EILBX vs. EIMAX

Last updated Jun 24, 2026

EILBX (Parametric TABS 1-to-10 Year Laddered Municipal Bond Fund) and EIMAX (Eaton Vance Massachusetts Municipal Income Fund) are both Municipal Bonds funds from Eaton Vance. Over the past 10 years, EILBX returned 2.07%/yr vs 1.46%/yr for EIMAX. A 0.80 correlation means they provide meaningful diversification when combined. EILBX charges 0.40%/yr vs 0.48%/yr for EIMAX.

Performance

EILBX vs. EIMAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Parametric TABS 1-to-10 Year Laddered Municipal Bond Fund (EILBX) and Eaton Vance Massachusetts Municipal Income Fund (EIMAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EILBX achieves a 1.19% return, which is significantly lower than EIMAX's 1.63% return. Over the past 10 years, EILBX has outperformed EIMAX with an annualized return of 2.07%, while EIMAX has yielded a comparatively lower 1.46% annualized return.

EILBX

• 1D: 0.00%
• 1M: 0.93%
• YTD: 1.19%
• 6M: 1.55%
• 1Y: 5.25%
• 3Y*: 3.82%
• 5Y*: 1.68%
• 10Y*: 2.07%

EIMAX

• 1D: -0.13%
• 1M: 1.60%
• YTD: 1.63%
• 6M: 2.07%
• 1Y: 6.84%
• 3Y*: 3.24%
• 5Y*: 0.38%
• 10Y*: 1.46%

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

EILBX vs. EIMAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EILBX Parametric TABS 1-to-10 Year Laddered Municipal Bond Fund	1.19%	5.54%	1.79%	4.40%	-4.35%	1.18%	4.72%	5.25%	0.99%	3.31%
EIMAX Eaton Vance Massachusetts Municipal Income Fund	1.63%	3.76%	1.37%	5.06%	-9.61%	0.57%	4.60%	7.01%	0.65%	4.67%

Correlation

The correlation between EILBX and EIMAX is 0.76, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.76
Correlation (3Y) Calculated over the trailing 3-year period	0.85
Correlation (5Y) Calculated over the trailing 5-year period	0.85
Correlation (10Y) Calculated over the trailing 10-year period	0.80
Correlation (All Time) Calculated using the full available price history since Jan 4, 2016	0.80

The correlation between EILBX and EIMAX has been stable across timeframes, ranging from 0.76 to 0.85 - a consistent structural relationship.

Return for Risk

EILBX vs. EIMAX — Risk / Return Rank

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

EILBX

EILBX Risk / Return Rank: 72
EILBX Sharpe Ratio Rank: 91
EILBX Sortino Ratio Rank: 94
EILBX Omega Ratio Rank: 96
EILBX Calmar Ratio Rank: 40
EILBX Martin Ratio Rank: 37

EIMAX

EIMAX Risk / Return Rank: 70
EIMAX Sharpe Ratio Rank: 81
EIMAX Sortino Ratio Rank: 88
EIMAX Omega Ratio Rank: 91
EIMAX Calmar Ratio Rank: 48
EIMAX Martin Ratio Rank: 42

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.

EILBX vs. EIMAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Parametric TABS 1-to-10 Year Laddered Municipal Bond Fund (EILBX) and Eaton Vance Massachusetts Municipal Income Fund (EIMAX). 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.

	EILBX	EIMAX	Difference
Sharpe ratio: Return per unit of total volatility	2.81	2.44	+0.37
Sortino ratio: Return per unit of downside risk	4.56	3.95	+0.61
Omega ratio: Gain probability vs. loss probability	1.82	1.63	+0.18
Calmar ratio: Return relative to maximum drawdown	2.28	2.53	-0.24
Martin ratio: Return relative to average drawdown	7.70	8.55	-0.85

EILBX vs. EIMAX - Sharpe Ratio Comparison

The current EILBX Sharpe Ratio is 2.81, which is comparable to the EIMAX Sharpe Ratio of 2.44. The chart below compares the historical Sharpe Ratios of EILBX and EIMAX, 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

EILBX vs. EIMAX - Drawdown Comparison

The maximum EILBX drawdown since its inception was -8.90%, smaller than the maximum EIMAX drawdown of -29.25%. Use the drawdown chart below to compare losses from any high point for EILBX and EIMAX.

Drawdown Indicators

	EILBX	EIMAX	Difference
Max Drawdown Largest peak-to-trough decline	-8.90%	-29.25%	+20.35%
Max Drawdown (1Y) Largest decline over 1 year	-2.35%	-2.77%	+0.42%
Max Drawdown (3Y) Largest decline over 3 years	-4.10%	-6.83%	+2.73%
Max Drawdown (5Y) Largest decline over 5 years	-8.90%	-14.67%	+5.77%
Max Drawdown (10Y) Largest decline over 10 years	-8.90%	-14.67%	+5.77%
Current Drawdown Current decline from peak	-0.75%	-0.36%	-0.39%
Average Drawdown Average peak-to-trough decline	-1.53%	-3.90%	+2.37%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.70%	0.82%	-0.12%

Volatility

EILBX vs. EIMAX - Volatility Comparison

The current volatility for Parametric TABS 1-to-10 Year Laddered Municipal Bond Fund (EILBX) is 0.51%, while Eaton Vance Massachusetts Municipal Income Fund (EIMAX) has a volatility of 0.83%. This indicates that EILBX experiences smaller price fluctuations and is considered to be less risky than EIMAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EILBX	EIMAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.51%	0.83%	-0.32%
Volatility (6M) Calculated over the trailing 6-month period	1.55%	2.09%	-0.54%
Volatility (1Y) Calculated over the trailing 1-year period	1.92%	2.88%	-0.96%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.77%	4.38%	-1.61%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.69%	4.21%	-1.52%

EILBX vs. EIMAX - Expense Ratio Comparison

EILBX has a 0.40% expense ratio, which is lower than EIMAX's 0.48% expense ratio.

Dividends

EILBX vs. EIMAX - Dividend Comparison

EILBX's dividend yield for the trailing twelve months is around 3.08%, less than EIMAX's 3.60% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EILBX Parametric TABS 1-to-10 Year Laddered Municipal Bond Fund	3.08%	3.02%	3.13%	2.22%	1.83%	1.36%	1.49%	1.91%	1.76%	1.49%	1.45%	0.00%
EIMAX Eaton Vance Massachusetts Municipal Income Fund	3.60%	4.52%	4.15%	2.39%	2.62%	2.01%	2.58%	3.46%	3.27%	3.41%	3.65%	3.70%

Frequently Asked Questions

Can I hold both EILBX and EIMAX in my portfolio?

EILBX and EIMAX have a correlation of 0.76, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EILBX or EIMAX?

EIMAX has higher volatility (0.83%) compared to EILBX (0.51%). In terms of maximum drawdown, EILBX dropped -8.90% vs EIMAX's -29.25%.

Which has better risk-adjusted returns?

EILBX currently has the higher Sharpe Ratio (2.81 vs 2.44), 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.