EVFAX vs. DFLYX

Last updated Jun 4, 2026

EVFAX (Eaton Vance Floating-Rate Advantage Fund Class Advisers) and DFLYX (BNY Mellon Floating Rate Income Fund) are both Bank Loan funds. Over the past 10 years, EVFAX returned 4.74%/yr vs 4.95%/yr for DFLYX. A 0.56 correlation means they provide meaningful diversification when combined. EVFAX charges 0.94%/yr vs 0.73%/yr for DFLYX.

Performance

EVFAX vs. DFLYX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Eaton Vance Floating-Rate Advantage Fund Class Advisers (EVFAX) and BNY Mellon Floating Rate Income Fund (DFLYX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EVFAX achieves a 0.58% return, which is significantly lower than DFLYX's 1.81% return. Both investments have delivered pretty close results over the past 10 years, with EVFAX having a 4.74% annualized return and DFLYX not far ahead at 4.95%.

EVFAX

• 1D: 0.00%
• 1M: 0.56%
• YTD: 0.58%
• 6M: 0.73%
• 1Y: 3.45%
• 3Y*: 7.01%
• 5Y*: 4.62%
• 10Y*: 4.74%

DFLYX

• 1D: 0.00%
• 1M: 0.69%
• YTD: 1.81%
• 6M: 1.81%
• 1Y: 4.95%
• 3Y*: 8.48%
• 5Y*: 5.99%
• 10Y*: 4.95%

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

EVFAX vs. DFLYX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EVFAX Eaton Vance Floating-Rate Advantage Fund Class Advisers	0.58%	4.27%	8.64%	11.66%	-3.22%	4.52%	1.76%	8.65%	0.14%	4.80%
DFLYX BNY Mellon Floating Rate Income Fund	1.81%	4.84%	9.77%	13.29%	-1.15%	4.84%	2.66%	7.15%	-0.58%	3.48%

Correlation

The correlation between EVFAX and DFLYX is 0.50, 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	0.50
Correlation (3Y) Calculated over the trailing 3-year period	0.48
Correlation (5Y) Calculated over the trailing 5-year period	0.59
Correlation (10Y) Calculated over the trailing 10-year period	0.57
Correlation (All Time) Calculated using the full available price history since Jan 3, 2014	0.56

The correlation between EVFAX and DFLYX shifts across timeframes, from 0.48 (3 years) to 0.59 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

EVFAX vs. DFLYX — Risk / Return Rank

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

EVFAX

EVFAX Risk / Return Rank: 32
EVFAX Sharpe Ratio Rank: 23
EVFAX Sortino Ratio Rank: 47
EVFAX Omega Ratio Rank: 55
EVFAX Calmar Ratio Rank: 17
EVFAX Martin Ratio Rank: 16

DFLYX

DFLYX Risk / Return Rank: 81
DFLYX Sharpe Ratio Rank: 98
DFLYX Sortino Ratio Rank: 98
DFLYX Omega Ratio Rank: 97
DFLYX Calmar Ratio Rank: 59
DFLYX Martin Ratio Rank: 55

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.

EVFAX vs. DFLYX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Eaton Vance Floating-Rate Advantage Fund Class Advisers (EVFAX) and BNY Mellon Floating Rate Income Fund (DFLYX). 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.

	EVFAX	DFLYX	Difference
Sharpe ratio: Return per unit of total volatility	1.38	3.79	-2.41
Sortino ratio: Return per unit of downside risk	2.90	6.30	-3.40
Omega ratio: Gain probability vs. loss probability	1.41	2.03	-0.62
Calmar ratio: Return relative to maximum drawdown	1.49	2.96	-1.47
Martin ratio: Return relative to average drawdown	4.44	11.15	-6.70
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

EVFAX vs. DFLYX - Sharpe Ratio Comparison

The current EVFAX Sharpe Ratio is 1.38, which is lower than the DFLYX Sharpe Ratio of 3.79. The chart below compares the historical Sharpe Ratios of EVFAX and DFLYX, 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

	EVFAX	DFLYX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.38	3.79	-2.41
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.53	3.13	-1.59
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	1.08	1.63	-0.55
Sharpe Ratio (All Time) Calculated using the full available price history	1.14	1.53	-0.39

Drawdowns

EVFAX vs. DFLYX - Drawdown Comparison

The maximum EVFAX drawdown since its inception was -40.28%, which is greater than DFLYX's maximum drawdown of -18.83%. Use the drawdown chart below to compare losses from any high point for EVFAX and DFLYX.

Drawdown Indicators

	EVFAX	DFLYX	Difference
Max Drawdown Largest peak-to-trough decline	-40.28%	-18.83%	-21.45%
Max Drawdown (1Y) Largest decline over 1 year	-2.33%	-1.71%	-0.62%
Max Drawdown (3Y) Largest decline over 3 years	-3.45%	-2.49%	-0.96%
Max Drawdown (5Y) Largest decline over 5 years	-7.75%	-6.28%	-1.47%
Max Drawdown (10Y) Largest decline over 10 years	-24.24%	-18.83%	-5.41%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-2.30%	-0.79%	-1.51%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.78%	0.45%	+0.33%

Volatility

EVFAX vs. DFLYX - Volatility Comparison

Eaton Vance Floating-Rate Advantage Fund Class Advisers (EVFAX) has a higher volatility of 0.62% compared to BNY Mellon Floating Rate Income Fund (DFLYX) at 0.31%. This indicates that EVFAX's price experiences larger fluctuations and is considered to be riskier than DFLYX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EVFAX	DFLYX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.62%	0.31%	+0.31%
Volatility (6M) Calculated over the trailing 6-month period	1.92%	1.14%	+0.78%
Volatility (1Y) Calculated over the trailing 1-year period	2.51%	1.34%	+1.17%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.03%	1.93%	+1.10%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.42%	3.05%	+1.37%

EVFAX vs. DFLYX - Expense Ratio Comparison

EVFAX has a 0.94% expense ratio, which is higher than DFLYX's 0.73% expense ratio.

Dividends

EVFAX vs. DFLYX - Dividend Comparison

EVFAX's dividend yield for the trailing twelve months is around 7.36%, less than DFLYX's 7.82% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DFLYX BNY Mellon Floating Rate Income Fund	7.82%	7.50%	8.78%	8.78%	5.49%	4.22%	4.66%	5.54%	5.19%	3.77%	4.14%	4.65%
EVFAX Eaton Vance Floating-Rate Advantage Fund Class Advisers	7.36%	7.84%	8.66%	6.84%	5.66%	3.18%	4.29%	5.34%	4.86%	4.22%	4.78%	5.03%

Frequently Asked Questions

Can I hold both EVFAX and DFLYX in my portfolio?

EVFAX and DFLYX have a correlation of 0.50, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EVFAX or DFLYX?

EVFAX has higher volatility (0.62%) compared to DFLYX (0.31%). In terms of maximum drawdown, EVFAX dropped -40.28% vs DFLYX's -18.83%.

Which has better risk-adjusted returns?

DFLYX currently has the higher Sharpe Ratio (3.79 vs 1.38), 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.