ETO vs. DIVI

Last updated Jun 24, 2026

ETO (Eaton Vance Tax-Advantaged Global Dividend Opportunities Fund) and DIVI (Franklin International Core Dividend Tilt Index ETF) are both funds - ETO is a Global Equities fund tracking the MSCI World Index, while DIVI is a Foreign Large Cap Equities fund tracking the Morningstar Developed Markets ex-North America Dividend Enhanced Select Index. Both are passively managed. Over the past 10 years, ETO returned 12.52%/yr vs 11.73%/yr for DIVI. A 0.62 correlation means they provide meaningful diversification when combined. ETO charges 2.56%/yr vs 0.09%/yr for DIVI.

Performance

ETO vs. DIVI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Eaton Vance Tax-Advantaged Global Dividend Opportunities Fund (ETO) and Franklin International Core Dividend Tilt Index ETF (DIVI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ETO achieves a 2.38% return, which is significantly lower than DIVI's 10.71% return. Over the past 10 years, ETO has outperformed DIVI with an annualized return of 12.52%, while DIVI has yielded a comparatively lower 11.73% annualized return.

ETO

• 1D: -1.80%
• 1M: 0.17%
• YTD: 2.38%
• 6M: 5.69%
• 1Y: 24.06%
• 3Y*: 18.74%
• 5Y*: 8.61%
• 10Y*: 12.52%

DIVI

• 1D: -2.01%
• 1M: -0.05%
• YTD: 10.71%
• 6M: 10.37%
• 1Y: 26.90%
• 3Y*: 18.25%
• 5Y*: 13.30%
• 10Y*: 11.73%

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

ETO vs. DIVI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ETO Eaton Vance Tax-Advantaged Global Dividend Opportunities Fund	2.38%	29.96%	15.55%	21.54%	-29.96%	37.18%	6.25%	50.98%	-19.19%	33.57%
DIVI Franklin International Core Dividend Tilt Index ETF	10.71%	34.86%	1.77%	18.97%	-1.21%	16.95%	1.29%	22.98%	-6.73%	13.65%

Correlation

The correlation between ETO and DIVI is 0.66, 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	0.66
Correlation (3Y) Calculated over the trailing 3-year period	0.68
Correlation (5Y) Calculated over the trailing 5-year period	0.71
Correlation (10Y) Calculated over the trailing 10-year period	0.62
Correlation (All Time) Calculated using the full available price history since Jun 3, 2016	0.62

The correlation between ETO and DIVI has been stable across timeframes, ranging from 0.62 to 0.71 - a consistent structural relationship.

Return for Risk

ETO vs. DIVI — Risk / Return Rank

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

ETO

ETO Risk / Return Rank: 31
ETO Sharpe Ratio Rank: 34
ETO Sortino Ratio Rank: 32
ETO Omega Ratio Rank: 33
ETO Calmar Ratio Rank: 22
ETO Martin Ratio Rank: 33

DIVI

DIVI Risk / Return Rank: 54
DIVI Sharpe Ratio Rank: 54
DIVI Sortino Ratio Rank: 53
DIVI Omega Ratio Rank: 52
DIVI Calmar Ratio Rank: 54
DIVI Martin Ratio Rank: 58

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.

ETO vs. DIVI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Eaton Vance Tax-Advantaged Global Dividend Opportunities Fund (ETO) and Franklin International Core Dividend Tilt Index ETF (DIVI). 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.

	ETO	DIVI	Difference
Sharpe ratio: Return per unit of total volatility	1.57	1.76	-0.20
Sortino ratio: Return per unit of downside risk	2.17	2.46	-0.29
Omega ratio: Gain probability vs. loss probability	1.28	1.31	-0.03
Calmar ratio: Return relative to maximum drawdown	1.58	2.56	-0.98
Martin ratio: Return relative to average drawdown	7.03	9.86	-2.83

ETO vs. DIVI - Sharpe Ratio Comparison

The current ETO Sharpe Ratio is 1.57, which is comparable to the DIVI Sharpe Ratio of 1.76. The chart below compares the historical Sharpe Ratios of ETO and DIVI, 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

ETO vs. DIVI - Drawdown Comparison

The maximum ETO drawdown since its inception was -72.02%, which is greater than DIVI's maximum drawdown of -27.76%. Use the drawdown chart below to compare losses from any high point for ETO and DIVI.

Drawdown Indicators

	ETO	DIVI	Difference
Max Drawdown Largest peak-to-trough decline	-72.02%	-27.76%	-44.26%
Max Drawdown (1Y) Largest decline over 1 year	-15.27%	-10.54%	-4.73%
Max Drawdown (3Y) Largest decline over 3 years	-18.24%	-14.58%	-3.66%
Max Drawdown (5Y) Largest decline over 5 years	-35.44%	-18.53%	-16.91%
Max Drawdown (10Y) Largest decline over 10 years	-52.03%	-27.76%	-24.27%
Current Drawdown Current decline from peak	-2.86%	-2.01%	-0.85%
Average Drawdown Average peak-to-trough decline	-12.71%	-3.62%	-9.09%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.43%	2.73%	+0.70%

Volatility

ETO vs. DIVI - Volatility Comparison

Eaton Vance Tax-Advantaged Global Dividend Opportunities Fund (ETO) and Franklin International Core Dividend Tilt Index ETF (DIVI) have volatilities of 5.11% and 5.19%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ETO	DIVI	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.11%	5.19%	-0.08%
Volatility (6M) Calculated over the trailing 6-month period	13.02%	12.95%	+0.07%
Volatility (1Y) Calculated over the trailing 1-year period	15.44%	15.34%	+0.10%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.13%	15.43%	+4.70%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.74%	16.36%	+6.38%

ETO vs. DIVI - Expense Ratio Comparison

ETO has a 2.56% expense ratio, which is higher than DIVI's 0.09% expense ratio.

Dividends

ETO vs. DIVI - Dividend Comparison

ETO's dividend yield for the trailing twelve months is around 6.93%, more than DIVI's 2.05% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DIVI Franklin International Core Dividend Tilt Index ETF	2.05%	3.76%	4.39%	3.17%	6.03%	2.77%	8.04%	1.61%	5.67%	5.22%	11.56%	0.00%
ETO Eaton Vance Tax-Advantaged Global Dividend Opportunities Fund	6.93%	6.85%	7.81%	6.97%	9.87%	5.82%	7.36%	8.32%	11.51%	8.50%	9.51%	9.29%

Frequently Asked Questions

Can I hold both ETO and DIVI in my portfolio?

ETO and DIVI have a correlation of 0.66, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ETO or DIVI?

DIVI has higher volatility (5.19%) compared to ETO (5.11%). In terms of maximum drawdown, ETO dropped -72.02% vs DIVI's -27.76%.

Which has better risk-adjusted returns?

DIVI currently has the higher Sharpe Ratio (1.76 vs 1.57), 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.