EOS vs. MENYX

Last updated Jun 4, 2026

EOS (Eaton Vance Enhanced Equity Income Fund II) and MENYX (Madison Covered Call & Equity Income Fund) are both Derivative Income funds. Over the past 10 years, EOS returned 13.75%/yr vs 8.15%/yr for MENYX. A 0.57 correlation means they provide meaningful diversification when combined. EOS charges 1.09%/yr vs 1.01%/yr for MENYX.

Performance

EOS vs. MENYX - Performance Comparison

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

Returns By Period

In the year-to-date period, EOS achieves a 0.67% return, which is significantly lower than MENYX's 5.89% return. Over the past 10 years, EOS has outperformed MENYX with an annualized return of 13.75%, while MENYX has yielded a comparatively lower 8.15% annualized return.

EOS

• 1D: -0.87%
• 1M: 2.65%
• YTD: 0.67%
• 6M: 3.29%
• 1Y: 6.37%
• 3Y*: 19.54%
• 5Y*: 8.86%
• 10Y*: 13.75%

MENYX

• 1D: -0.52%
• 1M: -1.74%
• YTD: 5.89%
• 6M: 5.72%
• 1Y: 13.92%
• 3Y*: 6.86%
• 5Y*: 6.20%
• 10Y*: 8.15%

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

EOS vs. MENYX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EOS Eaton Vance Enhanced Equity Income Fund II	0.67%	5.77%	38.69%	22.59%	-26.50%	20.30%	29.45%	30.32%	2.77%	27.89%
MENYX Madison Covered Call & Equity Income Fund	5.89%	6.69%	2.79%	10.66%	5.06%	18.71%	12.65%	15.76%	-6.01%	7.57%

Correlation

The correlation between EOS and MENYX is 0.22, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.22
Correlation (3Y) Calculated over the trailing 3-year period	0.34
Correlation (5Y) Calculated over the trailing 5-year period	0.50
Correlation (10Y) Calculated over the trailing 10-year period	0.49
Correlation (All Time) Calculated using the full available price history since Nov 9, 2009	0.57

Over the past year, the correlation between EOS and MENYX has dropped to 0.22 - well below their long-term average of 0.57, suggesting their price drivers have been diverging.

Return for Risk

EOS vs. MENYX — Risk / Return Rank

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

EOS

EOS Risk / Return Rank: 5
EOS Sharpe Ratio Rank: 5
EOS Sortino Ratio Rank: 6
EOS Omega Ratio Rank: 5
EOS Calmar Ratio Rank: 4
EOS Martin Ratio Rank: 5

MENYX

MENYX Risk / Return Rank: 46
MENYX Sharpe Ratio Rank: 32
MENYX Sortino Ratio Rank: 33
MENYX Omega Ratio Rank: 32
MENYX Calmar Ratio Rank: 81
MENYX Martin Ratio Rank: 52

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.

EOS vs. MENYX - Risk-Adjusted Trends Comparison

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

	EOS	MENYX	Difference
Sharpe ratio: Return per unit of total volatility	0.42	1.65	-1.22
Sortino ratio: Return per unit of downside risk	0.72	2.38	-1.66
Omega ratio: Gain probability vs. loss probability	1.08	1.30	-0.22
Calmar ratio: Return relative to maximum drawdown	0.37	3.74	-3.37
Martin ratio: Return relative to average drawdown	1.21	10.57	-9.36
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

EOS vs. MENYX - Sharpe Ratio Comparison

The current EOS Sharpe Ratio is 0.42, which is lower than the MENYX Sharpe Ratio of 1.65. The chart below compares the historical Sharpe Ratios of EOS and MENYX, 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

	EOS	MENYX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.42	1.65	-1.22
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.45	0.55	-0.09
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.67	0.61	+0.06
Sharpe Ratio (All Time) Calculated using the full available price history	0.44	0.61	-0.17

Drawdowns

EOS vs. MENYX - Drawdown Comparison

The maximum EOS drawdown since its inception was -55.74%, which is greater than MENYX's maximum drawdown of -28.38%. Use the drawdown chart below to compare losses from any high point for EOS and MENYX.

Drawdown Indicators

	EOS	MENYX	Difference
Max Drawdown Largest peak-to-trough decline	-55.74%	-28.38%	-27.36%
Max Drawdown (1Y) Largest decline over 1 year	-17.12%	-4.07%	-13.05%
Max Drawdown (3Y) Largest decline over 3 years	-24.31%	-16.14%	-8.17%
Max Drawdown (5Y) Largest decline over 5 years	-34.32%	-16.14%	-18.18%
Max Drawdown (10Y) Largest decline over 10 years	-41.12%	-28.38%	-12.74%
Current Drawdown Current decline from peak	-1.64%	-2.24%	+0.60%
Average Drawdown Average peak-to-trough decline	-7.82%	-2.50%	-5.32%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.27%	1.44%	+3.83%

Volatility

EOS vs. MENYX - Volatility Comparison

Eaton Vance Enhanced Equity Income Fund II (EOS) has a higher volatility of 3.93% compared to Madison Covered Call & Equity Income Fund (MENYX) at 2.73%. This indicates that EOS's price experiences larger fluctuations and is considered to be riskier than MENYX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EOS	MENYX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.93%	2.73%	+1.20%
Volatility (6M) Calculated over the trailing 6-month period	11.87%	6.85%	+5.02%
Volatility (1Y) Calculated over the trailing 1-year period	15.06%	9.27%	+5.79%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.69%	11.43%	+8.26%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.71%	13.46%	+7.25%

EOS vs. MENYX - Expense Ratio Comparison

EOS has a 1.09% expense ratio, which is higher than MENYX's 1.01% expense ratio.

Dividends

EOS vs. MENYX - Dividend Comparison

EOS's dividend yield for the trailing twelve months is around 8.03%, less than MENYX's 8.17% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EOS Eaton Vance Enhanced Equity Income Fund II	8.03%	7.81%	7.17%	7.38%	9.69%	5.60%	5.01%	6.65%	7.16%	6.90%	8.20%	7.70%
MENYX Madison Covered Call & Equity Income Fund	8.17%	8.52%	7.83%	7.71%	6.98%	6.48%	6.34%	7.07%	9.82%	7.64%	6.74%	7.48%

Frequently Asked Questions

Can I hold both EOS and MENYX in my portfolio?

EOS and MENYX have a correlation of 0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EOS or MENYX?

EOS has higher volatility (3.93%) compared to MENYX (2.73%). In terms of maximum drawdown, EOS dropped -55.74% vs MENYX's -28.38%.

Which has better risk-adjusted returns?

MENYX currently has the higher Sharpe Ratio (1.65 vs 0.42), 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.