EVT vs. DHY

Last updated Jun 4, 2026

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 11.18%/yr vs 6.31%/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

The chart below illustrates the hypothetical performance of a $10,000 investment in Eaton Vance Tax-Advantaged Dividend Income Fund (EVT) and Dimensional High Yield Equity Fund (DHY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EVT achieves a 10.58% return, which is significantly higher than DHY's -8.33% return. Over the past 10 years, EVT has outperformed DHY with an annualized return of 11.18%, while DHY has yielded a comparatively lower 6.31% annualized return.

EVT

• 1D: 0.15%
• 1M: 3.03%
• YTD: 10.58%
• 6M: 14.55%
• 1Y: 25.02%
• 3Y*: 16.16%
• 5Y*: 7.34%
• 10Y*: 11.18%

DHY

• 1D: 0.00%
• 1M: 0.00%
• YTD: -8.33%
• 6M: -9.88%
• 1Y: -6.23%
• 3Y*: 6.71%
• 5Y*: 1.94%
• 10Y*: 6.31%

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

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	10.58%	13.79%	17.34%	5.78%	-17.33%	33.94%	1.72%	44.71%	-11.92%	21.80%
DHY Dimensional High Yield Equity Fund	-8.33%	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 0.28, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.28
Correlation (3Y) Calculated over the trailing 3-year period	0.29
Correlation (5Y) Calculated over the trailing 5-year period	0.37
Correlation (10Y) Calculated over the trailing 10-year period	0.35
Correlation (All Time) Calculated using the full available price history since Sep 29, 2003	0.33

Return for Risk

EVT vs. DHY — Risk / Return Rank

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

EVT

EVT Risk / Return Rank: 52
EVT Sharpe Ratio Rank: 52
EVT Sortino Ratio Rank: 49
EVT Omega Ratio Rank: 49
EVT Calmar Ratio Rank: 51
EVT Martin Ratio Rank: 58

DHY

DHY Risk / Return Rank: 1
DHY Sharpe Ratio Rank: 1
DHY Sortino Ratio Rank: 1
DHY Omega Ratio Rank: 1
DHY Calmar Ratio Rank: 1
DHY Martin Ratio Rank: 1

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.

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.

	EVT	DHY	Difference
Sharpe ratio: Return per unit of total volatility	2.12	-0.52	+2.64
Sortino ratio: Return per unit of downside risk	2.95	-0.66	+3.61
Omega ratio: Gain probability vs. loss probability	1.38	0.92	+0.46
Calmar ratio: Return relative to maximum drawdown	2.72	-0.49	+3.21
Martin ratio: Return relative to average drawdown	11.60	-1.19	+12.79
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

EVT vs. DHY - Sharpe Ratio Comparison

The current EVT Sharpe Ratio is 2.12, which is higher than the DHY Sharpe Ratio of -0.52. The chart below compares the historical Sharpe Ratios of EVT and DHY, 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

	EVT	DHY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.12	-0.52	+2.64
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.43	0.13	+0.30
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.54	0.35	+0.19
Sharpe Ratio (All Time) Calculated using the full available price history	0.42	0.17	+0.25

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.

Drawdown Indicators

	EVT	DHY	Difference
Max Drawdown Largest peak-to-trough decline	-74.01%	-71.47%	-2.54%
Max Drawdown (1Y) Largest decline over 1 year	-9.22%	-12.80%	+3.58%
Max Drawdown (3Y) Largest decline over 3 years	-19.09%	-12.80%	-6.29%
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 Drawdown Current decline from peak	-0.55%	-11.52%	+10.97%
Average Drawdown Average peak-to-trough decline	-11.13%	-12.36%	+1.23%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.16%	5.23%	-3.07%

Volatility

EVT vs. DHY - Volatility Comparison

Eaton Vance Tax-Advantaged Dividend Income Fund (EVT) has a higher volatility of 3.64% compared to Dimensional High Yield Equity Fund (DHY) at 3.39%. 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.

Volatility by Period

	EVT	DHY	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.64%	3.39%	+0.25%
Volatility (6M) Calculated over the trailing 6-month period	9.19%	10.00%	-0.81%
Volatility (1Y) Calculated over the trailing 1-year period	11.83%	12.17%	-0.34%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.09%	15.37%	+1.72%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.59%	17.99%	+2.60%

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 7.32%, less than DHY's 10.57% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DHY Dimensional High Yield Equity Fund	10.57%	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	7.32%	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

Can I hold both EVT and DHY in my portfolio?

EVT and DHY have a correlation of 0.28, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EVT or DHY?

EVT has higher volatility (3.64%) compared to DHY (3.39%). In terms of maximum drawdown, EVT dropped -74.01% vs DHY's -71.47%.

Which has better risk-adjusted returns?

EVT currently has the higher Sharpe Ratio (2.12 vs -0.52), 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.