HMXIX vs. ETB

Last updated Jun 4, 2026

HMXIX (AlphaCentric Premium Opportunity Fund) and ETB (Eaton Vance Tax-Managed Buy-Write Income Fund) are both Options Trading funds. Over the past 10 years, HMXIX returned 7.82%/yr vs 8.48%/yr for ETB. At a 0.42 correlation, their price movements are largely independent. HMXIX charges 1.99%/yr vs 0.01%/yr for ETB.

Performance

HMXIX vs. ETB - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in AlphaCentric Premium Opportunity Fund (HMXIX) and Eaton Vance Tax-Managed Buy-Write Income Fund (ETB). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HMXIX achieves a 10.28% return, which is significantly higher than ETB's 5.02% return. Over the past 10 years, HMXIX has underperformed ETB with an annualized return of 7.82%, while ETB has yielded a comparatively higher 8.48% annualized return.

HMXIX

• 1D: 0.34%
• 1M: 6.95%
• YTD: 10.28%
• 6M: 9.27%
• 1Y: 25.24%
• 3Y*: 11.37%
• 5Y*: 6.61%
• 10Y*: 7.82%

ETB

• 1D: -0.26%
• 1M: 2.14%
• YTD: 5.02%
• 6M: 5.90%
• 1Y: 20.36%
• 3Y*: 15.44%
• 5Y*: 7.65%
• 10Y*: 8.48%

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

HMXIX vs. ETB - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
HMXIX AlphaCentric Premium Opportunity Fund	10.28%	8.73%	8.86%	13.36%	-10.62%	7.82%	27.93%	16.54%	-5.61%	2.71%
ETB Eaton Vance Tax-Managed Buy-Write Income Fund	5.02%	11.16%	26.22%	7.50%	-16.59%	23.68%	0.43%	32.40%	-12.75%	9.52%

Correlation

The correlation between HMXIX and ETB is 0.68, 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	0.68
Correlation (3Y) Calculated over the trailing 3-year period	0.69
Correlation (5Y) Calculated over the trailing 5-year period	0.67
Correlation (10Y) Calculated over the trailing 10-year period	0.54
Correlation (All Time) Calculated using the full available price history since Sep 4, 2012	0.42

Over the past year, HMXIX and ETB have become more correlated (0.68) than their long-term average of 0.42, meaning their price movements have been converging.

Return for Risk

HMXIX vs. ETB — Risk / Return Rank

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

HMXIX

HMXIX Risk / Return Rank: 51
HMXIX Sharpe Ratio Rank: 52
HMXIX Sortino Ratio Rank: 44
HMXIX Omega Ratio Rank: 50
HMXIX Calmar Ratio Rank: 59
HMXIX Martin Ratio Rank: 51

ETB

ETB Risk / Return Rank: 43
ETB Sharpe Ratio Rank: 39
ETB Sortino Ratio Rank: 39
ETB Omega Ratio Rank: 40
ETB Calmar Ratio Rank: 36
ETB Martin Ratio Rank: 59

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. ETB - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for AlphaCentric Premium Opportunity Fund (HMXIX) and Eaton Vance Tax-Managed Buy-Write Income Fund (ETB). 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.

	HMXIX	ETB	Difference
Sharpe ratio: Return per unit of total volatility	2.13	1.84	+0.29
Sortino ratio: Return per unit of downside risk	2.81	2.64	+0.17
Omega ratio: Gain probability vs. loss probability	1.39	1.34	+0.05
Calmar ratio: Return relative to maximum drawdown	2.96	2.23	+0.73
Martin ratio: Return relative to average drawdown	10.42	11.72	-1.30
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HMXIX vs. ETB - Sharpe Ratio Comparison

The current HMXIX Sharpe Ratio is 2.13, which is comparable to the ETB Sharpe Ratio of 1.84. The chart below compares the historical Sharpe Ratios of HMXIX and ETB, 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

	HMXIX	ETB	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.13	1.84	+0.29
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.63	0.47	+0.16
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.77	0.47	+0.29
Sharpe Ratio (All Time) Calculated using the full available price history	1.07	0.41	+0.66

Drawdowns

HMXIX vs. ETB - Drawdown Comparison

The maximum HMXIX drawdown since its inception was -15.80%, smaller than the maximum ETB drawdown of -51.09%. Use the drawdown chart below to compare losses from any high point for HMXIX and ETB.

Drawdown Indicators

	HMXIX	ETB	Difference
Max Drawdown Largest peak-to-trough decline	-15.80%	-51.09%	+35.29%
Max Drawdown (1Y) Largest decline over 1 year	-8.69%	-9.16%	+0.47%
Max Drawdown (3Y) Largest decline over 3 years	-15.80%	-20.09%	+4.29%
Max Drawdown (5Y) Largest decline over 5 years	-15.80%	-23.43%	+7.63%
Max Drawdown (10Y) Largest decline over 10 years	-15.80%	-45.08%	+29.28%
Current Drawdown Current decline from peak	0.00%	-0.71%	+0.71%
Average Drawdown Average peak-to-trough decline	-3.46%	-6.72%	+3.26%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.46%	1.74%	+0.72%

Volatility

HMXIX vs. ETB - Volatility Comparison

AlphaCentric Premium Opportunity Fund (HMXIX) and Eaton Vance Tax-Managed Buy-Write Income Fund (ETB) have volatilities of 2.88% and 2.75%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HMXIX	ETB	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.88%	2.75%	+0.13%
Volatility (6M) Calculated over the trailing 6-month period	8.66%	9.05%	-0.39%
Volatility (1Y) Calculated over the trailing 1-year period	12.08%	11.14%	+0.94%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.53%	16.26%	-5.73%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.59%	18.02%	-7.43%

HMXIX vs. ETB - Expense Ratio Comparison

HMXIX has a 1.99% expense ratio, which is higher than ETB's 0.01% expense ratio.

Dividends

HMXIX vs. ETB - Dividend Comparison

HMXIX's dividend yield for the trailing twelve months is around 5.56%, less than ETB's 8.20% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ETB Eaton Vance Tax-Managed Buy-Write Income Fund	8.20%	8.31%	8.21%	8.62%	9.63%	7.57%	8.64%	7.90%	9.64%	7.75%	7.85%	7.77%
HMXIX AlphaCentric Premium Opportunity Fund	5.56%	6.13%	2.17%	0.00%	0.00%	4.78%	2.26%	0.00%	0.00%	0.47%	0.16%	0.00%

Frequently Asked Questions

Can I hold both HMXIX and ETB in my portfolio?

HMXIX and ETB have a correlation of 0.68, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, HMXIX or ETB?

HMXIX has higher volatility (2.88%) compared to ETB (2.75%). In terms of maximum drawdown, HMXIX dropped -15.80% vs ETB's -51.09%.

Which has better risk-adjusted returns?

HMXIX currently has the higher Sharpe Ratio (2.13 vs 1.84), 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.