EALDX vs. UGSDX

Last updated Jun 4, 2026

EALDX (Eaton Vance Short Duration Government Income Fund) and UGSDX (U.S. Global Investors U.S. Government Ultra-Short Bond Fund) are both Ultrashort Bond funds. Over the past 10 years, EALDX returned 1.95%/yr vs 1.57%/yr for UGSDX. At a 0.12 correlation, their price movements are largely independent. EALDX charges 0.77%/yr vs 1.06%/yr for UGSDX.

Performance

EALDX vs. UGSDX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Eaton Vance Short Duration Government Income Fund (EALDX) and U.S. Global Investors U.S. Government Ultra-Short Bond Fund (UGSDX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EALDX achieves a 1.21% return, which is significantly lower than UGSDX's 1.32% return. Over the past 10 years, EALDX has outperformed UGSDX with an annualized return of 1.95%, while UGSDX has yielded a comparatively lower 1.57% annualized return.

EALDX

• 1D: 0.00%
• 1M: 0.17%
• YTD: 1.21%
• 6M: 1.41%
• 1Y: 5.40%
• 3Y*: 4.56%
• 5Y*: 2.07%
• 10Y*: 1.95%

UGSDX

• 1D: 0.00%
• 1M: 0.25%
• YTD: 1.32%
• 6M: 1.63%
• 1Y: 3.51%
• 3Y*: 4.12%
• 5Y*: 2.30%
• 10Y*: 1.57%

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

EALDX vs. UGSDX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EALDX Eaton Vance Short Duration Government Income Fund	1.21%	7.76%	3.48%	2.40%	-3.28%	-0.50%	2.54%	1.48%	2.01%	1.57%
UGSDX U.S. Global Investors U.S. Government Ultra-Short Bond Fund	1.32%	3.93%	4.31%	4.15%	-1.66%	-0.44%	0.32%	1.49%	1.18%	1.49%

Correlation

The correlation between EALDX and UGSDX is 0.38, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.38
Correlation (3Y) Calculated over the trailing 3-year period	0.14
Correlation (5Y) Calculated over the trailing 5-year period	0.09
Correlation (10Y) Calculated over the trailing 10-year period	0.13
Correlation (All Time) Calculated using the full available price history since Jan 7, 2014	0.12

Over the past year, EALDX and UGSDX have become more correlated (0.38) than their long-term average of 0.12, meaning their price movements have been converging.

Return for Risk

EALDX vs. UGSDX — Risk / Return Rank

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

EALDX

EALDX Risk / Return Rank: 70
EALDX Sharpe Ratio Rank: 48
EALDX Sortino Ratio Rank: 74
EALDX Omega Ratio Rank: 71
EALDX Calmar Ratio Rank: 79
EALDX Martin Ratio Rank: 80

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.

EALDX vs. UGSDX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Eaton Vance Short Duration Government Income Fund (EALDX) and U.S. Global Investors U.S. Government Ultra-Short Bond Fund (UGSDX). 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.

	EALDX	UGSDX	Difference
Sharpe ratio: Return per unit of total volatility	2.03	3.60	-1.57
Sortino ratio: Return per unit of downside risk	3.60	—	—
Omega ratio: Gain probability vs. loss probability	1.47	—	—
Calmar ratio: Return relative to maximum drawdown	3.63	—	—
Martin ratio: Return relative to average drawdown	14.97	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

EALDX vs. UGSDX - Sharpe Ratio Comparison

The current EALDX Sharpe Ratio is 2.03, which is lower than the UGSDX Sharpe Ratio of 3.60. The chart below compares the historical Sharpe Ratios of EALDX and UGSDX, 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

	EALDX	UGSDX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.03	3.60	-1.57
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.64	1.29	-0.64
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.78	1.03	-0.25
Sharpe Ratio (All Time) Calculated using the full available price history	1.02	0.76	+0.26

Drawdowns

EALDX vs. UGSDX - Drawdown Comparison

The maximum EALDX drawdown since its inception was -6.12%, which is greater than UGSDX's maximum drawdown of -2.83%. Use the drawdown chart below to compare losses from any high point for EALDX and UGSDX.

Drawdown Indicators

	EALDX	UGSDX	Difference
Max Drawdown Largest peak-to-trough decline	-6.12%	-2.83%	-3.29%
Max Drawdown (1Y) Largest decline over 1 year	-1.50%	0.00%	-1.50%
Max Drawdown (3Y) Largest decline over 3 years	-3.58%	-0.51%	-3.07%
Max Drawdown (5Y) Largest decline over 5 years	-5.89%	-2.83%	-3.06%
Max Drawdown (10Y) Largest decline over 10 years	-6.12%	-2.83%	-3.29%
Current Drawdown Current decline from peak	-0.14%	0.00%	-0.14%
Average Drawdown Average peak-to-trough decline	-0.62%	-0.30%	-0.32%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.36%	0.00%	+0.36%

Volatility

EALDX vs. UGSDX - Volatility Comparison

Eaton Vance Short Duration Government Income Fund (EALDX) has a higher volatility of 1.03% compared to U.S. Global Investors U.S. Government Ultra-Short Bond Fund (UGSDX) at 0.25%. This indicates that EALDX's price experiences larger fluctuations and is considered to be riskier than UGSDX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EALDX	UGSDX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.03%	0.25%	+0.78%
Volatility (6M) Calculated over the trailing 6-month period	1.98%	0.65%	+1.33%
Volatility (1Y) Calculated over the trailing 1-year period	2.68%	0.98%	+1.70%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.25%	1.79%	+1.46%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.49%	1.52%	+0.97%

EALDX vs. UGSDX - Expense Ratio Comparison

EALDX has a 0.77% expense ratio, which is lower than UGSDX's 1.06% expense ratio.

Dividends

EALDX vs. UGSDX - Dividend Comparison

EALDX's dividend yield for the trailing twelve months is around 5.43%, more than UGSDX's 3.45% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EALDX Eaton Vance Short Duration Government Income Fund	5.43%	5.52%	5.52%	4.70%	2.69%	1.50%	2.01%	2.72%	2.61%	2.29%	2.17%	3.07%
UGSDX U.S. Global Investors U.S. Government Ultra-Short Bond Fund	3.45%	3.85%	4.23%	3.55%	0.87%	0.06%	0.32%	1.48%	1.17%	1.48%	0.44%	0.44%

Frequently Asked Questions

Can I hold both EALDX and UGSDX in my portfolio?

EALDX and UGSDX have a correlation of 0.38, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EALDX or UGSDX?

EALDX has higher volatility (1.03%) compared to UGSDX (0.25%). In terms of maximum drawdown, EALDX dropped -6.12% vs UGSDX's -2.83%.

Which has better risk-adjusted returns?

UGSDX currently has the higher Sharpe Ratio (3.60 vs 2.03), 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.