EILIX vs. EIMAX

Last updated Jun 4, 2026

EILIX (Eaton Vance International Small-Cap Fund) and EIMAX (Eaton Vance Massachusetts Municipal Income Fund) are both mutual funds - EILIX is a Foreign Small & Mid Cap Equities fund managed by Eaton Vance, while EIMAX is a Municipal Bonds fund managed by Eaton Vance. Over the past 10 years, EILIX returned 6.47%/yr vs 1.58%/yr for EIMAX. At a 0.07 correlation, their price movements are largely independent. EILIX charges 1.11%/yr vs 0.48%/yr for EIMAX.

Performance

EILIX vs. EIMAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Eaton Vance International Small-Cap Fund (EILIX) 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, EILIX achieves a 4.60% return, which is significantly higher than EIMAX's 1.63% return. Over the past 10 years, EILIX has outperformed EIMAX with an annualized return of 6.47%, while EIMAX has yielded a comparatively lower 1.58% annualized return.

EILIX

• 1D: 0.00%
• 1M: 1.04%
• YTD: 4.60%
• 6M: 6.23%
• 1Y: 6.77%
• 3Y*: 8.10%
• 5Y*: 0.95%
• 10Y*: 6.47%

EIMAX

• 1D: 0.13%
• 1M: 0.81%
• YTD: 1.63%
• 6M: 2.07%
• 1Y: 7.55%
• 3Y*: 3.32%
• 5Y*: 0.40%
• 10Y*: 1.58%

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

EILIX vs. EIMAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EILIX Eaton Vance International Small-Cap Fund	4.60%	16.07%	-1.94%	11.91%	-25.03%	14.05%	13.31%	24.53%	-15.17%	37.21%
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 EILIX and EIMAX is 0.24, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.24
Correlation (3Y) Calculated over the trailing 3-year period	0.22
Correlation (5Y) Calculated over the trailing 5-year period	0.20
Correlation (10Y) Calculated over the trailing 10-year period	0.07
Correlation (All Time) Calculated using the full available price history since Jan 5, 2016	0.07

The correlation between EILIX and EIMAX shifts across timeframes, from 0.07 (all time) to 0.24 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

EILIX vs. EIMAX — Risk / Return Rank

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

EILIX

EILIX Risk / Return Rank: 8
EILIX Sharpe Ratio Rank: 8
EILIX Sortino Ratio Rank: 8
EILIX Omega Ratio Rank: 8
EILIX Calmar Ratio Rank: 7
EILIX Martin Ratio Rank: 8

EIMAX

EIMAX Risk / Return Rank: 70
EIMAX Sharpe Ratio Rank: 77
EIMAX Sortino Ratio Rank: 87
EIMAX Omega Ratio Rank: 91
EIMAX Calmar Ratio Rank: 49
EIMAX Martin Ratio Rank: 43

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.

EILIX vs. EIMAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Eaton Vance International Small-Cap Fund (EILIX) 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.

	EILIX	EIMAX	Difference
Sharpe ratio Return per unit of total volatility	0.63	2.55	-1.92
Sortino ratio Return per unit of downside risk	0.98	4.15	-3.17
Omega ratio Gain probability vs. loss probability	1.12	1.66	-0.54
Calmar ratio Return relative to maximum drawdown	0.66	2.68	-2.02
Martin ratio Return relative to average drawdown	2.31	9.13	-6.82
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

EILIX vs. EIMAX - Sharpe Ratio Comparison

The current EILIX Sharpe Ratio is 0.63, which is lower than the EIMAX Sharpe Ratio of 2.55. The chart below compares the historical Sharpe Ratios of EILIX 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.

Sharpe Ratios by Period

	EILIX	EIMAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.63	2.55	-1.92
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.06	0.09	-0.04
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.39	0.38	+0.01
Sharpe Ratio (All Time) Calculated using the full available price history	0.39	0.57	-0.18

Drawdowns

EILIX vs. EIMAX - Drawdown Comparison

The maximum EILIX drawdown since its inception was -39.98%, which is greater than EIMAX's maximum drawdown of -29.25%. Use the drawdown chart below to compare losses from any high point for EILIX and EIMAX.

Drawdown Indicators

	EILIX	EIMAX	Difference
Max Drawdown Largest peak-to-trough decline	-39.98%	-29.25%	-10.73%
Max Drawdown (1Y) Largest decline over 1 year	-13.29%	-2.77%	-10.52%
Max Drawdown (3Y) Largest decline over 3 years	-15.98%	-6.83%	-9.15%
Max Drawdown (5Y) Largest decline over 5 years	-39.98%	-14.67%	-25.31%
Max Drawdown (10Y) Largest decline over 10 years	-39.98%	-14.67%	-25.31%
Current Drawdown Current decline from peak	-6.03%	-0.36%	-5.67%
Average Drawdown Average peak-to-trough decline	-12.12%	-3.91%	-8.21%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.79%	0.81%	+2.98%

Volatility

EILIX vs. EIMAX - Volatility Comparison

Eaton Vance International Small-Cap Fund (EILIX) has a higher volatility of 3.90% compared to Eaton Vance Massachusetts Municipal Income Fund (EIMAX) at 1.12%. This indicates that EILIX's price experiences larger fluctuations and is considered to be riskier than EIMAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EILIX	EIMAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.90%	1.12%	+2.78%
Volatility (6M) Calculated over the trailing 6-month period	11.46%	2.09%	+9.37%
Volatility (1Y) Calculated over the trailing 1-year period	14.02%	2.93%	+11.09%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.09%	4.38%	+12.71%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.75%	4.21%	+12.54%

EILIX vs. EIMAX - Expense Ratio Comparison

EILIX has a 1.11% expense ratio, which is higher than EIMAX's 0.48% expense ratio.

Dividends

EILIX vs. EIMAX - Dividend Comparison

EILIX's dividend yield for the trailing twelve months is around 8.10%, more than EIMAX's 3.60% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EILIX Eaton Vance International Small-Cap Fund	8.10%	8.47%	3.60%	1.73%	1.12%	6.11%	1.03%	1.78%	4.89%	3.49%	2.49%	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 EILIX and EIMAX in my portfolio?

EILIX and EIMAX have a correlation of 0.24, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EILIX or EIMAX?

EILIX has higher volatility (3.90%) compared to EIMAX (1.12%). In terms of maximum drawdown, EILIX dropped -39.98% vs EIMAX's -29.25%.

Which has better risk-adjusted returns?

EIMAX currently has the higher Sharpe Ratio (2.55 vs 0.63), 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.