EOT vs. NEA

Last updated Jun 4, 2026

EOT (Eaton Vance National Municipal Opportunities Trust) and NEA (Nuveen AMT-Free Quality Municipal Income Fund) are both stocks. Both operate in the Asset Management industry within the Financial Services sector. Over the past 10 years, EOT returned 1.58%/yr vs 2.97%/yr for NEA. At a 0.38 correlation, their price movements are largely independent.

Performance

EOT vs. NEA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Eaton Vance National Municipal Opportunities Trust (EOT) and Nuveen AMT-Free Quality Municipal Income Fund (NEA). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EOT achieves a 1.57% return, which is significantly lower than NEA's 1.73% return. Over the past 10 years, EOT has underperformed NEA with an annualized return of 1.58%, while NEA has yielded a comparatively higher 2.97% annualized return.

EOT

• 1D: -0.47%
• 1M: -0.31%
• YTD: 1.57%
• 6M: 4.27%
• 1Y: 9.28%
• 3Y*: 3.21%
• 5Y*: -1.42%
• 10Y*: 1.58%

NEA

• 1D: -0.61%
• 1M: 3.38%
• YTD: 1.73%
• 6M: 2.95%
• 1Y: 14.66%
• 3Y*: 9.40%
• 5Y*: -0.08%
• 10Y*: 2.97%

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

EOT vs. NEA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EOT Eaton Vance National Municipal Opportunities Trust	1.57%	7.97%	1.90%	7.67%	-22.32%	11.41%	-1.56%	21.98%	-12.85%	14.10%
NEA Nuveen AMT-Free Quality Municipal Income Fund	1.73%	11.31%	9.50%	0.75%	-23.32%	8.16%	10.07%	22.42%	-5.72%	8.77%

Correlation

The correlation between EOT and NEA is 0.43, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.43
Correlation (3Y) Calculated over the trailing 3-year period	0.53
Correlation (5Y) Calculated over the trailing 5-year period	0.43
Correlation (10Y) Calculated over the trailing 10-year period	0.38
Correlation (All Time) Calculated using the full available price history since May 28, 2009	0.38

The correlation between EOT and NEA shifts across timeframes, from 0.38 (10 years) to 0.53 (3 years), reflecting how their relationship changes across market environments.

Fundamentals

EPS EOT : $1.69 NEA : $2.18
PE Ratio EOT : 9.99 NEA : 5.26
PEG Ratio EOT : 0.10 NEA : 0.02
PS Ratio EOT : 10.02 NEA : 4.17
Total Revenue (TTM) EOT : $26.26M NEA : $824.80M
Gross Profit (TTM) EOT : $13.95M NEA : $779.17M
EBITDA (TTM) EOT : $39.10M NEA : $732.48M

Return for Risk

EOT vs. NEA — Risk / Return Rank

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

EOT

EOT Risk / Return Rank: 67
EOT Sharpe Ratio Rank: 70
EOT Sortino Ratio Rank: 66
EOT Omega Ratio Rank: 63
EOT Calmar Ratio Rank: 66
EOT Martin Ratio Rank: 72

NEA

NEA Risk / Return Rank: 78
NEA Sharpe Ratio Rank: 79
NEA Sortino Ratio Rank: 76
NEA Omega Ratio Rank: 76
NEA Calmar Ratio Rank: 74
NEA Martin Ratio Rank: 83

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.

EOT vs. NEA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Eaton Vance National Municipal Opportunities Trust (EOT) and Nuveen AMT-Free Quality Municipal Income Fund (NEA). 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.

	EOT	NEA	Difference
Sharpe ratio Return per unit of total volatility	0.95	1.39	-0.44
Sortino ratio Return per unit of downside risk	1.53	2.08	-0.55
Omega ratio Gain probability vs. loss probability	1.18	1.28	-0.09
Calmar ratio Return relative to maximum drawdown	1.28	2.02	-0.75
Martin ratio Return relative to average drawdown	4.11	8.11	-4.00
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

EOT vs. NEA - Sharpe Ratio Comparison

The current EOT Sharpe Ratio is 0.95, which is lower than the NEA Sharpe Ratio of 1.39. The chart below compares the historical Sharpe Ratios of EOT and NEA, 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

	EOT	NEA	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.95	1.39	-0.44
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.10	-0.01	-0.10
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.11	0.25	-0.15
Sharpe Ratio (All Time) Calculated using the full available price history	0.30	0.32	-0.01

Drawdowns

EOT vs. NEA - Drawdown Comparison

The maximum EOT drawdown since its inception was -33.25%, smaller than the maximum NEA drawdown of -43.83%. Use the drawdown chart below to compare losses from any high point for EOT and NEA.

Drawdown Indicators

	EOT	NEA	Difference
Max Drawdown Largest peak-to-trough decline	-33.25%	-43.83%	+10.58%
Max Drawdown (1Y) Largest decline over 1 year	-7.30%	-7.27%	-0.03%
Max Drawdown (3Y) Largest decline over 3 years	-16.07%	-15.16%	-0.91%
Max Drawdown (5Y) Largest decline over 5 years	-33.25%	-36.57%	+3.32%
Max Drawdown (10Y) Largest decline over 10 years	-33.25%	-36.57%	+3.32%
Current Drawdown Current decline from peak	-13.82%	-5.41%	-8.41%
Average Drawdown Average peak-to-trough decline	-10.73%	-8.01%	-2.72%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.26%	1.81%	+0.45%

Volatility

EOT vs. NEA - Volatility Comparison

The current volatility for Eaton Vance National Municipal Opportunities Trust (EOT) is 3.12%, while Nuveen AMT-Free Quality Municipal Income Fund (NEA) has a volatility of 3.80%. This indicates that EOT experiences smaller price fluctuations and is considered to be less risky than NEA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EOT	NEA	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.12%	3.80%	-0.68%
Volatility (6M) Calculated over the trailing 6-month period	8.51%	8.50%	+0.01%
Volatility (1Y) Calculated over the trailing 1-year period	9.81%	10.59%	-0.78%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.82%	11.49%	+2.33%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.75%	11.81%	+2.94%

Dividends

EOT vs. NEA - Dividend Comparison

EOT's dividend yield for the trailing twelve months is around 4.87%, less than NEA's 7.23% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EOT Eaton Vance National Municipal Opportunities Trust	4.87%	4.85%	4.77%	4.43%	4.56%	3.44%	3.80%	4.73%	6.13%	5.12%	5.97%	4.83%
NEA Nuveen AMT-Free Quality Municipal Income Fund	7.23%	7.36%	6.63%	3.95%	5.49%	4.50%	4.45%	4.46%	5.40%	5.33%	5.70%	5.71%

Financials

Frequently Asked Questions

Can I hold both EOT and NEA in my portfolio?

EOT and NEA have a correlation of 0.43, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EOT or NEA?

NEA has higher volatility (3.80%) compared to EOT (3.12%). In terms of maximum drawdown, EOT dropped -33.25% vs NEA's -43.83%.

Which has better risk-adjusted returns?

NEA currently has the higher Sharpe Ratio (1.39 vs 0.95), 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.