Fund Evaluator:
Parametric Volatil Risk Prm-Defensv I (EIVPX)
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Best Performing in Equity Hedged Over the Last Year
| 16.4% | Fidelity Advisor Hedged Equity Z (FEQZX) |
| 15.6% | Parametric Volatil Risk Prm-Defensv I (EIVPX) |
| 14.8% | T. Rowe Price Hedged Equity Z (PZHEX) |
| 14.6% | Cavanal Hill Hedged Equity Income Inv (APLIX) |
| 11.7% | Horizon Defined Risk Investor (HNDRX) |
Fund Details
Parametric Volatil Risk Prm-Defensv I Overview
Parametric Volatil Risk Prm-Defensv I (EIVPX) is an actively managed Nontraditional Equity Equity Hedged fund. Eaton Vance launched the fund in 2017.
The investment seeks total return. The fund pursues its objective by investing in a base portfolio that is generally comprised of an approximately equal mix of equity securities and money market instruments. It writes (sells) call options on the S&P 500® Index, a broad-based U.S. stock market index, and/or a substitute for the S&P 500® Index on substantially the full value of the fund's equity securities. The fund's equity investments consist of a diversified portfolio of common stocks that seeks to approximate the pretax total return performance of the S&P 500® Index.
About Parametric Volatil Risk Prm-Defensv I (EIVPX)
There are 3 members of the management team with an average tenure of 5.55 years: Alex Zweber (2021), Jennifer Mihara (2024), Thomas Lee (2017). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: S&P 500 (TR) (1970) index with a weighting of 100% and CBOE S&P 500 BuyWrite BXM TR USD index with a weighting of 100%. Parametric Volatil Risk Prm-Defensv I has 186 securities in its portfolio. The top 10 holdings constitute 37.9% of the fund’s assets. The fund meets the SEC requirement of being classified as a diversified fund. The fund is not considered to have an ESG focus with its investment selection and management.
Parametric Volatil Risk Prm-Defensv I is part of the Equity global asset class and is within the Nontraditional Equity fund group. Parametric Volatil Risk Prm-Defensv I has 0.2% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 50.9%. There is 0.2% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 32.7% (32.7% domestic bond, 0.0% foreign bond and 0.0% convertible bond). Parametric Volatil Risk Prm-Defensv I has 16.3% of the portfolio in cash.
Assets Under Management
The fund has $1 billion in total assets, which is above the $440 million average for the Equity Hedged category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
EIVPX Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Parametric Volatil Risk Prm-Defensv I expense ratio is average compared to funds in the Equity Hedged category. Parametric Volatil Risk Prm-Defensv I has an expense ratio of 0.46%, which is 67% lower than its category average, making the fund expense ratio grade a A. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. Parametric Volatil Risk Prm-Defensv I has a portfolio turnover rate of 25%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 82% for the Equity Hedged category.
Recently, in the month of June 2026, Parametric Volatil Risk Prm-Defensv I returned -0.1%, which earned it a grade of B, as the Equity Hedged category had an average return of -0.4%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all funds in that category.
Parametric Volatil Risk Prm-Defensv I has a trailing yield of 1.96%, which is above the 0.93% category average. The fund normally distributes its income annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
Parametric Volatil Risk Prm-Defensv I Grades
Year to date, the fund has returned 6.2%, 0.7 percentage points better than the category, which translates into a grade of B. The fund has returned 15.6% over the past year (grade of B), 13.4% over the past three years (grade of B) and 9.8% per year over the past five years (grade of A).
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EIVPX Trailing NAV Total Returns Data as of 6/30/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| EIVPX Return (NAV) | -0.1% | 6.5% | 15.6% | 13.4% | 9.8% | na |
| EIVPX Grade | B | D | B | B | A | na |
| +/- Category | 0.3% | -1.1% | 3.8% | 3.1% | 3.7% | na |
| Equity Hedged Avg | -0.4% | 7.6% | 11.8% | 10.3% | 6.1% | 6.8% |
| EIVPX Tax Cost Ratio | na | na | 1.3% | 1.3% | 1.2% | na |
EIVPX Annual NAV Total ReturnsData as of 6/30/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| EIVPX Return (NAV) | 6.2% | 12.9% | 16.5% | 16.8% | -8.7% | 18.0% | 4.7% | 15.8% | -3.1% | na | na |
| EIVPX Grade | B | A | B | A | B | A | D | B | C | na | na |
| +/- Category | 0.7% | 3.5% | 4.3% | 4.5% | 1.1% | 6.7% | -6.1% | 1.6% | -0.4% | na | na |
| Equity Hedged Avg | 5.5% | 9.4% | 12.2% | 12.3% | -9.8% | 11.3% | 10.8% | 14.1% | -2.7% | 8.9% | 4.5% |
| Risk Measures | |
| Standard Deviation: | 6.0% |
| Total Risk Index: | 0.49 - Below Average |
| Category Risk Index: | 0.76 - Below Average |
| Category Risk Grade: | B (24% Rank) |
| Beta: | 0.45 |
| R-Squared: | 94% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Large-Cap Blend |
| Bond Investment Style: | na |
| Yield: | 2.0% |
| Dividend Distribution: | Annually |
| Cap Gains Distribution: | |
| Total Assets: | $1415 Mil |
| Fund Total Assets: | $1,415 Mil |
| Share Class Type: | Inst |
| Portfolio Turnover: | 25% |
Management Team
| Number of Managers: 3 | |||
| Longest Tenure: 9.4 years | |||
| Average Tenure: 5.5 years | |||
| Managers (Year): Lee Thomas (2017), Zweber Alex (2021), Mihara Jennifer (2024) | |||
Portfolio Composition (as of 4/30/26)
| # of Holdings: | 186 |
| % in Top 10 Holdings: | 37.9% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 0.2% |
Portfolio Allocation |
|
| Domestic Stock: | 50.9% |
| Foreign Stock: | 0.2% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 32.7% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 16.3% |
Purchase Information
| Fund Family: | Eaton Vance |
| Phone Number: | 800-260-0761 |
| Website: | www.eatonvance.com |
| Status: | Open |
| Inception Date: | February 9, 2017 |
| Min. Initial Purchase: | $1,000,000 |
| Min. Initial IRA Purchase: | $ 0 |
| True No-Load: | Yes |
| Front Load Maximum: | 0.00% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | na |
Expenses and Fees | |
| Expense Ratio (%): | 0.46% ( Rating : Avg ) |
| Category Average Expense Ratio (%): | 1.37% |
| Share Class: | Parametric Volatil Risk Prm-Defensv I |
| Min. Subsequent Purchase: | $ 0 |
| Min. Subsequent IRA Purchase: | $ 0 |
