EIVPX vs. ETG

Last updated Aug 1, 2026

EIVPX (Parametric Volatility Risk Premium - Defensive Fund) and ETG (Eaton Vance Tax Advantaged Global Dividend Income Closed Fund) are both mutual funds - EIVPX is a Options Trading fund managed by Eaton Vance, while ETG is a Global Equities fund actively managed by Eaton Vance. Over the past 5 years, EIVPX returned 9.52%/yr vs 10.92%/yr for ETG. Their 0.76 correlation means they have sometimes moved together and sometimes differently. EIVPX charges 0.47%/yr vs 2.57%/yr for ETG.

Performance

EIVPX vs. ETG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Parametric Volatility Risk Premium - Defensive Fund (EIVPX) and Eaton Vance Tax Advantaged Global Dividend Income Closed Fund (ETG). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with EIVPX having a 6.16% return and ETG slightly higher at 6.39%.

EIVPX

• 1D: 0.97%
• 1M: 0.06%
• 6M: 4.96%
• YTD: 6.16%
• 1Y: 14.86%
• 3Y*: 12.68%
• 5Y*: 9.52%
• 10Y*: —
• ALL TIME*: 8.94%

ETG

• 1D: -0.08%
• 1M: 1.20%
• 6M: 4.53%
• YTD: 6.39%
• 1Y: 25.14%
• 3Y*: 19.93%
• 5Y*: 10.92%
• 10Y*: 13.16%
• ALL TIME*: 8.86%

*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)
EIVPX Parametric Volatility Risk Premium - Defensive Fund	$0.00	$0.00	$0.00
ETG Eaton Vance Tax Advantaged Global Dividend Income Closed Fund	$2.17M	$1.84M	$2.45M

EIVPX vs. ETG - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EIVPX Parametric Volatility Risk Premium - Defensive Fund	6.16%	12.90%	16.45%	16.83%	-8.64%	17.96%	4.74%	15.46%	-2.80%	8.71%
ETG Eaton Vance Tax Advantaged Global Dividend Income Closed Fund	6.39%	36.92%	15.46%	21.97%	-27.62%	33.08%	10.08%	43.62%	-15.90%	20.61%

Correlation

The correlation between EIVPX and ETG is 0.81, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.81
Correlation (3Y) Balances recent behavior with more history.	0.81
Correlation (5Y) Shows whether the relationship held over a longer period.	0.81
Correlation (All Time) Calculated using the full available price history since Feb 15, 2017	0.76

The correlation between EIVPX and ETG has been stable across timeframes, ranging from 0.76 to 0.81 - a consistent structural relationship.

Return for Risk

EIVPX vs. ETG — Risk / Return Rank

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

EIVPX

EIVPX Risk / Return Rank: 86
EIVPX Sharpe Ratio Rank: 82
EIVPX Sortino Ratio Rank: 78
EIVPX Omega Ratio Rank: 83
EIVPX Calmar Ratio Rank: 92
EIVPX Martin Ratio Rank: 96

ETG

ETG Risk / Return Rank: 46
ETG Sharpe Ratio Rank: 56
ETG Sortino Ratio Rank: 55
ETG Omega Ratio Rank: 52
ETG Calmar Ratio Rank: 31
ETG Martin Ratio Rank: 37

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.

EIVPX vs. ETG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Parametric Volatility Risk Premium - Defensive Fund (EIVPX) and Eaton Vance Tax Advantaged Global Dividend Income Closed Fund (ETG). 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.

	EIVPX	ETG	Difference
Sharpe ratio: Return per unit of total volatility	1.93	1.38	+0.55
Sortino ratio: Return per unit of downside risk	2.66	1.98	+0.68
Omega ratio: Gain probability vs. loss probability	1.38	1.25	+0.14
Calmar ratio: Return relative to maximum drawdown	3.60	1.34	+2.26
Martin ratio: Return relative to average drawdown	17.09	5.31	+11.78

EIVPX vs. ETG - Sharpe Ratio Comparison

The current EIVPX Sharpe Ratio is 1.93, which is higher than the ETG Sharpe Ratio of 1.38. The chart below compares the historical Sharpe Ratios of EIVPX and ETG, 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

EIVPX vs. ETG - Drawdown Comparison

The maximum EIVPX drawdown since its inception was -26.67%, smaller than the maximum ETG drawdown of -74.76%. Use the drawdown chart below to compare losses from any high point for EIVPX and ETG.

Drawdown Indicators

	EIVPX	ETG	Difference
Max Drawdown Largest peak-to-trough decline	-26.67%	-74.76%	+48.09%
Max Drawdown (1Y) Largest decline over 1 year	-3.81%	-16.64%	+12.83%
Max Drawdown (3Y) Largest decline over 3 years	-12.77%	-16.95%	+4.18%
Max Drawdown (5Y) Largest decline over 5 years	-14.07%	-31.64%	+17.57%
Max Drawdown (10Y) Largest decline over 10 years	—	-51.53%	—
Current Drawdown Current decline from peak	-0.67%	-0.08%	-0.59%
Average Drawdown Average peak-to-trough decline	-2.43%	-13.39%	+10.96%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.80%	4.20%	-3.40%

Volatility

EIVPX vs. ETG - Volatility Comparison

The current volatility for Parametric Volatility Risk Premium - Defensive Fund (EIVPX) is 1.95%, while Eaton Vance Tax Advantaged Global Dividend Income Closed Fund (ETG) has a volatility of 4.72%. This indicates that EIVPX experiences smaller price fluctuations and is considered to be less risky than ETG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EIVPX	ETG	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.95%	4.72%	-2.77%
Volatility (6M) Calculated over the trailing 6-month period	5.48%	13.42%	-7.94%
Volatility (1Y) Calculated over the trailing 1-year period	7.13%	16.20%	-9.07%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.87%	19.87%	-10.00%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.76%	21.20%	-9.44%

EIVPX vs. ETG - Expense Ratio Comparison

EIVPX has a 0.47% expense ratio, which is lower than ETG's 2.57% expense ratio.

Dividends

EIVPX vs. ETG - Dividend Comparison

EIVPX's dividend yield for the trailing twelve months is around 3.78%, less than ETG's 6.57% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EIVPX Parametric Volatility Risk Premium - Defensive Fund	3.78%	4.01%	2.67%	5.09%	7.95%	1.22%	0.75%	1.23%	1.24%	0.53%	0.00%	0.00%
ETG Eaton Vance Tax Advantaged Global Dividend Income Closed Fund	6.57%	6.72%	8.03%	7.02%	9.94%	6.02%	6.74%	6.83%	9.08%	7.69%	8.74%	7.93%

Frequently Asked Questions

Can I hold both EIVPX and ETG in my portfolio?

EIVPX and ETG have a correlation of 0.81, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EIVPX or ETG?

ETG has higher volatility (4.72%) compared to EIVPX (1.95%). In terms of maximum drawdown, EIVPX dropped -26.67% vs ETG's -74.76%.

Which has better risk-adjusted returns?

EIVPX currently has the higher Sharpe Ratio (1.93 vs 1.38), 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.