EIRAX vs. EXG

Last updated Aug 1, 2026

EIRAX (Eaton Vance Richard Bernstein All Asset Strategy Fund) and EXG (Eaton Vance Tax-Managed Global Diversified Equity Income Fund) are both mutual funds - EIRAX is a Tactical Allocation fund managed by Eaton Vance, while EXG is a Dividend fund actively managed by Eaton Vance. Over the past 10 years, EIRAX returned 5.72%/yr vs 11.08%/yr for EXG. Their 0.70 correlation means they have sometimes moved together and sometimes differently. EIRAX charges 0.93%/yr vs 1.07%/yr for EXG.

Performance

EIRAX vs. EXG - 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 Tax-Managed Global Diversified Equity Income Fund (EXG). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EIRAX achieves a 6.16% return, which is significantly lower than EXG's 7.73% return. Over the past 10 years, EIRAX has underperformed EXG with an annualized return of 5.72%, while EXG has yielded a comparatively higher 11.08% annualized return.

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%

EXG

• 1D: 0.72%
• 1M: 0.57%
• 6M: 5.23%
• YTD: 7.73%
• 1Y: 24.51%
• 3Y*: 16.89%
• 5Y*: 8.42%
• 10Y*: 11.08%
• ALL TIME*: 7.20%

*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)
EIRAX Eaton Vance Richard Bernstein All Asset Strategy Fund	$0.00	$0.00	$0.00
EXG Eaton Vance Tax-Managed Global Diversified Equity Income Fund	$3.71M	$3.67M	$4.14M

EIRAX vs. EXG - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
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%
EXG Eaton Vance Tax-Managed Global Diversified Equity Income Fund	7.73%	27.79%	16.04%	11.46%	-22.24%	31.53%	10.19%	28.71%	-12.09%	29.58%

Correlation

The correlation between EIRAX and EXG is 0.78, 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.	0.78
Correlation (3Y) Balances recent behavior with more history.	0.74
Correlation (5Y) Shows whether the relationship held over a longer period.	0.71
Correlation (10Y) Provides a long-term view across more market conditions.	0.68
Correlation (All Time) Calculated using the full available price history since Aug 3, 2012	0.70

The correlation between EIRAX and EXG has been stable across timeframes, ranging from 0.68 to 0.78 - a consistent structural relationship.

Return for Risk

EIRAX vs. EXG — Risk / Return Rank

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

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

EXG

EXG Risk / Return Rank: 57
EXG Sharpe Ratio Rank: 66
EXG Sortino Ratio Rank: 66
EXG Omega Ratio Rank: 63
EXG Calmar Ratio Rank: 37
EXG Martin Ratio Rank: 52

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.

EIRAX vs. EXG - 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 Tax-Managed Global Diversified Equity Income Fund (EXG). 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.

	EIRAX	EXG	Difference
Sharpe ratio: Return per unit of total volatility	1.39	1.53	-0.14
Sortino ratio: Return per unit of downside risk	2.00	2.23	-0.23
Omega ratio: Gain probability vs. loss probability	1.26	1.27	-0.01
Calmar ratio: Return relative to maximum drawdown	1.75	1.52	+0.23
Martin ratio: Return relative to average drawdown	7.54	6.93	+0.61

EIRAX vs. EXG - Sharpe Ratio Comparison

The current EIRAX Sharpe Ratio is 1.39, which is comparable to the EXG Sharpe Ratio of 1.53. The chart below compares the historical Sharpe Ratios of EIRAX and EXG, 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

EIRAX vs. EXG - Drawdown Comparison

The maximum EIRAX drawdown since its inception was -19.85%, smaller than the maximum EXG drawdown of -58.45%. Use the drawdown chart below to compare losses from any high point for EIRAX and EXG.

Drawdown Indicators

	EIRAX	EXG	Difference
Max Drawdown Largest peak-to-trough decline	-19.85%	-58.45%	+38.60%
Max Drawdown (1Y) Largest decline over 1 year	-7.73%	-14.28%	+6.55%
Max Drawdown (3Y) Largest decline over 3 years	-8.03%	-15.12%	+7.09%
Max Drawdown (5Y) Largest decline over 5 years	-19.85%	-27.82%	+7.97%
Max Drawdown (10Y) Largest decline over 10 years	-19.85%	-45.36%	+25.51%
Current Drawdown Current decline from peak	-1.88%	-0.10%	-1.78%
Average Drawdown Average peak-to-trough decline	-3.79%	-9.55%	+5.76%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.80%	3.14%	-1.34%

Volatility

EIRAX vs. EXG - Volatility Comparison

The current volatility for Eaton Vance Richard Bernstein All Asset Strategy Fund (EIRAX) is 3.35%, while Eaton Vance Tax-Managed Global Diversified Equity Income Fund (EXG) has a volatility of 3.59%. This indicates that EIRAX experiences smaller price fluctuations and is considered to be less risky than EXG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EIRAX	EXG	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.35%	3.59%	-0.24%
Volatility (6M) Calculated over the trailing 6-month period	8.39%	11.78%	-3.39%
Volatility (1Y) Calculated over the trailing 1-year period	9.74%	14.20%	-4.46%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.01%	17.57%	-8.56%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.06%	19.93%	-10.87%

EIRAX vs. EXG - Expense Ratio Comparison

EIRAX has a 0.93% expense ratio, which is lower than EXG's 1.07% expense ratio.

Dividends

EIRAX vs. EXG - Dividend Comparison

EIRAX's dividend yield for the trailing twelve months is around 2.64%, less than EXG's 8.06% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
EXG Eaton Vance Tax-Managed Global Diversified Equity Income Fund	8.06%	8.27%	9.27%	8.60%	10.59%	7.27%	8.43%	8.42%	12.23%	9.84%	12.16%	11.02%

Frequently Asked Questions

Can I hold both EIRAX and EXG in my portfolio?

EIRAX and EXG have a correlation of 0.78, 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 EXG?

EXG has higher volatility (3.59%) compared to EIRAX (3.35%). In terms of maximum drawdown, EIRAX dropped -19.85% vs EXG's -58.45%.

Which has better risk-adjusted returns?

EXG currently has the higher Sharpe Ratio (1.53 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.