ETAZX vs. EISMX

Last updated Jun 3, 2026

ETAZX (Eaton Vance Arizona Municipal Income Fund) and EISMX (Eaton Vance Atlanta Capital SMID-Cap Fund) are both mutual funds - ETAZX is a Municipal Bonds fund managed by Eaton Vance, while EISMX is a Mid Cap Growth Equities fund managed by Eaton Vance. Over the past 10 years, ETAZX returned 2.22%/yr vs 9.64%/yr for EISMX. At a correlation of -0.06, they often move in opposite directions. ETAZX charges 0.69%/yr vs 0.88%/yr for EISMX.

Performance

ETAZX vs. EISMX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Eaton Vance Arizona Municipal Income Fund (ETAZX) and Eaton Vance Atlanta Capital SMID-Cap Fund (EISMX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ETAZX achieves a 1.72% return, which is significantly higher than EISMX's -1.95% return. Over the past 10 years, ETAZX has underperformed EISMX with an annualized return of 2.22%, while EISMX has yielded a comparatively higher 9.64% annualized return.

ETAZX

• 1D: -0.11%
• 1M: 0.51%
• YTD: 1.72%
• 6M: 2.22%
• 1Y: 8.41%
• 3Y*: 4.47%
• 5Y*: 1.36%
• 10Y*: 2.22%

EISMX

• 1D: -0.39%
• 1M: 0.78%
• YTD: -1.95%
• 6M: -2.21%
• 1Y: -4.49%
• 3Y*: 7.21%
• 5Y*: 3.85%
• 10Y*: 9.64%

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

ETAZX vs. EISMX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ETAZX Eaton Vance Arizona Municipal Income Fund	1.72%	5.02%	2.42%	5.89%	-7.95%	0.66%	4.71%	6.80%	0.87%	4.88%
EISMX Eaton Vance Atlanta Capital SMID-Cap Fund	-1.95%	-5.66%	17.64%	14.01%	-8.77%	22.02%	11.31%	34.37%	-5.55%	24.71%

Correlation

The correlation between ETAZX and EISMX is 0.15, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.15
Correlation (3Y) Calculated over the trailing 3-year period	0.13
Correlation (5Y) Calculated over the trailing 5-year period	0.10
Correlation (10Y) Calculated over the trailing 10-year period	0.02
Correlation (All Time) Calculated using the full available price history since May 1, 2002	-0.06

The correlation between ETAZX and EISMX shifts across timeframes, from -0.06 (all time) to 0.15 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

ETAZX vs. EISMX — Risk / Return Rank

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

ETAZX

ETAZX Risk / Return Rank: 70
ETAZX Sharpe Ratio Rank: 84
ETAZX Sortino Ratio Rank: 88
ETAZX Omega Ratio Rank: 91
ETAZX Calmar Ratio Rank: 46
ETAZX Martin Ratio Rank: 42

EISMX

EISMX Risk / Return Rank: 2
EISMX Sharpe Ratio Rank: 2
EISMX Sortino Ratio Rank: 2
EISMX Omega Ratio Rank: 2
EISMX Calmar Ratio Rank: 2
EISMX Martin Ratio Rank: 2

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.

ETAZX vs. EISMX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Eaton Vance Arizona Municipal Income Fund (ETAZX) and Eaton Vance Atlanta Capital SMID-Cap Fund (EISMX). 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.

	ETAZX	EISMX	Difference
Sharpe ratio Return per unit of total volatility	2.69	-0.24	+2.93
Sortino ratio Return per unit of downside risk	4.21	-0.24	+4.45
Omega ratio Gain probability vs. loss probability	1.66	0.97	+0.69
Calmar ratio Return relative to maximum drawdown	2.60	-0.25	+2.85
Martin ratio Return relative to average drawdown	9.02	-0.48	+9.50
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ETAZX vs. EISMX - Sharpe Ratio Comparison

The current ETAZX Sharpe Ratio is 2.69, which is higher than the EISMX Sharpe Ratio of -0.24. The chart below compares the historical Sharpe Ratios of ETAZX and EISMX, 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

	ETAZX	EISMX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.69	-0.24	+2.93
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.36	0.23	+0.13
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.57	0.51	+0.06
Sharpe Ratio (All Time) Calculated using the full available price history	0.79	0.53	+0.26

Drawdowns

ETAZX vs. EISMX - Drawdown Comparison

The maximum ETAZX drawdown since its inception was -21.54%, smaller than the maximum EISMX drawdown of -45.32%. Use the drawdown chart below to compare losses from any high point for ETAZX and EISMX.

Drawdown Indicators

	ETAZX	EISMX	Difference
Max Drawdown Largest peak-to-trough decline	-21.54%	-45.32%	+23.78%
Max Drawdown (1Y) Largest decline over 1 year	-3.16%	-14.66%	+11.50%
Max Drawdown (3Y) Largest decline over 3 years	-5.58%	-19.39%	+13.81%
Max Drawdown (5Y) Largest decline over 5 years	-12.19%	-19.81%	+7.62%
Max Drawdown (10Y) Largest decline over 10 years	-12.19%	-39.95%	+27.76%
Current Drawdown Current decline from peak	-0.70%	-12.84%	+12.14%
Average Drawdown Average peak-to-trough decline	-2.38%	-5.83%	+3.45%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.91%	7.44%	-6.53%

Volatility

ETAZX vs. EISMX - Volatility Comparison

The current volatility for Eaton Vance Arizona Municipal Income Fund (ETAZX) is 1.18%, while Eaton Vance Atlanta Capital SMID-Cap Fund (EISMX) has a volatility of 3.90%. This indicates that ETAZX experiences smaller price fluctuations and is considered to be less risky than EISMX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ETAZX	EISMX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.18%	3.90%	-2.72%
Volatility (6M) Calculated over the trailing 6-month period	2.29%	11.10%	-8.81%
Volatility (1Y) Calculated over the trailing 1-year period	3.01%	15.31%	-12.30%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.84%	17.11%	-13.27%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.91%	18.86%	-14.95%

ETAZX vs. EISMX - Expense Ratio Comparison

ETAZX has a 0.69% expense ratio, which is lower than EISMX's 0.88% expense ratio.

Dividends

ETAZX vs. EISMX - Dividend Comparison

ETAZX's dividend yield for the trailing twelve months is around 3.27%, less than EISMX's 6.55% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EISMX Eaton Vance Atlanta Capital SMID-Cap Fund	6.55%	6.43%	7.26%	2.78%	10.37%	10.49%	9.80%	6.52%	7.20%	3.30%	3.58%	6.70%
ETAZX Eaton Vance Arizona Municipal Income Fund	3.27%	4.02%	3.74%	2.84%	2.41%	1.98%	2.63%	3.00%	2.97%	2.95%	3.19%	3.75%

Frequently Asked Questions

Can I hold both ETAZX and EISMX in my portfolio?

ETAZX and EISMX have a correlation of 0.15, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ETAZX or EISMX?

EISMX has higher volatility (3.90%) compared to ETAZX (1.18%). In terms of maximum drawdown, ETAZX dropped -21.54% vs EISMX's -45.32%.

Which has better risk-adjusted returns?

ETAZX currently has the higher Sharpe Ratio (2.69 vs -0.23), 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.