ECHMX vs. NPV
ECHMX (Eaton Vance National Municipal Income Fund) and NPV (Nuveen Virginia Quality Municipal Income Fund) are both Municipal Bonds funds. Over the past 10 years, ECHMX returned 1.42%/yr vs 1.48%/yr for NPV. Their 0.19 correlation means their historical movements had little consistent relationship. ECHMX charges 1.39%/yr vs 1.51%/yr for NPV.
Performance
ECHMX vs. NPV - Performance Comparison
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Returns By Period
In the year-to-date period, ECHMX achieves a 0.50% return, which is significantly lower than NPV's 1.08% return. Both investments have delivered pretty close results over the past 10 years, with ECHMX having a 1.42% annualized return and NPV not far ahead at 1.48%.
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%
NPV
- 1D
- -0.37%
- 1M
- -6.17%
- 6M
- -1.81%
- YTD
- 1.08%
- 1Y
- 4.84%
- 3Y*
- 6.54%
- 5Y*
- -3.29%
- 10Y*
- 1.48%
- ALL TIME*
- 4.14%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $813.25K | $739.98K | $539.84K |
ECHMX vs. NPV - 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% |
NPV Nuveen Virginia Quality Municipal Income Fund | 1.08% | -5.91% | 24.61% | 0.42% | -31.53% | 10.93% | 13.15% | 29.60% | -4.42% | 3.20% |
Correlation
The correlation between ECHMX and NPV is 0.38, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.38 |
Correlation (3Y) Balances recent behavior with more history. | 0.42 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.42 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.34 |
Correlation (All Time) Calculated using the full available price history since Oct 27, 1994 | 0.19 |
The correlation between ECHMX and NPV shifts across timeframes, from 0.19 (all time) to 0.42 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
ECHMX vs. NPV — Risk / Return Rank
ECHMX
NPV
ECHMX vs. NPV - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Eaton Vance National Municipal Income Fund (ECHMX) and Nuveen Virginia Quality Municipal Income Fund (NPV). 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 | NPV | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.27 | ||
| Sortino ratioReturn per unit of downside risk | +1.85 | ||
| Omega ratioGain probability vs. loss probability | 1.46 | 1.12 | +0.34 |
| Calmar ratioReturn relative to maximum drawdown | 2.06 | 0.75 | +1.31 |
| Martin ratioReturn relative to average drawdown | 6.63 | 2.57 | +4.06 |
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Drawdowns
ECHMX vs. NPV - Drawdown Comparison
The maximum ECHMX drawdown since its inception was -40.96%, smaller than the maximum NPV drawdown of -44.25%. Use the drawdown chart below to compare losses from any high point for ECHMX and NPV.
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Drawdown Indicators
| ECHMX | NPV | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -40.96% | -44.25% | +3.29% |
Max Drawdown (1Y)Largest decline over 1 year | -2.92% | -6.50% | +3.58% |
Max Drawdown (3Y)Largest decline over 3 years | -6.54% | -18.29% | +11.75% |
Max Drawdown (5Y)Largest decline over 5 years | -16.24% | -44.25% | +28.01% |
Max Drawdown (10Y)Largest decline over 10 years | -16.32% | -44.25% | +27.93% |
Current DrawdownCurrent decline from peak | -2.17% | -20.29% | +18.12% |
Average DrawdownAverage peak-to-trough decline | -3.92% | -10.21% | +6.29% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.90% | 1.89% | -0.99% |
Volatility
ECHMX vs. NPV - Volatility Comparison
The current volatility for Eaton Vance National Municipal Income Fund (ECHMX) is 0.92%, while Nuveen Virginia Quality Municipal Income Fund (NPV) has a volatility of 2.16%. This indicates that ECHMX experiences smaller price fluctuations and is considered to be less risky than NPV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ECHMX | NPV | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.92% | 2.16% | -1.24% |
Volatility (6M)Calculated over the trailing 6-month period | 2.45% | 5.14% | -2.69% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.11% | 7.20% | -4.09% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.62% | 13.41% | -8.79% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.36% | 13.16% | -8.80% |
ECHMX vs. NPV - Expense Ratio Comparison
ECHMX has a 1.39% expense ratio, which is lower than NPV's 1.51% expense ratio.
Dividends
ECHMX vs. NPV - Dividend Comparison
ECHMX's dividend yield for the trailing twelve months is around 2.79%, less than NPV's 7.25% 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% |
NPV Nuveen Virginia Quality Municipal Income Fund | 7.25% | 7.55% | 5.63% | 3.89% | 5.08% | 3.42% | 3.49% | 3.58% | 4.62% | 4.40% | 4.87% | 5.25% |
Frequently Asked Questions
ECHMX and NPV 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.
NPV has higher volatility (2.16%) compared to ECHMX (0.92%). In terms of maximum drawdown, ECHMX dropped -40.96% vs NPV's -44.25%.
ECHMX currently has the higher Sharpe Ratio (1.95 vs 0.68), 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.
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