ECHMX vs. EXG

Last updated Aug 4, 2026

ECHMX (Eaton Vance National Municipal Income Fund) and EXG (Eaton Vance Tax-Managed Global Diversified Equity Income Fund) are both mutual funds - ECHMX is a Municipal Bonds fund managed by Eaton Vance, while EXG is a Dividend fund actively managed by Eaton Vance. Over the past 10 years, ECHMX returned 1.42%/yr vs 10.94%/yr for EXG. Their 0.05 correlation means their historical movements had little consistent relationship. ECHMX charges 1.39%/yr vs 1.07%/yr for EXG.

Performance

ECHMX vs. EXG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Eaton Vance National Municipal Income Fund (ECHMX) and Eaton Vance Tax-Managed Global Diversified Equity Income Fund (EXG). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ECHMX achieves a 0.50% return, which is significantly lower than EXG's 8.50% return. Over the past 10 years, ECHMX has underperformed EXG with an annualized return of 1.42%, while EXG has yielded a comparatively higher 10.94% annualized return.

ECHMX

• 1D: -0.11%
• 1M: -2.17%
• 6M: -0.07%
• YTD: 0.50%
• 1Y: 5.62%
• 3Y*: 2.49%
• 5Y*: -0.30%
• 10Y*: 1.42%
• ALL TIME*: 3.21%

EXG

• 1D: 0.72%
• 1M: 1.29%
• 6M: 5.44%
• YTD: 8.50%
• 1Y: 25.40%
• 3Y*: 17.76%
• 5Y*: 8.49%
• 10Y*: 10.94%
• ALL TIME*: 7.23%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
ECHMX Eaton Vance National Municipal Income Fund	$0.00	$0.00	$0.00
EXG Eaton Vance Tax-Managed Global Diversified Equity Income Fund	$3.84M	$3.76M	$4.16M

ECHMX vs. EXG - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ECHMX Eaton Vance National Municipal Income Fund	0.50%	2.64%	1.45%	6.36%	-10.60%	0.70%	5.01%	7.51%	1.02%	3.90%
EXG Eaton Vance Tax-Managed Global Diversified Equity Income Fund	8.50%	27.79%	16.04%	11.46%	-22.24%	31.53%	10.19%	28.71%	-12.09%	29.58%

Correlation

The correlation between ECHMX and EXG is 0.32, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.32
Correlation (3Y) Balances recent behavior with more history.	0.21
Correlation (5Y) Shows whether the relationship held over a longer period.	0.20
Correlation (10Y) Provides a long-term view across more market conditions.	0.11
Correlation (All Time) Calculated using the full available price history since Apr 23, 2007	0.05

Over the past year, ECHMX and EXG have become more correlated (0.32) than their long-term average of 0.05, meaning their price movements have been converging.

Return for Risk

ECHMX vs. EXG — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

ECHMX

ECHMX Risk / Return Rank: 69
ECHMX Sharpe Ratio Rank: 80
ECHMX Sortino Ratio Rank: 81
ECHMX Omega Ratio Rank: 89
ECHMX Calmar Ratio Rank: 52
ECHMX Martin Ratio Rank: 43

EXG

EXG Risk / Return Rank: 64
EXG Sharpe Ratio Rank: 75
EXG Sortino Ratio Rank: 76
EXG Omega Ratio Rank: 71
EXG Calmar Ratio Rank: 41
EXG Martin Ratio Rank: 58

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

ECHMX vs. EXG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Eaton Vance National Municipal Income Fund (ECHMX) and Eaton Vance Tax-Managed Global Diversified Equity Income Fund (EXG). 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.

	ECHMX	EXG	Difference
Sharpe ratio: Return per unit of total volatility	1.95	1.82	+0.13
Sortino ratio: Return per unit of downside risk	2.88	2.64	+0.24
Omega ratio: Gain probability vs. loss probability	1.46	1.32	+0.14
Calmar ratio: Return relative to maximum drawdown	2.06	1.79	+0.27
Martin ratio: Return relative to average drawdown	6.63	8.13	-1.50

ECHMX vs. EXG - Sharpe Ratio Comparison

The current ECHMX Sharpe Ratio is 1.95, which is comparable to the EXG Sharpe Ratio of 1.82. The chart below compares the historical Sharpe Ratios of ECHMX and EXG, 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

ECHMX vs. EXG - Drawdown Comparison

The maximum ECHMX drawdown since its inception was -40.96%, smaller than the maximum EXG drawdown of -58.45%. Use the drawdown chart below to compare losses from any high point for ECHMX and EXG.

Drawdown Indicators

	ECHMX	EXG	Difference
Max Drawdown Largest peak-to-trough decline	-40.96%	-58.45%	+17.49%
Max Drawdown (1Y) Largest decline over 1 year	-2.92%	-14.28%	+11.36%
Max Drawdown (3Y) Largest decline over 3 years	-6.54%	-15.12%	+8.58%
Max Drawdown (5Y) Largest decline over 5 years	-16.24%	-27.82%	+11.58%
Max Drawdown (10Y) Largest decline over 10 years	-16.32%	-45.36%	+29.04%
Current Drawdown Current decline from peak	-2.17%	0.00%	-2.17%
Average Drawdown Average peak-to-trough decline	-3.92%	-9.54%	+5.62%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.90%	3.13%	-2.23%

Volatility

ECHMX vs. EXG - Volatility Comparison

The current volatility for Eaton Vance National Municipal Income Fund (ECHMX) is 0.92%, while Eaton Vance Tax-Managed Global Diversified Equity Income Fund (EXG) has a volatility of 3.61%. This indicates that ECHMX experiences smaller price fluctuations and is considered to be less risky than EXG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ECHMX	EXG	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.92%	3.61%	-2.69%
Volatility (6M) Calculated over the trailing 6-month period	2.45%	11.80%	-9.35%
Volatility (1Y) Calculated over the trailing 1-year period	3.11%	14.03%	-10.92%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.62%	17.57%	-12.95%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.36%	19.93%	-15.57%

ECHMX vs. EXG - Expense Ratio Comparison

ECHMX has a 1.39% expense ratio, which is higher than EXG's 1.07% expense ratio.

Dividends

ECHMX vs. EXG - Dividend Comparison

ECHMX's dividend yield for the trailing twelve months is around 2.79%, less than EXG's 8.00% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ECHMX Eaton Vance National Municipal Income Fund	2.79%	3.76%	3.29%	2.41%	2.27%	1.38%	1.92%	2.76%	2.86%	2.90%	3.07%	3.14%
EXG Eaton Vance Tax-Managed Global Diversified Equity Income Fund	8.00%	8.27%	9.27%	8.60%	10.59%	7.27%	8.43%	8.42%	12.23%	9.84%	12.16%	11.02%

Frequently Asked Questions

Can I hold both ECHMX and EXG in my portfolio?

ECHMX and EXG have a correlation of 0.32, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ECHMX or EXG?

EXG has higher volatility (3.61%) compared to ECHMX (0.92%). In terms of maximum drawdown, ECHMX dropped -40.96% vs EXG's -58.45%.

Which has better risk-adjusted returns?

ECHMX currently has the higher Sharpe Ratio (1.95 vs 1.82), 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.