ETB vs. EIMAX
ETB (Eaton Vance Tax-Managed Buy-Write Income Fund) and EIMAX (Eaton Vance Massachusetts Municipal Income Fund) are both mutual funds - ETB is a Options Trading fund managed by Eaton Vance, while EIMAX is a Municipal Bonds fund managed by Eaton Vance. Over the past 10 years, ETB returned 8.43%/yr vs 1.46%/yr for EIMAX. At a correlation of -0.01, they often move in opposite directions. ETB charges 0.01%/yr vs 0.48%/yr for EIMAX.
Performance
ETB vs. EIMAX - Performance Comparison
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Returns By Period
In the year-to-date period, ETB achieves a 4.53% return, which is significantly higher than EIMAX's 1.63% return. Over the past 10 years, ETB has outperformed EIMAX with an annualized return of 8.43%, while EIMAX has yielded a comparatively lower 1.46% annualized return.
ETB
- 1D
- -0.13%
- 1M
- 0.24%
- YTD
- 4.53%
- 6M
- 4.46%
- 1Y
- 18.98%
- 3Y*
- 13.93%
- 5Y*
- 7.17%
- 10Y*
- 8.43%
EIMAX
- 1D
- -0.13%
- 1M
- 1.60%
- YTD
- 1.63%
- 6M
- 2.07%
- 1Y
- 6.84%
- 3Y*
- 3.24%
- 5Y*
- 0.38%
- 10Y*
- 1.46%
ETB vs. EIMAX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ETB Eaton Vance Tax-Managed Buy-Write Income Fund | 4.53% | 11.16% | 26.22% | 7.50% | -16.59% | 23.68% | 0.43% | 32.40% | -12.75% | 9.52% |
EIMAX Eaton Vance Massachusetts Municipal Income Fund | 1.63% | 3.76% | 1.37% | 5.06% | -9.61% | 0.57% | 4.60% | 7.01% | 0.65% | 4.67% |
Correlation
The correlation between ETB and EIMAX is 0.13, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.13 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.13 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.11 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.04 |
Correlation (All Time) Calculated using the full available price history since Apr 27, 2005 | -0.01 |
The correlation between ETB and EIMAX shifts across timeframes, from -0.01 (all time) to 0.13 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
ETB vs. EIMAX — Risk / Return Rank
ETB
EIMAX
ETB vs. EIMAX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Eaton Vance Tax-Managed Buy-Write Income Fund (ETB) and Eaton Vance Massachusetts Municipal Income Fund (EIMAX). 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.
| ETB | EIMAX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.77 | ||
| Sortino ratioReturn per unit of downside risk | -1.54 | ||
| Omega ratioGain probability vs. loss probability | 1.31 | 1.63 | -0.33 |
| Calmar ratioReturn relative to maximum drawdown | 2.08 | 2.53 | -0.45 |
| Martin ratioReturn relative to average drawdown | 10.59 | 8.55 | +2.04 |
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Drawdowns
ETB vs. EIMAX - Drawdown Comparison
The maximum ETB drawdown since its inception was -51.09%, which is greater than EIMAX's maximum drawdown of -29.25%. Use the drawdown chart below to compare losses from any high point for ETB and EIMAX.
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Drawdown Indicators
| ETB | EIMAX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -51.09% | -29.25% | -21.84% |
Max Drawdown (1Y)Largest decline over 1 year | -9.16% | -2.77% | -6.39% |
Max Drawdown (3Y)Largest decline over 3 years | -20.09% | -6.83% | -13.26% |
Max Drawdown (5Y)Largest decline over 5 years | -23.43% | -14.67% | -8.76% |
Max Drawdown (10Y)Largest decline over 10 years | -45.08% | -14.67% | -30.41% |
Current DrawdownCurrent decline from peak | -1.17% | -0.36% | -0.81% |
Average DrawdownAverage peak-to-trough decline | -6.70% | -3.90% | -2.80% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.80% | 0.82% | +0.98% |
Volatility
ETB vs. EIMAX - Volatility Comparison
Eaton Vance Tax-Managed Buy-Write Income Fund (ETB) has a higher volatility of 3.14% compared to Eaton Vance Massachusetts Municipal Income Fund (EIMAX) at 0.83%. This indicates that ETB's price experiences larger fluctuations and is considered to be riskier than EIMAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ETB | EIMAX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.14% | 0.83% | +2.31% |
Volatility (6M)Calculated over the trailing 6-month period | 9.40% | 2.09% | +7.31% |
Volatility (1Y)Calculated over the trailing 1-year period | 11.41% | 2.88% | +8.53% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.28% | 4.38% | +11.90% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.98% | 4.21% | +13.77% |
ETB vs. EIMAX - Expense Ratio Comparison
ETB has a 0.01% expense ratio, which is lower than EIMAX's 0.48% expense ratio.
Dividends
ETB vs. EIMAX - Dividend Comparison
ETB's dividend yield for the trailing twelve months is around 8.29%, more than EIMAX's 3.60% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EIMAX Eaton Vance Massachusetts Municipal Income Fund | 3.60% | 4.52% | 4.15% | 2.39% | 2.62% | 2.01% | 2.58% | 3.46% | 3.27% | 3.41% | 3.65% | 3.70% |
ETB Eaton Vance Tax-Managed Buy-Write Income Fund | 8.29% | 8.31% | 8.21% | 8.62% | 9.63% | 7.57% | 8.64% | 7.90% | 9.64% | 7.75% | 7.85% | 7.77% |
Frequently Asked Questions
ETB and EIMAX have a correlation of 0.13, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ETB has higher volatility (3.14%) compared to EIMAX (0.83%). In terms of maximum drawdown, ETB dropped -51.09% vs EIMAX's -29.25%.
EIMAX currently has the higher Sharpe Ratio (2.44 vs 1.67), 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.
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