MSA.TO vs. EICOX

Last updated Jun 9, 2026

MSA.TO (Mineros S.A.) is a stock, while EICOX (Eaton Vance Emerging and Frontier Countries Equity Fund) is Emerging Markets Diversified fund managed by Eaton Vance. Over the past 3 years, MSA.TO returned 123.93%/yr vs 26.64%/yr for EICOX. At a 0.17 correlation, their price movements are largely independent.

Performance

MSA.TO vs. EICOX - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Mineros S.A. (MSA.TO) and Eaton Vance Emerging and Frontier Countries Equity Fund (EICOX). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

MSA.TO is traded in CAD, while EICOX is traded in USD. To make them comparable, the EICOX values have been converted to CAD using the latest available exchange rates.

Returns By Period

In the year-to-date period, MSA.TO achieves a -4.61% return, which is significantly lower than EICOX's 20.61% return.

MSA.TO

• 1D: -3.11%
• 1M: -7.83%
• YTD: -4.61%
• 6M: -2.18%
• 1Y: 121.70%
• 3Y*: 123.93%
• 5Y*: —
• 10Y*: —

EICOX

• 1D: -5.30%
• 1M: 0.27%
• YTD: 20.61%
• 6M: 22.46%
• 1Y: 42.25%
• 3Y*: 26.64%
• 5Y*: 17.51%
• 10Y*: 13.50%

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

MSA.TO vs. EICOX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
MSA.TO Mineros S.A.	-4.61%	300.72%	158.75%	7.02%	-32.00%	-1.74%
EICOX Eaton Vance Emerging and Frontier Countries Equity Fund	20.61%	27.13%	21.47%	22.78%	-9.18%	1.86%

Correlation

The correlation between MSA.TO and EICOX is 0.36, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.36
Correlation (3Y) Calculated over the trailing 3-year period	0.24
Correlation (All Time) Calculated using the full available price history since Nov 19, 2021	0.17

The correlation between MSA.TO and EICOX shifts across timeframes, from 0.17 (all time) to 0.36 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

MSA.TO vs. EICOX — Risk / Return Rank

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

MSA.TO

MSA.TO Risk / Return Rank: 85
MSA.TO Sharpe Ratio Rank: 91
MSA.TO Sortino Ratio Rank: 84
MSA.TO Omega Ratio Rank: 83
MSA.TO Calmar Ratio Rank: 84
MSA.TO Martin Ratio Rank: 84

EICOX

EICOX Risk / Return Rank: 68
EICOX Sharpe Ratio Rank: 72
EICOX Sortino Ratio Rank: 58
EICOX Omega Ratio Rank: 77
EICOX Calmar Ratio Rank: 69
EICOX Martin Ratio Rank: 62

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.

MSA.TO vs. EICOX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Mineros S.A. (MSA.TO) and Eaton Vance Emerging and Frontier Countries Equity Fund (EICOX). 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.

	MSA.TO	EICOX	Difference
Sharpe ratio: Return per unit of total volatility	2.24	2.47	-0.23
Sortino ratio: Return per unit of downside risk	2.51	3.13	-0.62
Omega ratio: Gain probability vs. loss probability	1.33	1.49	-0.16
Calmar ratio: Return relative to maximum drawdown	3.00	3.52	-0.51
Martin ratio: Return relative to average drawdown	7.63	12.58	-4.95
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MSA.TO vs. EICOX - Sharpe Ratio Comparison

The current MSA.TO Sharpe Ratio is 2.24, which is comparable to the EICOX Sharpe Ratio of 2.47. The chart below compares the historical Sharpe Ratios of MSA.TO and EICOX, 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

	MSA.TO	EICOX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.24	2.47	-0.23
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	1.22	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.94	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.03	0.80	+0.23

Drawdowns

MSA.TO vs. EICOX - Drawdown Comparison

The maximum MSA.TO drawdown since its inception was -49.92%, which is greater than EICOX's maximum drawdown of -29.93%. Use the drawdown chart below to compare losses from any high point for MSA.TO and EICOX.

Drawdown Indicators

	MSA.TO	EICOX	Difference
Max Drawdown Largest peak-to-trough decline	-49.92%	-29.93%	-19.99%
Max Drawdown (1Y) Largest decline over 1 year	-40.74%	-12.06%	-28.68%
Max Drawdown (3Y) Largest decline over 3 years	-40.74%	-14.49%	-26.25%
Max Drawdown (5Y) Largest decline over 5 years	—	-18.38%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-29.93%	—
Current Drawdown Current decline from peak	-29.43%	-6.52%	-22.91%
Average Drawdown Average peak-to-trough decline	-19.06%	-6.45%	-12.61%
Ulcer Index Depth and duration of drawdowns from previous peaks	16.01%	3.37%	+12.64%

Volatility

MSA.TO vs. EICOX - Volatility Comparison

Mineros S.A. (MSA.TO) has a higher volatility of 18.99% compared to Eaton Vance Emerging and Frontier Countries Equity Fund (EICOX) at 8.95%. This indicates that MSA.TO's price experiences larger fluctuations and is considered to be riskier than EICOX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MSA.TO	EICOX	Difference
Volatility (1M) Calculated over the trailing 1-month period	18.99%	8.95%	+10.04%
Volatility (6M) Calculated over the trailing 6-month period	40.98%	15.67%	+25.31%
Volatility (1Y) Calculated over the trailing 1-year period	54.84%	17.18%	+37.66%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	52.97%	14.44%	+38.53%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	52.97%	14.44%	+38.53%

Dividends

MSA.TO vs. EICOX - Dividend Comparison

MSA.TO's dividend yield for the trailing twelve months is around 2.60%, less than EICOX's 3.10% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EICOX Eaton Vance Emerging and Frontier Countries Equity Fund	3.10%	3.68%	2.02%	1.95%	5.72%	2.71%	0.10%	2.00%	2.95%	0.00%	0.59%	2.35%
MSA.TO Mineros S.A.	2.60%	2.49%	8.48%	14.20%	13.11%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both MSA.TO and EICOX in my portfolio?

MSA.TO and EICOX have a correlation of 0.36, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.