ETAZX vs. EXG
ETAZX (Eaton Vance Arizona Municipal Income Fund) and EXG (Eaton Vance Tax-Managed Global Diversified Equity Income Fund) are both mutual funds - ETAZX is a Municipal Bonds fund managed by Eaton Vance, while EXG is a Dividend fund actively managed by Eaton Vance. Over the past 10 years, ETAZX returned 1.96%/yr vs 11.08%/yr for EXG. Their 0.03 correlation means their historical movements had little consistent relationship. ETAZX charges 0.69%/yr vs 1.07%/yr for EXG.
Performance
ETAZX vs. EXG - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, ETAZX achieves a 0.42% return, which is significantly lower than EXG's 7.73% return. Over the past 10 years, ETAZX has underperformed EXG with an annualized return of 1.96%, while EXG has yielded a comparatively higher 11.08% annualized return.
ETAZX
- 1D
- -0.34%
- 1M
- -2.31%
- 6M
- -0.40%
- YTD
- 0.42%
- 1Y
- 6.07%
- 3Y*
- 3.81%
- 5Y*
- 0.94%
- 10Y*
- 1.96%
- ALL TIME*
- 3.76%
EXG
- 1D
- 0.72%
- 1M
- 0.57%
- 6M
- 5.23%
- YTD
- 7.73%
- 1Y
- 24.51%
- 3Y*
- 16.89%
- 5Y*
- 8.42%
- 10Y*
- 11.08%
- ALL TIME*
- 7.20%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $3.71M | $3.67M | $4.14M |
ETAZX vs. EXG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ETAZX Eaton Vance Arizona Municipal Income Fund | 0.42% | 5.02% | 2.42% | 5.89% | -7.95% | 0.66% | 4.71% | 6.80% | 0.87% | 4.88% |
EXG Eaton Vance Tax-Managed Global Diversified Equity Income Fund | 7.73% | 27.79% | 16.04% | 11.46% | -22.24% | 31.53% | 10.19% | 28.71% | -12.09% | 29.58% |
Correlation
The correlation between ETAZX and EXG is 0.29, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.29 |
Correlation (3Y) Balances recent behavior with more history. | 0.21 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.19 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.11 |
Correlation (All Time) Calculated using the full available price history since Apr 23, 2007 | 0.03 |
Over the past year, ETAZX and EXG have become more correlated (0.29) than their long-term average of 0.03, meaning their price movements have been converging.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
ETAZX vs. EXG — Risk / Return Rank
ETAZX
EXG
ETAZX vs. EXG - 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 Tax-Managed Global Diversified Equity Income Fund (EXG). 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.
| ETAZX | EXG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.70 | ||
| Sortino ratioReturn per unit of downside risk | +1.10 | ||
| Omega ratioGain probability vs. loss probability | 1.53 | 1.27 | +0.25 |
| Calmar ratioReturn relative to maximum drawdown | 2.22 | 1.52 | +0.69 |
| Martin ratioReturn relative to average drawdown | 7.29 | 6.93 | +0.36 |
Loading charts...
Drawdowns
ETAZX vs. EXG - Drawdown Comparison
The maximum ETAZX drawdown since its inception was -21.54%, smaller than the maximum EXG drawdown of -58.45%. Use the drawdown chart below to compare losses from any high point for ETAZX and EXG.
Loading charts...
Drawdown Indicators
| ETAZX | EXG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -21.54% | -58.45% | +36.91% |
Max Drawdown (1Y)Largest decline over 1 year | -3.16% | -14.28% | +11.12% |
Max Drawdown (3Y)Largest decline over 3 years | -5.37% | -15.12% | +9.75% |
Max Drawdown (5Y)Largest decline over 5 years | -12.19% | -27.82% | +15.63% |
Max Drawdown (10Y)Largest decline over 10 years | -12.19% | -45.36% | +33.17% |
Current DrawdownCurrent decline from peak | -2.31% | -0.10% | -2.21% |
Average DrawdownAverage peak-to-trough decline | -2.37% | -9.55% | +7.18% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.96% | 3.14% | -2.18% |
Volatility
ETAZX vs. EXG - Volatility Comparison
The current volatility for Eaton Vance Arizona Municipal Income Fund (ETAZX) is 1.14%, while Eaton Vance Tax-Managed Global Diversified Equity Income Fund (EXG) has a volatility of 3.59%. This indicates that ETAZX experiences smaller price fluctuations and is considered to be less risky than EXG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| ETAZX | EXG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.14% | 3.59% | -2.45% |
Volatility (6M)Calculated over the trailing 6-month period | 2.57% | 11.78% | -9.21% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.13% | 14.20% | -11.07% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.88% | 17.57% | -13.69% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.93% | 19.93% | -16.00% |
ETAZX vs. EXG - Expense Ratio Comparison
ETAZX has a 0.69% expense ratio, which is lower than EXG's 1.07% expense ratio.
Dividends
ETAZX vs. EXG - Dividend Comparison
ETAZX's dividend yield for the trailing twelve months is around 3.07%, less than EXG's 8.06% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ETAZX Eaton Vance Arizona Municipal Income Fund | 3.07% | 4.02% | 3.74% | 2.84% | 2.41% | 1.98% | 2.63% | 3.00% | 2.97% | 2.95% | 3.19% | 3.75% |
EXG Eaton Vance Tax-Managed Global Diversified Equity Income Fund | 8.06% | 8.27% | 9.27% | 8.60% | 10.59% | 7.27% | 8.43% | 8.42% | 12.23% | 9.84% | 12.16% | 11.02% |
Frequently Asked Questions
ETAZX and EXG have a correlation of 0.29, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
EXG has higher volatility (3.59%) compared to ETAZX (1.14%). In terms of maximum drawdown, ETAZX dropped -21.54% vs EXG's -58.45%.
ETAZX currently has the higher Sharpe Ratio (2.24 vs 1.53), 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.
Find the right allocation for ETAZX and EXG
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer