ERBIX vs. EXG

Last updated Jun 4, 2026

ERBIX (Eaton Vance Richard Bernstein Equity Strategy Fund) and EXG (Eaton Vance Tax-Managed Global Diversified Equity Income Fund) are both mutual funds - ERBIX is a Global Equities fund managed by Eaton Vance, while EXG is a Dividend fund actively managed by Eaton Vance. Over the past 10 years, ERBIX returned 12.41%/yr vs 10.39%/yr for EXG. A 0.73 correlation means they provide meaningful diversification when combined. ERBIX charges 0.93%/yr vs 1.07%/yr for EXG.

Performance

ERBIX vs. EXG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Eaton Vance Richard Bernstein Equity Strategy Fund (ERBIX) and Eaton Vance Tax-Managed Global Diversified Equity Income Fund (EXG). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ERBIX achieves a 11.51% return, which is significantly higher than EXG's 2.69% return. Over the past 10 years, ERBIX has outperformed EXG with an annualized return of 12.41%, while EXG has yielded a comparatively lower 10.39% annualized return.

ERBIX

• 1D: 0.30%
• 1M: 5.19%
• YTD: 11.51%
• 6M: 12.84%
• 1Y: 27.20%
• 3Y*: 17.16%
• 5Y*: 8.94%
• 10Y*: 12.41%

EXG

• 1D: -1.25%
• 1M: 1.88%
• YTD: 2.69%
• 6M: 7.01%
• 1Y: 19.37%
• 3Y*: 16.30%
• 5Y*: 7.69%
• 10Y*: 10.39%

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

ERBIX vs. EXG - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ERBIX Eaton Vance Richard Bernstein Equity Strategy Fund	11.51%	18.35%	15.00%	14.63%	-14.75%	17.75%	16.49%	36.69%	-11.86%	20.94%
EXG Eaton Vance Tax-Managed Global Diversified Equity Income Fund	2.69%	27.79%	16.04%	11.46%	-22.24%	31.53%	10.19%	28.71%	-12.09%	29.58%

Correlation

The correlation between ERBIX and EXG is 0.76, 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	0.76
Correlation (3Y) Calculated over the trailing 3-year period	0.78
Correlation (5Y) Calculated over the trailing 5-year period	0.78
Correlation (10Y) Calculated over the trailing 10-year period	0.73
Correlation (All Time) Calculated using the full available price history since Aug 6, 2012	0.73

The correlation between ERBIX and EXG has been stable across timeframes, ranging from 0.73 to 0.78 - a consistent structural relationship.

Return for Risk

ERBIX vs. EXG — Risk / Return Rank

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

ERBIX

ERBIX Risk / Return Rank: 52
ERBIX Sharpe Ratio Rank: 53
ERBIX Sortino Ratio Rank: 49
ERBIX Omega Ratio Rank: 51
ERBIX Calmar Ratio Rank: 47
ERBIX Martin Ratio Rank: 60

EXG

EXG Risk / Return Rank: 23
EXG Sharpe Ratio Rank: 25
EXG Sortino Ratio Rank: 25
EXG Omega Ratio Rank: 25
EXG Calmar Ratio Rank: 15
EXG Martin Ratio Rank: 25

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.

ERBIX vs. EXG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Eaton Vance Richard Bernstein Equity Strategy Fund (ERBIX) and Eaton Vance Tax-Managed Global Diversified Equity Income Fund (EXG). 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.

	ERBIX	EXG	Difference
Sharpe ratio: Return per unit of total volatility	2.15	1.42	+0.72
Sortino ratio: Return per unit of downside risk	2.97	2.08	+0.89
Omega ratio: Gain probability vs. loss probability	1.39	1.26	+0.13
Calmar ratio: Return relative to maximum drawdown	2.63	1.36	+1.27
Martin ratio: Return relative to average drawdown	11.87	6.21	+5.66
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ERBIX vs. EXG - Sharpe Ratio Comparison

The current ERBIX Sharpe Ratio is 2.15, which is higher than the EXG Sharpe Ratio of 1.42. The chart below compares the historical Sharpe Ratios of ERBIX and EXG, 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

	ERBIX	EXG	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.15	1.42	+0.72
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.60	0.44	+0.16
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.76	0.52	+0.24
Sharpe Ratio (All Time) Calculated using the full available price history	0.75	0.31	+0.44

Drawdowns

ERBIX vs. EXG - Drawdown Comparison

The maximum ERBIX drawdown since its inception was -29.18%, smaller than the maximum EXG drawdown of -58.45%. Use the drawdown chart below to compare losses from any high point for ERBIX and EXG.

Drawdown Indicators

	ERBIX	EXG	Difference
Max Drawdown Largest peak-to-trough decline	-29.18%	-58.45%	+29.27%
Max Drawdown (1Y) Largest decline over 1 year	-10.42%	-14.28%	+3.86%
Max Drawdown (3Y) Largest decline over 3 years	-16.49%	-15.12%	-1.37%
Max Drawdown (5Y) Largest decline over 5 years	-24.32%	-27.82%	+3.50%
Max Drawdown (10Y) Largest decline over 10 years	-29.18%	-45.36%	+16.18%
Current Drawdown Current decline from peak	0.00%	-1.25%	+1.25%
Average Drawdown Average peak-to-trough decline	-4.49%	-9.62%	+5.13%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.30%	3.12%	-0.82%

Volatility

ERBIX vs. EXG - Volatility Comparison

The current volatility for Eaton Vance Richard Bernstein Equity Strategy Fund (ERBIX) is 3.71%, while Eaton Vance Tax-Managed Global Diversified Equity Income Fund (EXG) has a volatility of 4.35%. This indicates that ERBIX experiences smaller price fluctuations and is considered to be less risky than EXG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ERBIX	EXG	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.71%	4.35%	-0.64%
Volatility (6M) Calculated over the trailing 6-month period	10.33%	10.97%	-0.64%
Volatility (1Y) Calculated over the trailing 1-year period	12.77%	13.68%	-0.91%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.96%	17.50%	-2.54%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.40%	19.99%	-3.59%

ERBIX vs. EXG - Expense Ratio Comparison

ERBIX has a 0.93% expense ratio, which is lower than EXG's 1.07% expense ratio.

Dividends

ERBIX vs. EXG - Dividend Comparison

ERBIX's dividend yield for the trailing twelve months is around 16.27%, more than EXG's 8.34% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ERBIX Eaton Vance Richard Bernstein Equity Strategy Fund	16.27%	18.14%	4.12%	8.82%	5.97%	13.08%	2.63%	16.82%	5.93%	5.78%	3.59%	2.32%
EXG Eaton Vance Tax-Managed Global Diversified Equity Income Fund	8.34%	8.27%	9.27%	8.60%	10.59%	7.27%	8.43%	8.42%	12.23%	9.84%	12.16%	11.02%

Frequently Asked Questions

Can I hold both ERBIX and EXG in my portfolio?

ERBIX and EXG have a correlation of 0.76, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ERBIX or EXG?

EXG has higher volatility (4.35%) compared to ERBIX (3.71%). In terms of maximum drawdown, ERBIX dropped -29.18% vs EXG's -58.45%.

Which has better risk-adjusted returns?

ERBIX currently has the higher Sharpe Ratio (2.15 vs 1.42), 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.