ETJ vs. EHSTX

Last updated Jun 25, 2026

ETJ (Eaton Vance Risk-Managed Diversified Equity Income Fund) and EHSTX (Eaton Vance Large-Cap Value Fund) are both mutual funds - ETJ is a Global Equity Income fund managed by Eaton Vance, while EHSTX is a Large Cap Value Equities fund managed by Eaton Vance. Over the past 10 years, ETJ returned 8.20%/yr vs 11.28%/yr for EHSTX. A 0.55 correlation means they provide meaningful diversification when combined. ETJ charges 0.01%/yr vs 1.01%/yr for EHSTX.

Performance

ETJ vs. EHSTX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Eaton Vance Risk-Managed Diversified Equity Income Fund (ETJ) and Eaton Vance Large-Cap Value Fund (EHSTX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ETJ achieves a -3.51% return, which is significantly lower than EHSTX's 12.56% return. Over the past 10 years, ETJ has underperformed EHSTX with an annualized return of 8.20%, while EHSTX has yielded a comparatively higher 11.28% annualized return.

ETJ

• 1D: -1.09%
• 1M: -2.69%
• YTD: -3.51%
• 6M: -3.40%
• 1Y: 0.60%
• 3Y*: 9.15%
• 5Y*: 2.22%
• 10Y*: 8.20%

EHSTX

• 1D: -1.02%
• 1M: 0.85%
• YTD: 12.56%
• 6M: 11.39%
• 1Y: 21.53%
• 3Y*: 15.06%
• 5Y*: 9.54%
• 10Y*: 11.28%

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

ETJ vs. EHSTX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ETJ Eaton Vance Risk-Managed Diversified Equity Income Fund	-3.51%	3.49%	29.55%	14.15%	-22.74%	11.92%	22.31%	26.78%	-7.03%	18.93%
EHSTX Eaton Vance Large-Cap Value Fund	12.56%	12.11%	11.25%	7.93%	-2.80%	24.25%	2.29%	30.84%	-6.96%	14.79%

Correlation

The correlation between ETJ and EHSTX is 0.48, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.48
Correlation (3Y) Calculated over the trailing 3-year period	0.49
Correlation (5Y) Calculated over the trailing 5-year period	0.56
Correlation (10Y) Calculated over the trailing 10-year period	0.55
Correlation (All Time) Calculated using the full available price history since Jul 27, 2007	0.55

The correlation between ETJ and EHSTX has been stable across timeframes, ranging from 0.48 to 0.56 - a consistent structural relationship.

Return for Risk

ETJ vs. EHSTX — Risk / Return Rank

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

ETJ

ETJ Risk / Return Rank: 4
ETJ Sharpe Ratio Rank: 4
ETJ Sortino Ratio Rank: 3
ETJ Omega Ratio Rank: 3
ETJ Calmar Ratio Rank: 4
ETJ Martin Ratio Rank: 4

EHSTX

EHSTX Risk / Return Rank: 54
EHSTX Sharpe Ratio Rank: 53
EHSTX Sortino Ratio Rank: 52
EHSTX Omega Ratio Rank: 48
EHSTX Calmar Ratio Rank: 57
EHSTX Martin Ratio Rank: 59

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.

ETJ vs. EHSTX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Eaton Vance Risk-Managed Diversified Equity Income Fund (ETJ) and Eaton Vance Large-Cap Value Fund (EHSTX). 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.

	ETJ	EHSTX	Difference
Sharpe ratio: Return per unit of total volatility	0.05	1.95	-1.90
Sortino ratio: Return per unit of downside risk	0.16	2.73	-2.58
Omega ratio: Gain probability vs. loss probability	1.02	1.34	-0.33
Calmar ratio: Return relative to maximum drawdown	0.06	2.73	-2.68
Martin ratio: Return relative to average drawdown	0.22	10.97	-10.76

ETJ vs. EHSTX - Sharpe Ratio Comparison

The current ETJ Sharpe Ratio is 0.05, which is lower than the EHSTX Sharpe Ratio of 1.95. The chart below compares the historical Sharpe Ratios of ETJ and EHSTX, 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

ETJ vs. EHSTX - Drawdown Comparison

The maximum ETJ drawdown since its inception was -32.81%, smaller than the maximum EHSTX drawdown of -53.47%. Use the drawdown chart below to compare losses from any high point for ETJ and EHSTX.

Drawdown Indicators

	ETJ	EHSTX	Difference
Max Drawdown Largest peak-to-trough decline	-32.81%	-53.47%	+20.66%
Max Drawdown (1Y) Largest decline over 1 year	-10.40%	-8.29%	-2.11%
Max Drawdown (3Y) Largest decline over 3 years	-15.44%	-16.44%	+1.00%
Max Drawdown (5Y) Largest decline over 5 years	-28.55%	-16.44%	-12.11%
Max Drawdown (10Y) Largest decline over 10 years	-32.81%	-39.30%	+6.49%
Current Drawdown Current decline from peak	-5.39%	-1.22%	-4.17%
Average Drawdown Average peak-to-trough decline	-7.50%	-7.40%	-0.10%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.75%	2.06%	+0.69%

Volatility

ETJ vs. EHSTX - Volatility Comparison

The current volatility for Eaton Vance Risk-Managed Diversified Equity Income Fund (ETJ) is 2.97%, while Eaton Vance Large-Cap Value Fund (EHSTX) has a volatility of 4.28%. This indicates that ETJ experiences smaller price fluctuations and is considered to be less risky than EHSTX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ETJ	EHSTX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.97%	4.28%	-1.31%
Volatility (6M) Calculated over the trailing 6-month period	8.99%	8.89%	+0.10%
Volatility (1Y) Calculated over the trailing 1-year period	11.31%	11.62%	-0.31%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.60%	14.78%	+0.82%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.97%	17.27%	+0.70%

ETJ vs. EHSTX - Expense Ratio Comparison

ETJ has a 0.01% expense ratio, which is lower than EHSTX's 1.01% expense ratio.

Dividends

ETJ vs. EHSTX - Dividend Comparison

ETJ's dividend yield for the trailing twelve months is around 9.61%, more than EHSTX's 5.38% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EHSTX Eaton Vance Large-Cap Value Fund	5.38%	6.12%	4.03%	2.93%	4.25%	7.32%	1.94%	2.76%	10.94%	5.88%	1.33%	11.02%
ETJ Eaton Vance Risk-Managed Diversified Equity Income Fund	9.61%	8.86%	8.16%	8.86%	11.68%	8.53%	8.79%	9.77%	11.23%	9.82%	12.46%	10.98%

Frequently Asked Questions

Can I hold both ETJ and EHSTX in my portfolio?

ETJ and EHSTX have a correlation of 0.48, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ETJ or EHSTX?

EHSTX has higher volatility (4.28%) compared to ETJ (2.97%). In terms of maximum drawdown, ETJ dropped -32.81% vs EHSTX's -53.47%.

Which has better risk-adjusted returns?

EHSTX currently has the higher Sharpe Ratio (1.95 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.