ETB vs. PDI

Last updated Jul 15, 2026

ETB (Eaton Vance Tax-Managed Buy-Write Income Fund) is Options Trading fund managed by Eaton Vance, while PDI (PIMCO Dynamic Income Fund) is a stock. Over the past 10 years, ETB returned 8.51%/yr vs 7.27%/yr for PDI. At a 0.31 correlation, their price movements are largely independent.

Performance

ETB vs. PDI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Eaton Vance Tax-Managed Buy-Write Income Fund (ETB) and PIMCO Dynamic Income Fund (PDI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ETB achieves a 6.99% return, which is significantly higher than PDI's 0.21% return. Over the past 10 years, ETB has outperformed PDI with an annualized return of 8.51%, while PDI has yielded a comparatively lower 7.27% annualized return.

ETB

• 1D: 0.51%
• 1M: 3.27%
• 6M: 5.74%
• YTD: 6.99%
• 1Y: 17.17%
• 3Y*: 13.45%
• 5Y*: 7.62%
• 10Y*: 8.51%

PDI

• 1D: -0.98%
• 1M: 1.02%
• 6M: -3.03%
• YTD: 0.21%
• 1Y: -0.26%
• 3Y*: 9.49%
• 5Y*: 2.77%
• 10Y*: 7.27%

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

ETB vs. PDI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ETB Eaton Vance Tax-Managed Buy-Write Income Fund	6.99%	11.16%	26.22%	7.50%	-16.59%	23.68%	0.43%	32.40%	-12.75%	9.52%
PDI PIMCO Dynamic Income Fund	0.21%	11.03%	17.18%	11.99%	-16.99%	7.81%	-9.96%	22.23%	7.35%	18.59%

Correlation

The correlation between ETB and PDI is 0.34, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.34
Correlation (3Y) Calculated over the trailing 3-year period	0.31
Correlation (5Y) Calculated over the trailing 5-year period	0.35
Correlation (10Y) Calculated over the trailing 10-year period	0.33
Correlation (All Time) Calculated using the full available price history since May 25, 2012	0.31

Return for Risk

ETB vs. PDI — Risk / Return Rank

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

ETB

ETB Risk / Return Rank: 48
ETB Sharpe Ratio Rank: 46
ETB Sortino Ratio Rank: 48
ETB Omega Ratio Rank: 46
ETB Calmar Ratio Rank: 39
ETB Martin Ratio Rank: 63

PDI

PDI Risk / Return Rank: 41
PDI Sharpe Ratio Rank: 45
PDI Sortino Ratio Rank: 35
PDI Omega Ratio Rank: 35
PDI Calmar Ratio Rank: 44
PDI Martin Ratio Rank: 44

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.

ETB vs. PDI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Eaton Vance Tax-Managed Buy-Write Income Fund (ETB) and PIMCO Dynamic Income Fund (PDI). 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.

	ETB	PDI	Difference
Sharpe ratio: Return per unit of total volatility	1.50	-0.02	+1.52
Sortino ratio: Return per unit of downside risk	2.20	0.05	+2.15
Omega ratio: Gain probability vs. loss probability	1.28	1.01	+0.27
Calmar ratio: Return relative to maximum drawdown	1.88	-0.02	+1.91
Martin ratio: Return relative to average drawdown	9.45	-0.05	+9.50

ETB vs. PDI - Sharpe Ratio Comparison

The current ETB Sharpe Ratio is 1.50, which is higher than the PDI Sharpe Ratio of -0.02. The chart below compares the historical Sharpe Ratios of ETB and PDI, 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

ETB vs. PDI - Drawdown Comparison

The maximum ETB drawdown since its inception was -51.09%, which is greater than PDI's maximum drawdown of -46.47%. Use the drawdown chart below to compare losses from any high point for ETB and PDI.

Drawdown Indicators

	ETB	PDI	Difference
Max Drawdown Largest peak-to-trough decline	-51.09%	-46.47%	-4.62%
Max Drawdown (1Y) Largest decline over 1 year	-9.16%	-10.95%	+1.79%
Max Drawdown (3Y) Largest decline over 3 years	-20.09%	-17.55%	-2.54%
Max Drawdown (5Y) Largest decline over 5 years	-23.43%	-27.19%	+3.76%
Max Drawdown (10Y) Largest decline over 10 years	-45.08%	-46.47%	+1.39%
Current Drawdown Current decline from peak	0.00%	-7.63%	+7.63%
Average Drawdown Average peak-to-trough decline	-6.69%	-6.22%	-0.47%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.82%	5.47%	-3.65%

Volatility

ETB vs. PDI - Volatility Comparison

Eaton Vance Tax-Managed Buy-Write Income Fund (ETB) has a higher volatility of 3.37% compared to PIMCO Dynamic Income Fund (PDI) at 2.99%. This indicates that ETB's price experiences larger fluctuations and is considered to be riskier than PDI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ETB	PDI	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.37%	2.99%	+0.38%
Volatility (6M) Calculated over the trailing 6-month period	9.51%	8.51%	+1.00%
Volatility (1Y) Calculated over the trailing 1-year period	11.53%	11.57%	-0.04%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.30%	15.57%	+0.73%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.96%	19.05%	-1.09%

Dividends

ETB vs. PDI - Dividend Comparison

ETB's dividend yield for the trailing twelve months is around 8.10%, less than PDI's 16.29% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ETB Eaton Vance Tax-Managed Buy-Write Income Fund	8.10%	8.31%	8.21%	8.62%	9.63%	7.57%	8.64%	7.90%	9.64%	7.75%	7.85%	7.77%
PDI PIMCO Dynamic Income Fund	16.29%	14.94%	14.43%	14.74%	17.84%	10.21%	10.01%	9.45%	10.78%	8.81%	14.79%	18.70%

Frequently Asked Questions

Can I hold both ETB and PDI in my portfolio?

ETB and PDI have a correlation of 0.34, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ETB or PDI?

ETB has higher volatility (3.37%) compared to PDI (2.99%). In terms of maximum drawdown, ETB dropped -51.09% vs PDI's -46.47%.

Which has better risk-adjusted returns?

ETB currently has the higher Sharpe Ratio (1.50 vs -0.02), 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.