ETIIX vs. ETY

Last updated Aug 1, 2026

ETIIX (Parametric TABS Intermediate-Term Municipal Bond Fund) and ETY (Eaton Vance Tax Managed Diversified Equity Income Closed Fund) are both mutual funds - ETIIX is a Municipal Bonds fund managed by Eaton Vance, while ETY is a Derivative Income fund actively managed by Eaton Vance. Over the past 10 years, ETIIX returned 2.00%/yr vs 12.23%/yr for ETY. Their -0.02 correlation means they have often moved in opposite directions in the past. ETIIX charges 0.53%/yr vs 1.06%/yr for ETY.

Performance

ETIIX vs. ETY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Parametric TABS Intermediate-Term Municipal Bond Fund (ETIIX) and Eaton Vance Tax Managed Diversified Equity Income Closed Fund (ETY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ETIIX achieves a -0.20% return, which is significantly higher than ETY's -1.59% return. Over the past 10 years, ETIIX has underperformed ETY with an annualized return of 2.00%, while ETY has yielded a comparatively higher 12.23% annualized return.

ETIIX

• 1D: -0.25%
• 1M: -2.15%
• 6M: -0.98%
• YTD: -0.20%
• 1Y: 4.43%
• 3Y*: 3.41%
• 5Y*: 1.14%
• 10Y*: 2.00%
• ALL TIME*: 2.50%

ETY

• 1D: 1.27%
• 1M: -0.56%
• 6M: -1.83%
• YTD: -1.59%
• 1Y: 0.54%
• 3Y*: 13.80%
• 5Y*: 8.69%
• 10Y*: 12.23%
• ALL TIME*: 8.45%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
ETIIX Parametric TABS Intermediate-Term Municipal Bond Fund	$0.00	$0.00	$0.00
ETY Eaton Vance Tax Managed Diversified Equity Income Closed Fund	$3.58M	$3.53M	$3.55M

ETIIX vs. ETY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ETIIX Parametric TABS Intermediate-Term Municipal Bond Fund	-0.20%	6.11%	1.33%	6.52%	-6.62%	0.13%	6.29%	6.72%	0.31%	4.71%
ETY Eaton Vance Tax Managed Diversified Equity Income Closed Fund	-1.59%	11.02%	33.11%	21.83%	-21.21%	32.61%	7.27%	33.68%	-8.96%	28.72%

Correlation

The correlation between ETIIX and ETY is 0.17, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.17
Correlation (3Y) Balances recent behavior with more history.	0.13
Correlation (5Y) Shows whether the relationship held over a longer period.	0.13
Correlation (10Y) Provides a long-term view across more market conditions.	0.05
Correlation (All Time) Calculated using the full available price history since Aug 3, 2012	-0.02

The correlation between ETIIX and ETY shifts across timeframes, from -0.02 (all time) to 0.17 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

ETIIX vs. ETY — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

ETIIX

ETIIX Risk / Return Rank: 64
ETIIX Sharpe Ratio Rank: 80
ETIIX Sortino Ratio Rank: 80
ETIIX Omega Ratio Rank: 88
ETIIX Calmar Ratio Rank: 40
ETIIX Martin Ratio Rank: 34

ETY

ETY Risk / Return Rank: 4
ETY Sharpe Ratio Rank: 4
ETY Sortino Ratio Rank: 4
ETY Omega Ratio Rank: 4
ETY Calmar Ratio Rank: 4
ETY Martin Ratio Rank: 4

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

ETIIX vs. ETY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Parametric TABS Intermediate-Term Municipal Bond Fund (ETIIX) and Eaton Vance Tax Managed Diversified Equity Income Closed Fund (ETY). 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.

	ETIIX	ETY	Difference
Sharpe ratio: Return per unit of total volatility	1.92	-0.05	+1.97
Sortino ratio: Return per unit of downside risk	2.82	0.03	+2.79
Omega ratio: Gain probability vs. loss probability	1.45	1.00	+0.45
Calmar ratio: Return relative to maximum drawdown	1.72	-0.05	+1.76
Martin ratio: Return relative to average drawdown	5.13	-0.17	+5.29

ETIIX vs. ETY - Sharpe Ratio Comparison

The current ETIIX Sharpe Ratio is 1.92, which is higher than the ETY Sharpe Ratio of -0.05. The chart below compares the historical Sharpe Ratios of ETIIX and ETY, 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

ETIIX vs. ETY - Drawdown Comparison

The maximum ETIIX drawdown since its inception was -12.72%, smaller than the maximum ETY drawdown of -53.06%. Use the drawdown chart below to compare losses from any high point for ETIIX and ETY.

Drawdown Indicators

	ETIIX	ETY	Difference
Max Drawdown Largest peak-to-trough decline	-12.72%	-53.06%	+40.34%
Max Drawdown (1Y) Largest decline over 1 year	-3.09%	-14.40%	+11.31%
Max Drawdown (3Y) Largest decline over 3 years	-6.39%	-21.28%	+14.89%
Max Drawdown (5Y) Largest decline over 5 years	-12.72%	-24.06%	+11.34%
Max Drawdown (10Y) Largest decline over 10 years	-12.72%	-42.46%	+29.74%
Current Drawdown Current decline from peak	-2.47%	-3.76%	+1.29%
Average Drawdown Average peak-to-trough decline	-2.09%	-7.56%	+5.47%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.03%	4.12%	-3.09%

Volatility

ETIIX vs. ETY - Volatility Comparison

The current volatility for Parametric TABS Intermediate-Term Municipal Bond Fund (ETIIX) is 1.02%, while Eaton Vance Tax Managed Diversified Equity Income Closed Fund (ETY) has a volatility of 3.61%. This indicates that ETIIX experiences smaller price fluctuations and is considered to be less risky than ETY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ETIIX	ETY	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.02%	3.61%	-2.59%
Volatility (6M) Calculated over the trailing 6-month period	2.24%	11.33%	-9.09%
Volatility (1Y) Calculated over the trailing 1-year period	2.76%	13.82%	-11.06%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.19%	17.98%	-13.79%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.08%	19.91%	-15.83%

ETIIX vs. ETY - Expense Ratio Comparison

ETIIX has a 0.53% expense ratio, which is lower than ETY's 1.06% expense ratio.

Dividends

ETIIX vs. ETY - Dividend Comparison

ETIIX's dividend yield for the trailing twelve months is around 3.20%, less than ETY's 8.27% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ETIIX Parametric TABS Intermediate-Term Municipal Bond Fund	3.20%	4.26%	3.91%	2.41%	2.10%	1.68%	2.65%	2.69%	2.17%	2.06%	1.96%	1.86%
ETY Eaton Vance Tax Managed Diversified Equity Income Closed Fund	8.27%	7.76%	7.59%	7.92%	10.04%	7.01%	8.26%	8.08%	9.92%	8.30%	9.77%	9.03%

Frequently Asked Questions

Can I hold both ETIIX and ETY in my portfolio?

ETIIX and ETY have a correlation of 0.17, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ETIIX or ETY?

ETY has higher volatility (3.61%) compared to ETIIX (1.02%). In terms of maximum drawdown, ETIIX dropped -12.72% vs ETY's -53.06%.

Which has better risk-adjusted returns?

ETIIX currently has the higher Sharpe Ratio (1.92 vs -0.05), 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.