EVT vs. DHY
EVT (Eaton Vance Tax-Advantaged Dividend Income Fund) and DHY (Dimensional High Yield Equity Fund) are both Dividend funds. Over the past 10 years, EVT returned 11.76%/yr vs 6.19%/yr for DHY. At a 0.33 correlation, their price movements are largely independent. EVT charges 0.01%/yr vs 0.04%/yr for DHY.
Performance
EVT vs. DHY - Performance Comparison
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Returns By Period
In the year-to-date period, EVT achieves a 12.17% return, which is significantly higher than DHY's -8.56% return. Over the past 10 years, EVT has outperformed DHY with an annualized return of 11.76%, while DHY has yielded a comparatively lower 6.19% annualized return.
EVT
- 1D
- 2.14%
- 1M
- 1.33%
- YTD
- 12.17%
- 6M
- 13.25%
- 1Y
- 24.65%
- 3Y*
- 16.63%
- 5Y*
- 7.92%
- 10Y*
- 11.76%
DHY
- 1D
- 0.00%
- 1M
- -0.82%
- YTD
- -8.56%
- 6M
- -8.56%
- 1Y
- -8.92%
- 3Y*
- 5.97%
- 5Y*
- 1.92%
- 10Y*
- 6.19%
EVT vs. DHY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
EVT Eaton Vance Tax-Advantaged Dividend Income Fund | 12.17% | 13.79% | 17.34% | 5.78% | -17.33% | 33.94% | 1.72% | 44.71% | -11.92% | 21.80% |
DHY Dimensional High Yield Equity Fund | -8.56% | 2.19% | 18.18% | 24.13% | -21.75% | 16.99% | 0.10% | 26.18% | -16.10% | 17.06% |
Correlation
The correlation between EVT and DHY is 0.27, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.27 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.28 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.37 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.34 |
Correlation (All Time) Calculated using the full available price history since Sep 26, 2003 | 0.33 |
The correlation between EVT and DHY shifts across timeframes, from 0.27 (1 year) to 0.37 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
EVT vs. DHY — Risk / Return Rank
EVT
DHY
EVT vs. DHY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Eaton Vance Tax-Advantaged Dividend Income Fund (EVT) and Dimensional High Yield Equity Fund (DHY). 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.
| EVT | DHY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.73 | ||
| Sortino ratioReturn per unit of downside risk | +3.74 | ||
| Omega ratioGain probability vs. loss probability | 1.36 | 0.88 | +0.48 |
| Calmar ratioReturn relative to maximum drawdown | 2.68 | -0.69 | +3.37 |
| Martin ratioReturn relative to average drawdown | 11.21 | -1.49 | +12.70 |
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Drawdowns
EVT vs. DHY - Drawdown Comparison
The maximum EVT drawdown since its inception was -74.01%, roughly equal to the maximum DHY drawdown of -71.47%. Use the drawdown chart below to compare losses from any high point for EVT and DHY.
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Drawdown Indicators
| EVT | DHY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -74.01% | -71.47% | -2.54% |
Max Drawdown (1Y)Largest decline over 1 year | -9.22% | -13.03% | +3.81% |
Max Drawdown (3Y)Largest decline over 3 years | -19.09% | -13.03% | -6.06% |
Max Drawdown (5Y)Largest decline over 5 years | -28.23% | -27.23% | -1.00% |
Max Drawdown (10Y)Largest decline over 10 years | -52.03% | -41.36% | -10.67% |
Current DrawdownCurrent decline from peak | 0.00% | -11.75% | +11.75% |
Average DrawdownAverage peak-to-trough decline | -11.11% | -12.35% | +1.24% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.20% | 6.00% | -3.80% |
Volatility
EVT vs. DHY - Volatility Comparison
Eaton Vance Tax-Advantaged Dividend Income Fund (EVT) has a higher volatility of 4.79% compared to Dimensional High Yield Equity Fund (DHY) at 2.13%. This indicates that EVT's price experiences larger fluctuations and is considered to be riskier than DHY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| EVT | DHY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.79% | 2.13% | +2.66% |
Volatility (6M)Calculated over the trailing 6-month period | 10.02% | 9.88% | +0.14% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.45% | 12.16% | +0.29% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.15% | 15.36% | +1.79% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.63% | 17.94% | +2.69% |
EVT vs. DHY - Expense Ratio Comparison
EVT has a 0.01% expense ratio, which is lower than DHY's 0.04% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
EVT vs. DHY - Dividend Comparison
EVT's dividend yield for the trailing twelve months is around 7.26%, less than DHY's 10.69% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
DHY Dimensional High Yield Equity Fund | 10.69% | 9.30% | 8.69% | 9.39% | 10.57% | 7.61% | 8.68% | 9.02% | 11.20% | 9.40% | 10.52% | 12.63% |
EVT Eaton Vance Tax-Advantaged Dividend Income Fund | 7.26% | 7.84% | 8.02% | 8.03% | 8.44% | 5.65% | 7.97% | 6.82% | 9.16% | 6.85% | 8.47% | 7.49% |
Frequently Asked Questions
EVT and DHY have a correlation of 0.27, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
EVT has higher volatility (4.79%) compared to DHY (2.13%). In terms of maximum drawdown, EVT dropped -74.01% vs DHY's -71.47%.
EVT currently has the higher Sharpe Ratio (1.99 vs -0.74), 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.
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