EIPI vs. EVIM

Last updated Jun 23, 2026

EIPI (FT Energy Income Partners Enhanced Income ETF) and EVIM (Eaton Vance Intermediate Municipal Income ETF) are both exchange-traded funds - EIPI is a Derivative Income fund actively managed by First Trust, while EVIM is a Municipal Bonds fund actively managed by Eaton Vance. Both are actively managed. Over the past year, EIPI returned 19.20% vs 7.43% for EVIM. At a 0.02 correlation, their price movements are largely independent. EIPI charges 1.11%/yr vs 0.29%/yr for EVIM.

Performance

EIPI vs. EVIM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in FT Energy Income Partners Enhanced Income ETF (EIPI) and Eaton Vance Intermediate Municipal Income ETF (EVIM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EIPI achieves a 13.00% return, which is significantly higher than EVIM's 1.80% return.

EIPI

• 1D: 0.88%
• 1M: -3.92%
• YTD: 13.00%
• 6M: 14.24%
• 1Y: 19.20%
• 3Y*: —
• 5Y*: —
• 10Y*: —

EVIM

• 1D: 0.00%
• 1M: 1.51%
• YTD: 1.80%
• 6M: 2.05%
• 1Y: 7.43%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

EIPI vs. EVIM - Yearly Performance Comparison

	2026 (YTD)	2025	2024
EIPI FT Energy Income Partners Enhanced Income ETF	13.00%	12.38%	13.14%
EVIM Eaton Vance Intermediate Municipal Income ETF	1.80%	5.85%	2.31%

Correlation

The correlation between EIPI and EVIM is -0.16, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.16
Correlation (All Time) Calculated using the full available price history since May 6, 2024	0.02

The correlation between EIPI and EVIM shifts across timeframes, from -0.16 (1 year) to 0.02 (all time), reflecting how their relationship changes across market environments.

Return for Risk

EIPI vs. EVIM — Risk / Return Rank

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

EIPI

EIPI Risk / Return Rank: 67
EIPI Sharpe Ratio Rank: 63
EIPI Sortino Ratio Rank: 67
EIPI Omega Ratio Rank: 56
EIPI Calmar Ratio Rank: 80
EIPI Martin Ratio Rank: 72

EVIM

EVIM Risk / Return Rank: 74
EVIM Sharpe Ratio Rank: 86
EVIM Sortino Ratio Rank: 91
EVIM Omega Ratio Rank: 94
EVIM Calmar Ratio Rank: 51
EVIM Martin Ratio Rank: 48

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.

EIPI vs. EVIM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for FT Energy Income Partners Enhanced Income ETF (EIPI) and Eaton Vance Intermediate Municipal Income ETF (EVIM). 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.

	EIPI	EVIM	Difference
Sharpe ratio: Return per unit of total volatility	2.01	2.70	-0.69
Sortino ratio: Return per unit of downside risk	2.95	4.06	-1.10
Omega ratio: Gain probability vs. loss probability	1.34	1.64	-0.30
Calmar ratio: Return relative to maximum drawdown	4.04	2.45	+1.59
Martin ratio: Return relative to average drawdown	12.86	7.78	+5.08

EIPI vs. EVIM - Sharpe Ratio Comparison

The current EIPI Sharpe Ratio is 2.01, which is comparable to the EVIM Sharpe Ratio of 2.70. The chart below compares the historical Sharpe Ratios of EIPI and EVIM, 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

EIPI vs. EVIM - Drawdown Comparison

The maximum EIPI drawdown since its inception was -12.33%, which is greater than EVIM's maximum drawdown of -4.23%. Use the drawdown chart below to compare losses from any high point for EIPI and EVIM.

Drawdown Indicators

	EIPI	EVIM	Difference
Max Drawdown Largest peak-to-trough decline	-12.33%	-4.23%	-8.10%
Max Drawdown (1Y) Largest decline over 1 year	-4.77%	-3.05%	-1.72%
Current Drawdown Current decline from peak	-3.94%	-0.59%	-3.35%
Average Drawdown Average peak-to-trough decline	-1.70%	-0.88%	-0.82%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.50%	0.96%	+0.54%

Volatility

EIPI vs. EVIM - Volatility Comparison

FT Energy Income Partners Enhanced Income ETF (EIPI) has a higher volatility of 3.22% compared to Eaton Vance Intermediate Municipal Income ETF (EVIM) at 0.70%. This indicates that EIPI's price experiences larger fluctuations and is considered to be riskier than EVIM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EIPI	EVIM	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.22%	0.70%	+2.52%
Volatility (6M) Calculated over the trailing 6-month period	7.35%	1.98%	+5.37%
Volatility (1Y) Calculated over the trailing 1-year period	9.63%	2.77%	+6.86%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.01%	3.83%	+9.18%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.01%	3.83%	+9.18%

EIPI vs. EVIM - Expense Ratio Comparison

EIPI has a 1.11% expense ratio, which is higher than EVIM's 0.29% expense ratio.

Dividends

EIPI vs. EVIM - Dividend Comparison

EIPI's dividend yield for the trailing twelve months is around 6.87%, more than EVIM's 3.53% yield.

Position	TTM	2025	2024	2023
EIPI FT Energy Income Partners Enhanced Income ETF	6.87%	9.71%	6.31%	0.00%
EVIM Eaton Vance Intermediate Municipal Income ETF	3.53%	3.58%	3.56%	0.78%

Frequently Asked Questions

Can I hold both EIPI and EVIM in my portfolio?

EIPI and EVIM have a correlation of -0.16, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EIPI or EVIM?

EIPI has higher volatility (3.22%) compared to EVIM (0.70%). In terms of maximum drawdown, EIPI dropped -12.33% vs EVIM's -4.23%.

Which ETF is better, EIPI or EVIM?

On 1-year performance, EIPI leads with 19.20% vs 7.43% for EVIM. On fees, EVIM is cheaper at 0.29% per year. On volatility, EVIM has been the lower-risk option at 0.70%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EIPI or EVIM?

Over the 1-year period, EIPI has performed better with a 19.20% return vs 7.43%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EIPI or EVIM?

EVIM is cheaper with a 0.29% expense ratio, compared with 1.11% for EIPI.

Which ETF pays a higher dividend yield, EIPI or EVIM?

EIPI has the higher dividend yield at 6.87%, compared with 3.53% for EVIM.

What is the main difference between EIPI and EVIM?

EIPI is categorized as Derivative Income, while EVIM is Municipal Bonds. They also come from different issuers: First Trust and Eaton Vance. Their fees differ too: 1.11% for EIPI and 0.29% for EVIM.

Which has better risk-adjusted returns?

EVIM currently has the higher Sharpe Ratio (2.70 vs 2.01), 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.