HMXIX vs. EIVPX

Last updated Jul 14, 2026

HMXIX (AlphaCentric Premium Opportunity Fund) and EIVPX (Parametric Volatility Risk Premium - Defensive Fund) are both Options Trading funds. Over the past 5 years, HMXIX returned 6.15%/yr vs 9.78%/yr for EIVPX. Their correlation of 0.85 suggests significant overlap in exposure. HMXIX charges 1.99%/yr vs 0.47%/yr for EIVPX.

Performance

HMXIX vs. EIVPX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in AlphaCentric Premium Opportunity Fund (HMXIX) and Parametric Volatility Risk Premium - Defensive Fund (EIVPX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HMXIX achieves a 9.49% return, which is significantly higher than EIVPX's 6.81% return.

HMXIX

• 1D: 0.66%
• 1M: 2.13%
• 6M: 7.91%
• YTD: 9.49%
• 1Y: 18.09%
• 3Y*: 10.56%
• 5Y*: 6.15%
• 10Y*: 7.76%

EIVPX

• 1D: 0.22%
• 1M: 1.36%
• 6M: 5.61%
• YTD: 6.81%
• 1Y: 15.57%
• 3Y*: 13.56%
• 5Y*: 9.78%
• 10Y*: —

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

HMXIX vs. EIVPX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
HMXIX AlphaCentric Premium Opportunity Fund	9.49%	8.73%	8.86%	13.36%	-10.62%	7.82%	27.93%	16.54%	-5.61%	1.82%
EIVPX Parametric Volatility Risk Premium - Defensive Fund	6.81%	12.90%	16.45%	16.83%	-8.64%	17.96%	4.74%	15.46%	-2.80%	8.71%

Correlation

The correlation between HMXIX and EIVPX is 0.90, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.90
Correlation (3Y) Calculated over the trailing 3-year period	0.92
Correlation (5Y) Calculated over the trailing 5-year period	0.93
Correlation (All Time) Calculated using the full available price history since Feb 15, 2017	0.85

The correlation between HMXIX and EIVPX has been stable across timeframes, ranging from 0.85 to 0.93 - a consistent structural relationship.

Return for Risk

HMXIX vs. EIVPX — Risk / Return Rank

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

HMXIX

HMXIX Risk / Return Rank: 39
HMXIX Sharpe Ratio Rank: 39
HMXIX Sortino Ratio Rank: 34
HMXIX Omega Ratio Rank: 38
HMXIX Calmar Ratio Rank: 46
HMXIX Martin Ratio Rank: 41

EIVPX

EIVPX Risk / Return Rank: 89
EIVPX Sharpe Ratio Rank: 85
EIVPX Sortino Ratio Rank: 82
EIVPX Omega Ratio Rank: 86
EIVPX Calmar Ratio Rank: 93
EIVPX Martin Ratio Rank: 96

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.

HMXIX vs. EIVPX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for AlphaCentric Premium Opportunity Fund (HMXIX) and Parametric Volatility Risk Premium - Defensive Fund (EIVPX). 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.

	HMXIX	EIVPX	Difference
Sharpe ratio: Return per unit of total volatility	1.38	2.25	-0.88
Sortino ratio: Return per unit of downside risk	1.85	3.10	-1.25
Omega ratio: Gain probability vs. loss probability	1.25	1.46	-0.22
Calmar ratio: Return relative to maximum drawdown	2.08	4.08	-2.00
Martin ratio: Return relative to average drawdown	6.88	19.83	-12.95

HMXIX vs. EIVPX - Sharpe Ratio Comparison

The current HMXIX Sharpe Ratio is 1.38, which is lower than the EIVPX Sharpe Ratio of 2.25. The chart below compares the historical Sharpe Ratios of HMXIX and EIVPX, 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

HMXIX vs. EIVPX - Drawdown Comparison

The maximum HMXIX drawdown since its inception was -15.80%, smaller than the maximum EIVPX drawdown of -26.67%. Use the drawdown chart below to compare losses from any high point for HMXIX and EIVPX.

Drawdown Indicators

	HMXIX	EIVPX	Difference
Max Drawdown Largest peak-to-trough decline	-15.80%	-26.67%	+10.87%
Max Drawdown (1Y) Largest decline over 1 year	-8.69%	-3.81%	-4.88%
Max Drawdown (3Y) Largest decline over 3 years	-15.80%	-12.77%	-3.03%
Max Drawdown (5Y) Largest decline over 5 years	-15.80%	-14.07%	-1.73%
Max Drawdown (10Y) Largest decline over 10 years	-15.80%	—	—
Current Drawdown Current decline from peak	-0.71%	0.00%	-0.71%
Average Drawdown Average peak-to-trough decline	-3.45%	-2.44%	-1.01%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.62%	0.78%	+1.84%

Volatility

HMXIX vs. EIVPX - Volatility Comparison

AlphaCentric Premium Opportunity Fund (HMXIX) has a higher volatility of 4.32% compared to Parametric Volatility Risk Premium - Defensive Fund (EIVPX) at 2.59%. This indicates that HMXIX's price experiences larger fluctuations and is considered to be riskier than EIVPX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HMXIX	EIVPX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.32%	2.59%	+1.73%
Volatility (6M) Calculated over the trailing 6-month period	9.91%	5.42%	+4.49%
Volatility (1Y) Calculated over the trailing 1-year period	13.15%	6.91%	+6.24%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.82%	9.85%	+0.97%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.69%	11.78%	-1.09%

HMXIX vs. EIVPX - Expense Ratio Comparison

HMXIX has a 1.99% expense ratio, which is higher than EIVPX's 0.47% expense ratio.

Dividends

HMXIX vs. EIVPX - Dividend Comparison

HMXIX's dividend yield for the trailing twelve months is around 5.60%, more than EIVPX's 3.76% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
EIVPX Parametric Volatility Risk Premium - Defensive Fund	3.76%	4.01%	2.67%	5.09%	7.95%	1.22%	0.75%	1.23%	1.24%	0.53%	0.00%
HMXIX AlphaCentric Premium Opportunity Fund	5.60%	6.13%	2.17%	0.00%	0.00%	4.78%	2.26%	0.00%	0.00%	0.47%	0.16%

Frequently Asked Questions

Can I hold both HMXIX and EIVPX in my portfolio?

With a correlation of 0.90, HMXIX and EIVPX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, HMXIX or EIVPX?

HMXIX has higher volatility (4.32%) compared to EIVPX (2.59%). In terms of maximum drawdown, HMXIX dropped -15.80% vs EIVPX's -26.67%.

Which has better risk-adjusted returns?

EIVPX currently has the higher Sharpe Ratio (2.25 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.