ETAZX vs. FGNSX

Last updated Aug 1, 2026

ETAZX (Eaton Vance Arizona Municipal Income Fund) and FGNSX (Strategic Advisers Tax-Sensitive Short Duration Fund) are both Municipal Bonds funds. Over the past 5 years, ETAZX returned 0.94%/yr vs 2.09%/yr for FGNSX. Their 0.47 correlation means their historical movements had little consistent relationship. ETAZX charges 0.69%/yr vs 0.07%/yr for FGNSX.

Performance

ETAZX vs. FGNSX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Eaton Vance Arizona Municipal Income Fund (ETAZX) and Strategic Advisers Tax-Sensitive Short Duration Fund (FGNSX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ETAZX achieves a 0.42% return, which is significantly lower than FGNSX's 0.82% 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%

FGNSX

• 1D: 0.00%
• 1M: -0.20%
• 6M: 0.62%
• YTD: 0.82%
• 1Y: 1.90%
• 3Y*: 3.06%
• 5Y*: 2.09%
• 10Y*: —
• ALL TIME*: 1.76%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
ETAZX Eaton Vance Arizona Municipal Income Fund	$0.00	$0.00	$0.00
FGNSX Strategic Advisers Tax-Sensitive Short Duration Fund	$0.00	$0.00	$0.00

ETAZX vs. FGNSX - 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%	0.45%
FGNSX Strategic Advisers Tax-Sensitive Short Duration Fund	0.82%	3.08%	3.47%	3.56%	-0.36%	0.14%	1.04%	2.11%	1.47%	-0.10%

Correlation

The correlation between ETAZX and FGNSX is 0.41, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.42
Correlation (3Y) Balances recent behavior with more history.	0.48
Correlation (5Y) Shows whether the relationship held over a longer period.	0.51
Correlation (All Time) Calculated using the full available price history since Dec 28, 2017	0.48

The correlation between ETAZX and FGNSX has been stable across timeframes, ranging from 0.41 to 0.51 - a consistent structural relationship.

Return for Risk

ETAZX vs. FGNSX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

ETAZX

ETAZX Risk / Return Rank: 77
ETAZX Sharpe Ratio Rank: 89
ETAZX Sortino Ratio Rank: 89
ETAZX Omega Ratio Rank: 92
ETAZX Calmar Ratio Rank: 63
ETAZX Martin Ratio Rank: 51

FGNSX

FGNSX Risk / Return Rank: 97
FGNSX Sharpe Ratio Rank: 94
FGNSX Sortino Ratio Rank: 98
FGNSX Omega Ratio Rank: 99
FGNSX Calmar Ratio Rank: 97
FGNSX Martin Ratio Rank: 98

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

ETAZX vs. FGNSX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Eaton Vance Arizona Municipal Income Fund (ETAZX) and Strategic Advisers Tax-Sensitive Short Duration Fund (FGNSX). 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	FGNSX	Difference
Sharpe ratio: Return per unit of total volatility	2.24	2.47	-0.23
Sortino ratio: Return per unit of downside risk	3.33	5.78	-2.45
Omega ratio: Gain probability vs. loss probability	1.53	2.35	-0.82
Calmar ratio: Return relative to maximum drawdown	2.22	5.03	-2.81
Martin ratio: Return relative to average drawdown	7.29	21.40	-14.10

ETAZX vs. FGNSX - Sharpe Ratio Comparison

The current ETAZX Sharpe Ratio is 2.24, which is comparable to the FGNSX Sharpe Ratio of 2.47. The chart below compares the historical Sharpe Ratios of ETAZX and FGNSX, 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

ETAZX vs. FGNSX - Drawdown Comparison

The maximum ETAZX drawdown since its inception was -21.54%, which is greater than FGNSX's maximum drawdown of -2.35%. Use the drawdown chart below to compare losses from any high point for ETAZX and FGNSX.

Drawdown Indicators

	ETAZX	FGNSX	Difference
Max Drawdown Largest peak-to-trough decline	-21.54%	-2.35%	-19.19%
Max Drawdown (1Y) Largest decline over 1 year	-3.16%	-0.50%	-2.66%
Max Drawdown (3Y) Largest decline over 3 years	-5.37%	-2.35%	-3.02%
Max Drawdown (5Y) Largest decline over 5 years	-12.19%	-2.35%	-9.84%
Max Drawdown (10Y) Largest decline over 10 years	-12.19%	—	—
Current Drawdown Current decline from peak	-2.31%	-0.20%	-2.11%
Average Drawdown Average peak-to-trough decline	-2.37%	-0.24%	-2.13%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.96%	0.11%	+0.85%

Volatility

ETAZX vs. FGNSX - Volatility Comparison

Eaton Vance Arizona Municipal Income Fund (ETAZX) has a higher volatility of 1.14% compared to Strategic Advisers Tax-Sensitive Short Duration Fund (FGNSX) at 0.25%. This indicates that ETAZX's price experiences larger fluctuations and is considered to be riskier than FGNSX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ETAZX	FGNSX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.14%	0.25%	+0.89%
Volatility (6M) Calculated over the trailing 6-month period	2.57%	0.68%	+1.89%
Volatility (1Y) Calculated over the trailing 1-year period	3.13%	1.01%	+2.12%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.88%	2.06%	+1.82%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.93%	1.64%	+2.29%

ETAZX vs. FGNSX - Expense Ratio Comparison

ETAZX has a 0.69% expense ratio, which is higher than FGNSX's 0.07% expense ratio.

Dividends

ETAZX vs. FGNSX - Dividend Comparison

ETAZX's dividend yield for the trailing twelve months is around 3.07%, more than FGNSX's 2.08% 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%
FGNSX Strategic Advisers Tax-Sensitive Short Duration Fund	2.08%	2.63%	3.31%	2.57%	0.84%	0.34%	0.83%	1.79%	1.36%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both ETAZX and FGNSX in my portfolio?

ETAZX and FGNSX have a correlation of 0.41, 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 FGNSX?

ETAZX has higher volatility (1.14%) compared to FGNSX (0.25%). In terms of maximum drawdown, ETAZX dropped -21.54% vs FGNSX's -2.35%.

Which has better risk-adjusted returns?

FGNSX currently has the higher Sharpe Ratio (2.47 vs 2.24), 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.