MENYX vs. EOS

Last updated Jun 26, 2026

MENYX (Madison Covered Call & Equity Income Fund) and EOS (Eaton Vance Enhanced Equity Income Fund II) are both Derivative Income funds. Over the past 10 years, MENYX returned 7.86%/yr vs 13.50%/yr for EOS. A 0.57 correlation means they provide meaningful diversification when combined. MENYX charges 1.01%/yr vs 1.09%/yr for EOS.

Performance

MENYX vs. EOS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Madison Covered Call & Equity Income Fund (MENYX) and Eaton Vance Enhanced Equity Income Fund II (EOS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MENYX achieves a 1.04% return, which is significantly higher than EOS's -5.31% return. Over the past 10 years, MENYX has underperformed EOS with an annualized return of 7.86%, while EOS has yielded a comparatively higher 13.50% annualized return.

MENYX

• 1D: -0.54%
• 1M: -4.68%
• YTD: 1.04%
• 6M: 1.08%
• 1Y: 7.29%
• 3Y*: 5.30%
• 5Y*: 5.25%
• 10Y*: 7.86%

EOS

• 1D: -0.84%
• 1M: -5.65%
• YTD: -5.31%
• 6M: -4.86%
• 1Y: -2.62%
• 3Y*: 16.25%
• 5Y*: 6.76%
• 10Y*: 13.50%

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

MENYX vs. EOS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MENYX Madison Covered Call & Equity Income Fund	1.04%	6.69%	2.79%	10.66%	5.06%	18.71%	12.65%	15.76%	-6.01%	7.57%
EOS Eaton Vance Enhanced Equity Income Fund II	-5.31%	5.77%	38.69%	22.59%	-26.50%	20.30%	29.45%	30.32%	2.77%	27.89%

Correlation

The correlation between MENYX and EOS is 0.20, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.20
Correlation (3Y) Calculated over the trailing 3-year period	0.35
Correlation (5Y) Calculated over the trailing 5-year period	0.50
Correlation (10Y) Calculated over the trailing 10-year period	0.49
Correlation (All Time) Calculated using the full available price history since Nov 6, 2009	0.57

Over the past year, the correlation between MENYX and EOS has dropped to 0.20 - well below their long-term average of 0.57, suggesting their price drivers have been diverging.

Return for Risk

MENYX vs. EOS — Risk / Return Rank

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

MENYX

MENYX Risk / Return Rank: 14
MENYX Sharpe Ratio Rank: 12
MENYX Sortino Ratio Rank: 12
MENYX Omega Ratio Rank: 12
MENYX Calmar Ratio Rank: 14
MENYX Martin Ratio Rank: 19

EOS

EOS Risk / Return Rank: 2
EOS Sharpe Ratio Rank: 2
EOS Sortino Ratio Rank: 2
EOS Omega Ratio Rank: 3
EOS Calmar Ratio Rank: 2
EOS Martin Ratio Rank: 2

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.

MENYX vs. EOS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Madison Covered Call & Equity Income Fund (MENYX) and Eaton Vance Enhanced Equity Income Fund II (EOS). 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.

	MENYX	EOS	Difference
Sharpe ratio: Return per unit of total volatility	0.75	-0.17	+0.92
Sortino ratio: Return per unit of downside risk	1.11	-0.14	+1.25
Omega ratio: Gain probability vs. loss probability	1.14	0.98	+0.15
Calmar ratio: Return relative to maximum drawdown	1.04	-0.15	+1.19
Martin ratio: Return relative to average drawdown	3.92	-0.48	+4.41

MENYX vs. EOS - Sharpe Ratio Comparison

The current MENYX Sharpe Ratio is 0.75, which is higher than the EOS Sharpe Ratio of -0.17. The chart below compares the historical Sharpe Ratios of MENYX and EOS, 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

MENYX vs. EOS - Drawdown Comparison

The maximum MENYX drawdown since its inception was -28.38%, smaller than the maximum EOS drawdown of -55.74%. Use the drawdown chart below to compare losses from any high point for MENYX and EOS.

Drawdown Indicators

	MENYX	EOS	Difference
Max Drawdown Largest peak-to-trough decline	-28.38%	-55.74%	+27.36%
Max Drawdown (1Y) Largest decline over 1 year	-6.72%	-17.12%	+10.40%
Max Drawdown (3Y) Largest decline over 3 years	-16.14%	-24.31%	+8.17%
Max Drawdown (5Y) Largest decline over 5 years	-16.14%	-34.32%	+18.18%
Max Drawdown (10Y) Largest decline over 10 years	-28.38%	-41.12%	+12.74%
Current Drawdown Current decline from peak	-6.72%	-7.48%	+0.76%
Average Drawdown Average peak-to-trough decline	-2.51%	-7.81%	+5.30%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.78%	5.41%	-3.63%

Volatility

MENYX vs. EOS - Volatility Comparison

The current volatility for Madison Covered Call & Equity Income Fund (MENYX) is 2.55%, while Eaton Vance Enhanced Equity Income Fund II (EOS) has a volatility of 4.52%. This indicates that MENYX experiences smaller price fluctuations and is considered to be less risky than EOS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MENYX	EOS	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.55%	4.52%	-1.97%
Volatility (6M) Calculated over the trailing 6-month period	7.09%	12.26%	-5.17%
Volatility (1Y) Calculated over the trailing 1-year period	9.32%	15.49%	-6.17%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.45%	19.77%	-8.32%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.45%	20.74%	-7.29%

MENYX vs. EOS - Expense Ratio Comparison

MENYX has a 1.01% expense ratio, which is lower than EOS's 1.09% expense ratio.

Dividends

MENYX vs. EOS - Dividend Comparison

MENYX's dividend yield for the trailing twelve months is around 8.56%, which matches EOS's 8.59% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EOS Eaton Vance Enhanced Equity Income Fund II	8.59%	7.81%	7.17%	7.38%	9.69%	5.60%	5.01%	6.65%	7.16%	6.90%	8.20%	7.70%
MENYX Madison Covered Call & Equity Income Fund	8.56%	8.52%	7.83%	7.71%	6.98%	6.48%	6.34%	7.07%	9.82%	7.64%	6.74%	7.48%

Frequently Asked Questions

Can I hold both MENYX and EOS in my portfolio?

MENYX and EOS have a correlation of 0.20, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MENYX or EOS?

EOS has higher volatility (4.52%) compared to MENYX (2.55%). In terms of maximum drawdown, MENYX dropped -28.38% vs EOS's -55.74%.

Which has better risk-adjusted returns?

MENYX currently has the higher Sharpe Ratio (0.75 vs -0.17), 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.