Eaton Vance National Ultra-Short Municipal Income Fund (EXFLX)

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Eaton Vance National Ultra-Short Municipal Income Fund (EXFLX) is up 1.1% since the beginning of the year. EXFLX is currently trading at $10 per share. Investors who bought $1,000 worth of EXFLX shares 5 years ago would now be looking at an investment worth $1,115.

Eaton Vance National Ultra-Short Municipal Income Fund (EXFLX) has returned 1.06% so far this year and 2.95% over the past 12 months. Over the last ten years, EXFLX has returned 1.62% per year, falling short of the S&P 500 Index benchmark, which averaged 13.66% annually.

Based on dividend-adjusted daily data since Jan 2, 2004, EXFLX's average daily return is +0.01%, while the average monthly return is +0.17%. At this rate, an investment would double in approximately 34.0 years.

Historically, 69% of months were positive and 31% were negative. The best month was Jan 2009 with a return of +5.0%, while the worst month was Sep 2008 at -5.2%. The longest winning streak lasted 23 consecutive months, and the longest losing streak was 6 months.

On a daily basis, EXFLX closed higher 21% of trading days. The best single day was Oct 22, 2008 with a return of +1.7%, while the worst single day was Sep 18, 2008 at -1.9%.

Eaton Vance National Ultra-Short Municipal Income Fund has an annualized alpha of 2.07%, beta of -0.01, and R2 of 0.00 versus S&P 500 Index. Calculated based on daily prices since January 05, 2004.

• This fund captured 6.59% of S&P 500 Index gains and tended to rise during its downturns (downside capture of -0.52%) - a profile typical of hedging or uncorrelated assets.
• Beta of -0.01 may look defensive, but with R2 of 0.00 this fund is largely uncorrelated with S&P 500 Index - low beta reflects independence, not downside protection. See the Volatility section for a true picture of this fund's risk.
• R2 of 0.00 means this fund moves largely independently of S&P 500 Index - capture ratios reflect limited market correlation rather than active downside protection. Consider using a more representative benchmark.

EXFLX has an expense ratio of 0.50%, placing it in the medium range.

EXFLX ranks 97 for risk / return — in the top 97% of mutual funds on our site. This means strong returns relative to risk — exactly what professional investors look for. Well-suited for investors who want to maximize return per unit of risk.

The table below present risk-adjusted performance metrics for Eaton Vance National Ultra-Short Municipal Income Fund (EXFLX) and compare them to S&P 500 Index.

Eaton Vance National Ultra-Short Municipal Income Fund provided a 2.70% dividend yield over the last twelve months, with an annual payout of $0.26 per share. The fund has been increasing its distributions for 4 consecutive years.

The table displays the monthly dividend distributions for Eaton Vance National Ultra-Short Municipal Income Fund. The dividends shown in the table have been adjusted to account for any splits that may have occurred.

The Drawdowns chart displays portfolio losses from any high point along the way. Drawdowns are calculated considering price movements and all distributions paid, if any.

The table below displays the maximum drawdowns of the Eaton Vance National Ultra-Short Municipal Income Fund. A maximum drawdown is a measure of risk, indicating the largest reduction in portfolio value due to a series of losing trades.

The maximum drawdown for the Eaton Vance National Ultra-Short Municipal Income Fund was 10.11%, occurring on Dec 15, 2008. Recovery took 86 trading sessions.

The chart below shows the rolling one-month volatility.