ETY vs. EIPCX

Last updated Jun 4, 2026

ETY (Eaton Vance Tax Managed Diversified Equity Income Closed Fund) and EIPCX (Parametric Commodity Strategy Fund Class I) are both mutual funds - ETY is a Large Cap Growth Equities fund actively managed by Eaton Vance, while EIPCX is a Commodities fund managed by Eaton Vance. Over the past 10 years, ETY returned 12.47%/yr vs 11.11%/yr for EIPCX. At a 0.24 correlation, their price movements are largely independent. ETY charges 1.06%/yr vs 0.66%/yr for EIPCX.

Performance

ETY vs. EIPCX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Eaton Vance Tax Managed Diversified Equity Income Closed Fund (ETY) and Parametric Commodity Strategy Fund Class I (EIPCX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ETY achieves a -0.63% return, which is significantly lower than EIPCX's 22.47% return. Over the past 10 years, ETY has outperformed EIPCX with an annualized return of 12.47%, while EIPCX has yielded a comparatively lower 11.11% annualized return.

ETY

• 1D: -0.47%
• 1M: -0.48%
• YTD: -0.63%
• 6M: -2.04%
• 1Y: 6.12%
• 3Y*: 16.76%
• 5Y*: 9.79%
• 10Y*: 12.47%

EIPCX

• 1D: 0.50%
• 1M: -0.98%
• YTD: 22.47%
• 6M: 24.66%
• 1Y: 41.92%
• 3Y*: 18.72%
• 5Y*: 14.88%
• 10Y*: 11.11%

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

ETY vs. EIPCX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ETY Eaton Vance Tax Managed Diversified Equity Income Closed Fund	-0.63%	11.02%	33.11%	21.83%	-21.21%	32.61%	7.27%	33.68%	-8.96%	28.72%
EIPCX Parametric Commodity Strategy Fund Class I	22.47%	22.27%	9.97%	-4.70%	17.76%	30.13%	7.83%	9.58%	-9.45%	7.07%

Correlation

The correlation between ETY and EIPCX is 0.04, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.04
Correlation (3Y) Calculated over the trailing 3-year period	0.13
Correlation (5Y) Calculated over the trailing 5-year period	0.18
Correlation (10Y) Calculated over the trailing 10-year period	0.22
Correlation (All Time) Calculated using the full available price history since May 27, 2011	0.24

The correlation between ETY and EIPCX shifts across timeframes, from 0.04 (1 year) to 0.24 (all time), reflecting how their relationship changes across market environments.

Return for Risk

ETY vs. EIPCX — Risk / Return Rank

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

ETY

ETY Risk / Return Rank: 6
ETY Sharpe Ratio Rank: 6
ETY Sortino Ratio Rank: 6
ETY Omega Ratio Rank: 6
ETY Calmar Ratio Rank: 5
ETY Martin Ratio Rank: 6

EIPCX

EIPCX Risk / Return Rank: 89
EIPCX Sharpe Ratio Rank: 92
EIPCX Sortino Ratio Rank: 83
EIPCX Omega Ratio Rank: 83
EIPCX Calmar Ratio Rank: 95
EIPCX Martin Ratio Rank: 94

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.

ETY vs. EIPCX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Eaton Vance Tax Managed Diversified Equity Income Closed Fund (ETY) and Parametric Commodity Strategy Fund Class I (EIPCX). 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.

	ETY	EIPCX	Difference
Sharpe ratio: Return per unit of total volatility	0.47	3.10	-2.63
Sortino ratio: Return per unit of downside risk	0.79	3.92	-3.14
Omega ratio: Gain probability vs. loss probability	1.09	1.55	-0.46
Calmar ratio: Return relative to maximum drawdown	0.43	5.89	-5.47
Martin ratio: Return relative to average drawdown	1.64	21.06	-19.41
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ETY vs. EIPCX - Sharpe Ratio Comparison

The current ETY Sharpe Ratio is 0.47, which is lower than the EIPCX Sharpe Ratio of 3.10. The chart below compares the historical Sharpe Ratios of ETY and EIPCX, 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

	ETY	EIPCX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.47	3.10	-2.63
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.55	1.02	-0.47
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.63	0.84	-0.21
Sharpe Ratio (All Time) Calculated using the full available price history	0.40	0.26	+0.14

Drawdowns

ETY vs. EIPCX - Drawdown Comparison

The maximum ETY drawdown since its inception was -53.06%, roughly equal to the maximum EIPCX drawdown of -54.05%. Use the drawdown chart below to compare losses from any high point for ETY and EIPCX.

Drawdown Indicators

	ETY	EIPCX	Difference
Max Drawdown Largest peak-to-trough decline	-53.06%	-54.05%	+0.99%
Max Drawdown (1Y) Largest decline over 1 year	-14.40%	-7.26%	-7.14%
Max Drawdown (3Y) Largest decline over 3 years	-21.28%	-10.46%	-10.82%
Max Drawdown (5Y) Largest decline over 5 years	-24.06%	-18.00%	-6.06%
Max Drawdown (10Y) Largest decline over 10 years	-42.46%	-28.53%	-13.93%
Current Drawdown Current decline from peak	-2.82%	-3.91%	+1.09%
Average Drawdown Average peak-to-trough decline	-7.59%	-24.24%	+16.65%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.73%	2.03%	+1.70%

Volatility

ETY vs. EIPCX - Volatility Comparison

The current volatility for Eaton Vance Tax Managed Diversified Equity Income Closed Fund (ETY) is 3.20%, while Parametric Commodity Strategy Fund Class I (EIPCX) has a volatility of 4.23%. This indicates that ETY experiences smaller price fluctuations and is considered to be less risky than EIPCX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ETY	EIPCX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.20%	4.23%	-1.03%
Volatility (6M) Calculated over the trailing 6-month period	10.52%	11.63%	-1.11%
Volatility (1Y) Calculated over the trailing 1-year period	12.99%	13.87%	-0.88%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.88%	14.64%	+3.24%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.88%	13.27%	+6.61%

ETY vs. EIPCX - Expense Ratio Comparison

ETY has a 1.06% expense ratio, which is higher than EIPCX's 0.66% expense ratio.

Dividends

ETY vs. EIPCX - Dividend Comparison

ETY's dividend yield for the trailing twelve months is around 8.08%, less than EIPCX's 10.88% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EIPCX Parametric Commodity Strategy Fund Class I	10.88%	13.33%	5.65%	3.69%	14.93%	13.83%	3.10%	1.54%	0.87%	5.14%	6.59%	0.00%
ETY Eaton Vance Tax Managed Diversified Equity Income Closed Fund	8.08%	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 ETY and EIPCX in my portfolio?

ETY and EIPCX have a correlation of 0.04, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ETY or EIPCX?

EIPCX has higher volatility (4.23%) compared to ETY (3.20%). In terms of maximum drawdown, ETY dropped -53.06% vs EIPCX's -54.05%.

Which has better risk-adjusted returns?

EIPCX currently has the higher Sharpe Ratio (3.10 vs 0.47), 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.