ETN vs. SHMDX

Last updated Jun 9, 2026

ETN (Eaton Corporation plc) is a stock, while SHMDX (Virtus Stone Harbor Emerging Mkts Debt) is Emerging Markets Bonds fund managed by Stone Harbor. Over the past 10 years, ETN returned 23.50%/yr vs 4.25%/yr for SHMDX. At a 0.24 correlation, their price movements are largely independent.

Performance

ETN vs. SHMDX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Eaton Corporation plc (ETN) and Virtus Stone Harbor Emerging Mkts Debt (SHMDX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ETN achieves a 27.32% return, which is significantly higher than SHMDX's 3.54% return. Over the past 10 years, ETN has outperformed SHMDX with an annualized return of 23.50%, while SHMDX has yielded a comparatively lower 4.25% annualized return.

ETN

• 1D: 1.82%
• 1M: 0.41%
• YTD: 27.32%
• 6M: 18.09%
• 1Y: 23.03%
• 3Y*: 30.80%
• 5Y*: 24.42%
• 10Y*: 23.50%

SHMDX

• 1D: -0.37%
• 1M: -0.14%
• YTD: 3.54%
• 6M: 4.49%
• 1Y: 15.15%
• 3Y*: 13.27%
• 5Y*: 3.33%
• 10Y*: 4.25%

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

ETN vs. SHMDX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ETN Eaton Corporation plc	27.32%	-2.79%	39.51%	56.22%	-7.18%	46.70%	29.88%	42.76%	-10.04%	21.54%
SHMDX Virtus Stone Harbor Emerging Mkts Debt	3.54%	15.13%	8.90%	14.81%	-19.74%	-2.52%	7.06%	15.20%	-7.86%	11.58%

Correlation

The correlation between ETN and SHMDX is 0.25, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.25
Correlation (3Y) Calculated over the trailing 3-year period	0.20
Correlation (5Y) Calculated over the trailing 5-year period	0.23
Correlation (10Y) Calculated over the trailing 10-year period	0.20
Correlation (All Time) Calculated using the full available price history since Jan 2, 2008	0.24

Return for Risk

ETN vs. SHMDX — Risk / Return Rank

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

ETN

ETN Risk / Return Rank: 63
ETN Sharpe Ratio Rank: 66
ETN Sortino Ratio Rank: 58
ETN Omega Ratio Rank: 58
ETN Calmar Ratio Rank: 66
ETN Martin Ratio Rank: 65

SHMDX

SHMDX Risk / Return Rank: 92
SHMDX Sharpe Ratio Rank: 97
SHMDX Sortino Ratio Rank: 97
SHMDX Omega Ratio Rank: 95
SHMDX Calmar Ratio Rank: 83
SHMDX Martin Ratio Rank: 88

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.

ETN vs. SHMDX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Eaton Corporation plc (ETN) and Virtus Stone Harbor Emerging Mkts Debt (SHMDX). 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.

	ETN	SHMDX	Difference
Sharpe ratio: Return per unit of total volatility	0.71	3.29	-2.58
Sortino ratio: Return per unit of downside risk	1.14	5.42	-4.27
Omega ratio: Gain probability vs. loss probability	1.14	1.73	-0.59
Calmar ratio: Return relative to maximum drawdown	1.21	3.51	-2.30
Martin ratio: Return relative to average drawdown	2.63	15.58	-12.94
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ETN vs. SHMDX - Sharpe Ratio Comparison

The current ETN Sharpe Ratio is 0.71, which is lower than the SHMDX Sharpe Ratio of 3.29. The chart below compares the historical Sharpe Ratios of ETN and SHMDX, 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

	ETN	SHMDX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.71	3.29	-2.58
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.82	0.48	+0.34
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.79	0.56	+0.23
Sharpe Ratio (All Time) Calculated using the full available price history	0.42	0.53	-0.11

Drawdowns

ETN vs. SHMDX - Drawdown Comparison

The maximum ETN drawdown since its inception was -68.95%, which is greater than SHMDX's maximum drawdown of -35.83%. Use the drawdown chart below to compare losses from any high point for ETN and SHMDX.

Drawdown Indicators

	ETN	SHMDX	Difference
Max Drawdown Largest peak-to-trough decline	-68.95%	-35.83%	-33.12%
Max Drawdown (1Y) Largest decline over 1 year	-19.14%	-4.33%	-14.81%
Max Drawdown (3Y) Largest decline over 3 years	-34.46%	-6.23%	-28.23%
Max Drawdown (5Y) Largest decline over 5 years	-34.46%	-31.98%	-2.48%
Max Drawdown (10Y) Largest decline over 10 years	-44.55%	-31.98%	-12.57%
Current Drawdown Current decline from peak	-6.64%	-0.50%	-6.14%
Average Drawdown Average peak-to-trough decline	-14.90%	-5.94%	-8.96%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.78%	0.97%	+7.81%

Volatility

ETN vs. SHMDX - Volatility Comparison

Eaton Corporation plc (ETN) has a higher volatility of 12.39% compared to Virtus Stone Harbor Emerging Mkts Debt (SHMDX) at 1.41%. This indicates that ETN's price experiences larger fluctuations and is considered to be riskier than SHMDX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ETN	SHMDX	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.39%	1.41%	+10.98%
Volatility (6M) Calculated over the trailing 6-month period	25.71%	3.86%	+21.85%
Volatility (1Y) Calculated over the trailing 1-year period	32.58%	4.63%	+27.95%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	30.03%	6.94%	+23.09%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	30.01%	7.60%	+22.41%

Dividends

ETN vs. SHMDX - Dividend Comparison

ETN's dividend yield for the trailing twelve months is around 1.06%, less than SHMDX's 6.18% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ETN Eaton Corporation plc	1.06%	1.31%	1.13%	1.43%	2.06%	1.76%	1.88%	3.00%	3.85%	3.04%	3.40%	4.23%
SHMDX Virtus Stone Harbor Emerging Mkts Debt	6.18%	6.21%	6.73%	8.10%	10.70%	4.78%	5.24%	5.51%	6.80%	6.12%	6.72%	6.65%

Frequently Asked Questions

Can I hold both ETN and SHMDX in my portfolio?

ETN and SHMDX have a correlation of 0.25, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ETN or SHMDX?

ETN has higher volatility (12.39%) compared to SHMDX (1.41%). In terms of maximum drawdown, ETN dropped -68.95% vs SHMDX's -35.83%.

Which has better risk-adjusted returns?

SHMDX currently has the higher Sharpe Ratio (3.29 vs 0.71), 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.