2.35%	0.73%	1.59%
ETJ Eaton Vance Risk-Managed Diversified Equity Income Fund	9.19%	8.86%	8.16%	8.86%	11.68%	8.53%	8.79%	9.77%	11.23%	9.82%	12.46%	10.98%

Frequently Asked Questions

Can I hold both EIRAX and ETJ in my portfolio?

EIRAX and ETJ have a correlation of 0.60, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EIRAX or ETJ?

ETJ has higher volatility (2.91%) compared to EIRAX (2.74%). In terms of maximum drawdown, EIRAX dropped -19.85% vs ETJ's -32.81%.

Which has better risk-adjusted returns?

EIRAX currently has the higher Sharpe Ratio (2.13 vs 0.45), 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.