EPASX vs. EITEX

Last updated Jun 4, 2026

EPASX (EP Emerging Markets Small Companies Fund) and EITEX (Parametric Tax-Managed Emerging Markets Fund) are both Emerging Markets Diversified funds. Over the past 10 years, EPASX returned 6.07%/yr vs 7.71%/yr for EITEX. A 0.78 correlation means they provide meaningful diversification when combined. EPASX charges 1.75%/yr vs 0.96%/yr for EITEX.

Performance

EPASX vs. EITEX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in EP Emerging Markets Small Companies Fund (EPASX) and Parametric Tax-Managed Emerging Markets Fund (EITEX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EPASX achieves a 7.59% return, which is significantly lower than EITEX's 13.22% return. Over the past 10 years, EPASX has underperformed EITEX with an annualized return of 6.07%, while EITEX has yielded a comparatively higher 7.71% annualized return.

EPASX

• 1D: 0.48%
• 1M: 1.94%
• YTD: 7.59%
• 6M: 7.45%
• 1Y: 23.55%
• 3Y*: 10.98%
• 5Y*: 0.32%
• 10Y*: 6.07%

EITEX

• 1D: 0.79%
• 1M: 3.38%
• YTD: 13.22%
• 6M: 14.37%
• 1Y: 32.85%
• 3Y*: 17.44%
• 5Y*: 7.08%
• 10Y*: 7.71%

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

EPASX vs. EITEX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EPASX EP Emerging Markets Small Companies Fund	7.59%	25.43%	0.64%	7.15%	-28.73%	9.75%	27.20%	14.82%	-21.57%	34.40%
EITEX Parametric Tax-Managed Emerging Markets Fund	13.22%	28.58%	4.67%	10.69%	-12.11%	4.47%	4.51%	12.51%	-13.20%	27.10%

Correlation

The correlation between EPASX and EITEX is 0.87, 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	0.87
Correlation (3Y) Calculated over the trailing 3-year period	0.86
Correlation (5Y) Calculated over the trailing 5-year period	0.84
Correlation (10Y) Calculated over the trailing 10-year period	0.82
Correlation (All Time) Calculated using the full available price history since Dec 9, 2010	0.78

The correlation between EPASX and EITEX has been stable across timeframes, ranging from 0.78 to 0.87 - a consistent structural relationship.

Return for Risk

EPASX vs. EITEX — Risk / Return Rank

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

EPASX

EPASX Risk / Return Rank: 37
EPASX Sharpe Ratio Rank: 39
EPASX Sortino Ratio Rank: 36
EPASX Omega Ratio Rank: 40
EPASX Calmar Ratio Rank: 36
EPASX Martin Ratio Rank: 33

EITEX

EITEX Risk / Return Rank: 78
EITEX Sharpe Ratio Rank: 87
EITEX Sortino Ratio Rank: 81
EITEX Omega Ratio Rank: 84
EITEX Calmar Ratio Rank: 75
EITEX Martin Ratio Rank: 63

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.

EPASX vs. EITEX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for EP Emerging Markets Small Companies Fund (EPASX) and Parametric Tax-Managed Emerging Markets Fund (EITEX). 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.

	EPASX	EITEX	Difference
Sharpe ratio: Return per unit of total volatility	1.82	2.83	-1.02
Sortino ratio: Return per unit of downside risk	2.51	3.81	-1.31
Omega ratio: Gain probability vs. loss probability	1.34	1.57	-0.23
Calmar ratio: Return relative to maximum drawdown	2.28	3.38	-1.10
Martin ratio: Return relative to average drawdown	7.50	12.45	-4.95
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

EPASX vs. EITEX - Sharpe Ratio Comparison

The current EPASX Sharpe Ratio is 1.82, which is lower than the EITEX Sharpe Ratio of 2.83. The chart below compares the historical Sharpe Ratios of EPASX and EITEX, 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

	EPASX	EITEX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.82	2.83	-1.02
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.02	0.58	-0.56
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.40	0.56	-0.16
Sharpe Ratio (All Time) Calculated using the full available price history	0.31	0.54	-0.22

Drawdowns

EPASX vs. EITEX - Drawdown Comparison

The maximum EPASX drawdown since its inception was -41.54%, smaller than the maximum EITEX drawdown of -61.70%. Use the drawdown chart below to compare losses from any high point for EPASX and EITEX.

Drawdown Indicators

	EPASX	EITEX	Difference
Max Drawdown Largest peak-to-trough decline	-41.54%	-61.70%	+20.16%
Max Drawdown (1Y) Largest decline over 1 year	-10.32%	-9.88%	-0.44%
Max Drawdown (3Y) Largest decline over 3 years	-17.18%	-11.86%	-5.32%
Max Drawdown (5Y) Largest decline over 5 years	-40.01%	-25.99%	-14.02%
Max Drawdown (10Y) Largest decline over 10 years	-41.54%	-43.10%	+1.56%
Current Drawdown Current decline from peak	-3.25%	0.00%	-3.25%
Average Drawdown Average peak-to-trough decline	-15.65%	-13.93%	-1.72%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.13%	2.68%	+0.45%

Volatility

EPASX vs. EITEX - Volatility Comparison

EP Emerging Markets Small Companies Fund (EPASX) has a higher volatility of 4.47% compared to Parametric Tax-Managed Emerging Markets Fund (EITEX) at 4.25%. This indicates that EPASX's price experiences larger fluctuations and is considered to be riskier than EITEX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EPASX	EITEX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.47%	4.25%	+0.22%
Volatility (6M) Calculated over the trailing 6-month period	10.66%	10.03%	+0.63%
Volatility (1Y) Calculated over the trailing 1-year period	12.97%	11.80%	+1.17%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.61%	12.26%	+2.35%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.20%	13.75%	+1.45%

EPASX vs. EITEX - Expense Ratio Comparison

EPASX has a 1.75% expense ratio, which is higher than EITEX's 0.96% expense ratio.

Dividends

EPASX vs. EITEX - Dividend Comparison

EPASX's dividend yield for the trailing twelve months is around 1.81%, less than EITEX's 4.22% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EITEX Parametric Tax-Managed Emerging Markets Fund	4.22%	4.77%	4.58%	5.85%	10.39%	9.72%	1.79%	2.63%	2.26%	1.80%	1.67%	2.11%
EPASX EP Emerging Markets Small Companies Fund	1.81%	1.95%	2.00%	1.20%	0.50%	21.67%	0.54%	0.27%	11.18%	4.20%	1.50%	1.30%

Frequently Asked Questions

Can I hold both EPASX and EITEX in my portfolio?

EPASX and EITEX have a correlation of 0.87, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EPASX or EITEX?

EPASX has higher volatility (4.47%) compared to EITEX (4.25%). In terms of maximum drawdown, EPASX dropped -41.54% vs EITEX's -61.70%.

Which has better risk-adjusted returns?

EITEX currently has the higher Sharpe Ratio (2.83 vs 1.82), 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.