EOS vs. USA

Last updated Jun 4, 2026

EOS (Eaton Vance Enhanced Equity Income Fund II) is Derivative Income fund actively managed by Eaton Vance, while USA (Liberty All-Star Equity Fund) is a stock. Over the past 10 years, EOS returned 13.75%/yr vs 12.11%/yr for USA. A 0.64 correlation means they provide meaningful diversification when combined.

Performance

EOS vs. USA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Eaton Vance Enhanced Equity Income Fund II (EOS) and Liberty All-Star Equity Fund (USA). 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 higher than USA's -2.12% return. Over the past 10 years, EOS has outperformed USA with an annualized return of 13.75%, while USA has yielded a comparatively lower 12.11% 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%

USA

• 1D: -0.51%
• 1M: 1.22%
• YTD: -2.12%
• 6M: 0.11%
• 1Y: -2.70%
• 3Y*: 9.02%
• 5Y*: 1.77%
• 10Y*: 12.11%

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

EOS vs. USA - 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%
USA Liberty All-Star Equity Fund	-2.12%	0.09%	20.81%	23.17%	-25.20%	33.76%	12.89%	39.70%	-5.06%	34.66%

Correlation

The correlation between EOS and USA is 0.64, 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	0.64
Correlation (3Y) Calculated over the trailing 3-year period	0.64
Correlation (5Y) Calculated over the trailing 5-year period	0.68
Correlation (10Y) Calculated over the trailing 10-year period	0.66
Correlation (All Time) Calculated using the full available price history since Jan 28, 2005	0.64

The correlation between EOS and USA has been stable across timeframes, ranging from 0.64 to 0.68 - a consistent structural relationship.

Return for Risk

EOS vs. USA — 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

USA

USA Risk / Return Rank: 30
USA Sharpe Ratio Rank: 32
USA Sortino Ratio Rank: 26
USA Omega Ratio Rank: 26
USA Calmar Ratio Rank: 34
USA Martin Ratio Rank: 33

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. USA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Eaton Vance Enhanced Equity Income Fund II (EOS) and Liberty All-Star Equity Fund (USA). 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	USA	Difference
Sharpe ratio: Return per unit of total volatility	0.42	-0.20	+0.63
Sortino ratio: Return per unit of downside risk	0.72	-0.19	+0.91
Omega ratio: Gain probability vs. loss probability	1.08	0.98	+0.11
Calmar ratio: Return relative to maximum drawdown	0.37	-0.18	+0.55
Martin ratio: Return relative to average drawdown	1.21	-0.43	+1.64
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. USA - Sharpe Ratio Comparison

The current EOS Sharpe Ratio is 0.42, which is higher than the USA Sharpe Ratio of -0.20. The chart below compares the historical Sharpe Ratios of EOS and USA, 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	USA	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.42	-0.20	+0.63
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.45	0.09	+0.36
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.67	0.54	+0.13
Sharpe Ratio (All Time) Calculated using the full available price history	0.44	0.34	+0.10

Drawdowns

EOS vs. USA - Drawdown Comparison

The maximum EOS drawdown since its inception was -55.74%, smaller than the maximum USA drawdown of -69.15%. Use the drawdown chart below to compare losses from any high point for EOS and USA.

Drawdown Indicators

	EOS	USA	Difference
Max Drawdown Largest peak-to-trough decline	-55.74%	-69.15%	+13.41%
Max Drawdown (1Y) Largest decline over 1 year	-17.12%	-15.28%	-1.84%
Max Drawdown (3Y) Largest decline over 3 years	-24.31%	-17.69%	-6.62%
Max Drawdown (5Y) Largest decline over 5 years	-34.32%	-34.05%	-0.27%
Max Drawdown (10Y) Largest decline over 10 years	-41.12%	-47.07%	+5.95%
Current Drawdown Current decline from peak	-1.64%	-7.37%	+5.73%
Average Drawdown Average peak-to-trough decline	-7.82%	-11.52%	+3.70%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.27%	6.31%	-1.04%

Volatility

EOS vs. USA - Volatility Comparison

Eaton Vance Enhanced Equity Income Fund II (EOS) has a higher volatility of 3.93% compared to Liberty All-Star Equity Fund (USA) at 2.50%. This indicates that EOS's price experiences larger fluctuations and is considered to be riskier than USA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EOS	USA	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.93%	2.50%	+1.43%
Volatility (6M) Calculated over the trailing 6-month period	11.87%	10.16%	+1.71%
Volatility (1Y) Calculated over the trailing 1-year period	15.06%	13.45%	+1.61%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.69%	20.24%	-0.55%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.71%	22.55%	-1.84%

Dividends

EOS vs. USA - Dividend Comparison

EOS's dividend yield for the trailing twelve months is around 8.03%, less than USA's 11.68% 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%
USA Liberty All-Star Equity Fund	11.68%	10.67%	10.22%	9.56%	12.11%	9.67%	9.13%	9.75%	12.64%	8.89%	9.30%	9.53%

Frequently Asked Questions

Can I hold both EOS and USA in my portfolio?

EOS and USA have a correlation of 0.64, 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 USA?

EOS has higher volatility (3.93%) compared to USA (2.50%). In terms of maximum drawdown, EOS dropped -55.74% vs USA's -69.15%.

Which has better risk-adjusted returns?

EOS currently has the higher Sharpe Ratio (0.42 vs -0.20), 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.