EOI vs. EOS

Last updated Jun 24, 2026

EOI (Eaton Vance Enhanced Equity Income Fund) and EOS (Eaton Vance Enhanced Equity Income Fund II) are both mutual funds - EOI is a Large Cap Blend Equities fund managed by Eaton Vance, while EOS is a Derivative Income fund actively managed by Eaton Vance. Over the past 10 years, EOI returned 12.40%/yr vs 13.47%/yr for EOS. A 0.76 correlation means they provide meaningful diversification when combined. EOI charges 0.01%/yr vs 1.09%/yr for EOS.

Performance

EOI vs. EOS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Eaton Vance Enhanced Equity Income Fund (EOI) and Eaton Vance Enhanced Equity Income Fund II (EOS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EOI achieves a -3.20% return, which is significantly higher than EOS's -4.37% return. Over the past 10 years, EOI has underperformed EOS with an annualized return of 12.40%, while EOS has yielded a comparatively higher 13.47% annualized return.

EOI

• 1D: -0.93%
• 1M: -2.52%
• YTD: -3.20%
• 6M: -2.34%
• 1Y: 2.75%
• 3Y*: 15.24%
• 5Y*: 9.01%
• 10Y*: 12.40%

EOS

• 1D: -1.33%
• 1M: -4.25%
• YTD: -4.37%
• 6M: -2.63%
• 1Y: 0.43%
• 3Y*: 16.50%
• 5Y*: 6.98%
• 10Y*: 13.47%

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

EOI vs. EOS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EOI Eaton Vance Enhanced Equity Income Fund	-3.20%	7.21%	35.73%	20.67%	-19.78%	32.93%	9.59%	31.97%	-4.26%	26.31%
EOS Eaton Vance Enhanced Equity Income Fund II	-4.37%	5.77%	38.69%	22.59%	-26.50%	20.30%	29.45%	30.32%	2.77%	27.89%

Correlation

The correlation between EOI and EOS is 0.82, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.83
Correlation (3Y) Calculated over the trailing 3-year period	0.75
Correlation (5Y) Calculated over the trailing 5-year period	0.76
Correlation (10Y) Calculated over the trailing 10-year period	0.73
Correlation (All Time) Calculated using the full available price history since Jan 27, 2005	0.76

The correlation between EOI and EOS has been stable across timeframes, ranging from 0.73 to 0.82 - a consistent structural relationship.

Return for Risk

EOI vs. EOS — Risk / Return Rank

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

EOI

EOI Risk / Return Rank: 4
EOI Sharpe Ratio Rank: 4
EOI Sortino Ratio Rank: 4
EOI Omega Ratio Rank: 4
EOI Calmar Ratio Rank: 4
EOI Martin Ratio Rank: 4

EOS

EOS Risk / Return Rank: 3
EOS Sharpe Ratio Rank: 3
EOS Sortino Ratio Rank: 3
EOS Omega Ratio Rank: 3
EOS Calmar Ratio Rank: 3
EOS Martin Ratio Rank: 3

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.

EOI vs. EOS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Eaton Vance Enhanced Equity Income Fund (EOI) and Eaton Vance Enhanced Equity Income Fund II (EOS). 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.

	EOI	EOS	Difference
Sharpe ratio: Return per unit of total volatility	0.21	0.03	+0.18
Sortino ratio: Return per unit of downside risk	0.39	0.15	+0.23
Omega ratio: Gain probability vs. loss probability	1.05	1.02	+0.03
Calmar ratio: Return relative to maximum drawdown	0.22	0.03	+0.20
Martin ratio: Return relative to average drawdown	0.71	0.08	+0.63

EOI vs. EOS - Sharpe Ratio Comparison

The current EOI Sharpe Ratio is 0.21, which is higher than the EOS Sharpe Ratio of 0.03. The chart below compares the historical Sharpe Ratios of EOI and EOS, 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

EOI vs. EOS - Drawdown Comparison

The maximum EOI drawdown since its inception was -53.72%, roughly equal to the maximum EOS drawdown of -55.74%. Use the drawdown chart below to compare losses from any high point for EOI and EOS.

Drawdown Indicators

	EOI	EOS	Difference
Max Drawdown Largest peak-to-trough decline	-53.72%	-55.74%	+2.02%
Max Drawdown (1Y) Largest decline over 1 year	-12.52%	-17.12%	+4.60%
Max Drawdown (3Y) Largest decline over 3 years	-23.15%	-24.31%	+1.16%
Max Drawdown (5Y) Largest decline over 5 years	-26.82%	-34.32%	+7.50%
Max Drawdown (10Y) Largest decline over 10 years	-40.01%	-41.12%	+1.11%
Current Drawdown Current decline from peak	-5.70%	-6.57%	+0.87%
Average Drawdown Average peak-to-trough decline	-7.38%	-7.81%	+0.43%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.87%	5.37%	-1.50%

Volatility

EOI vs. EOS - Volatility Comparison

The current volatility for Eaton Vance Enhanced Equity Income Fund (EOI) is 3.95%, while Eaton Vance Enhanced Equity Income Fund II (EOS) has a volatility of 4.57%. This indicates that EOI experiences smaller price fluctuations and is considered to be less risky than EOS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EOI	EOS	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.95%	4.57%	-0.62%
Volatility (6M) Calculated over the trailing 6-month period	10.78%	12.36%	-1.58%
Volatility (1Y) Calculated over the trailing 1-year period	13.19%	15.54%	-2.35%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.69%	19.77%	-1.08%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.90%	20.75%	-0.85%

EOI vs. EOS - Expense Ratio Comparison

EOI has a 0.01% expense ratio, which is lower than EOS's 1.09% expense ratio.

Dividends

EOI vs. EOS - Dividend Comparison

EOI's dividend yield for the trailing twelve months is around 8.40%, less than EOS's 8.51% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EOI Eaton Vance Enhanced Equity Income Fund	8.40%	7.81%	7.38%	7.93%	8.80%	5.83%	6.66%	6.78%	8.01%	7.15%	8.36%	7.73%
EOS Eaton Vance Enhanced Equity Income Fund II	8.51%	7.81%	7.17%	7.38%	9.69%	5.60%	5.01%	6.65%	7.16%	6.90%	8.20%	7.70%

Frequently Asked Questions

Can I hold both EOI and EOS in my portfolio?

EOI and EOS have a correlation of 0.82, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EOI or EOS?

EOS has higher volatility (4.57%) compared to EOI (3.95%). In terms of maximum drawdown, EOI dropped -53.72% vs EOS's -55.74%.

Which has better risk-adjusted returns?

EOI currently has the higher Sharpe Ratio (0.21 vs 0.03), 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.