ETCTX vs. FSMUX

Last updated Jul 2, 2026

ETCTX (Eaton Vance Connecticut Municipal Income Fund) and FSMUX (Strategic Advisers Municipal Bond Fund) are both Municipal Bonds funds. Over the past 5 years, ETCTX returned 1.77%/yr vs 0.67%/yr for FSMUX. Their correlation of 0.85 suggests significant overlap in exposure. ETCTX charges 0.69%/yr vs 0.06%/yr for FSMUX.

Performance

ETCTX vs. FSMUX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Eaton Vance Connecticut Municipal Income Fund (ETCTX) and Strategic Advisers Municipal Bond Fund (FSMUX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with ETCTX having a 2.37% return and FSMUX slightly lower at 2.26%.

ETCTX

• 1D: 0.27%
• 1M: 0.79%
• YTD: 2.37%
• 6M: 2.37%
• 1Y: 8.11%
• 3Y*: 4.91%
• 5Y*: 1.77%
• 10Y*: 2.19%

FSMUX

• 1D: 0.33%
• 1M: 1.00%
• YTD: 2.26%
• 6M: 2.26%
• 1Y: 6.80%
• 3Y*: 3.95%
• 5Y*: 0.67%
• 10Y*: —

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

ETCTX vs. FSMUX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
ETCTX Eaton Vance Connecticut Municipal Income Fund	2.37%	6.47%	2.09%	5.82%	-7.46%	-0.02%
FSMUX Strategic Advisers Municipal Bond Fund	2.26%	3.14%	2.99%	6.78%	-11.25%	0.39%

Correlation

The correlation between ETCTX and FSMUX is 0.72, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.72
Correlation (3Y) Calculated over the trailing 3-year period	0.81
Correlation (5Y) Calculated over the trailing 5-year period	0.85
Correlation (All Time) Calculated using the full available price history since Jun 17, 2021	0.85

The correlation between ETCTX and FSMUX shifts across timeframes, from 0.72 (1 year) to 0.85 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

ETCTX vs. FSMUX — Risk / Return Rank

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

ETCTX

ETCTX Risk / Return Rank: 85
ETCTX Sharpe Ratio Rank: 96
ETCTX Sortino Ratio Rank: 95
ETCTX Omega Ratio Rank: 96
ETCTX Calmar Ratio Rank: 75
ETCTX Martin Ratio Rank: 64

FSMUX

FSMUX Risk / Return Rank: 86
FSMUX Sharpe Ratio Rank: 91
FSMUX Sortino Ratio Rank: 95
FSMUX Omega Ratio Rank: 94
FSMUX Calmar Ratio Rank: 77
FSMUX Martin Ratio Rank: 71

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.

ETCTX vs. FSMUX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Eaton Vance Connecticut Municipal Income Fund (ETCTX) and Strategic Advisers Municipal Bond Fund (FSMUX). 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.

	ETCTX	FSMUX	Difference
Sharpe ratio: Return per unit of total volatility	2.96	2.60	+0.36
Sortino ratio: Return per unit of downside risk	4.56	4.47	+0.09
Omega ratio: Gain probability vs. loss probability	1.77	1.69	+0.08
Calmar ratio: Return relative to maximum drawdown	2.88	2.98	-0.10
Martin ratio: Return relative to average drawdown	10.20	10.97	-0.77

ETCTX vs. FSMUX - Sharpe Ratio Comparison

The current ETCTX Sharpe Ratio is 2.96, which is comparable to the FSMUX Sharpe Ratio of 2.60. The chart below compares the historical Sharpe Ratios of ETCTX and FSMUX, 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

ETCTX vs. FSMUX - Drawdown Comparison

The maximum ETCTX drawdown since its inception was -18.35%, which is greater than FSMUX's maximum drawdown of -16.27%. Use the drawdown chart below to compare losses from any high point for ETCTX and FSMUX.

Drawdown Indicators

	ETCTX	FSMUX	Difference
Max Drawdown Largest peak-to-trough decline	-18.35%	-16.27%	-2.08%
Max Drawdown (1Y) Largest decline over 1 year	-2.87%	-2.68%	-0.19%
Max Drawdown (3Y) Largest decline over 3 years	-5.95%	-5.95%	0.00%
Max Drawdown (5Y) Largest decline over 5 years	-12.65%	-16.27%	+3.62%
Max Drawdown (10Y) Largest decline over 10 years	-12.65%	—	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-1.83%	-5.37%	+3.54%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.81%	0.71%	+0.10%

Volatility

ETCTX vs. FSMUX - Volatility Comparison

Eaton Vance Connecticut Municipal Income Fund (ETCTX) and Strategic Advisers Municipal Bond Fund (FSMUX) have volatilities of 0.50% and 0.50%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ETCTX	FSMUX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.50%	0.50%	0.00%
Volatility (6M) Calculated over the trailing 6-month period	2.15%	2.10%	+0.05%
Volatility (1Y) Calculated over the trailing 1-year period	2.81%	3.09%	-0.28%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.08%	4.63%	-0.55%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.86%	4.61%	-0.75%

ETCTX vs. FSMUX - Expense Ratio Comparison

ETCTX has a 0.69% expense ratio, which is higher than FSMUX's 0.06% expense ratio.

Dividends

ETCTX vs. FSMUX - Dividend Comparison

ETCTX's dividend yield for the trailing twelve months is around 2.99%, which matches FSMUX's 2.98% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ETCTX Eaton Vance Connecticut Municipal Income Fund	2.99%	4.04%	3.57%	2.70%	2.42%	2.22%	2.53%	3.35%	3.13%	3.21%	3.33%	3.43%
FSMUX Strategic Advisers Municipal Bond Fund	2.98%	3.26%	3.74%	3.18%	2.14%	0.99%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both ETCTX and FSMUX in my portfolio?

ETCTX and FSMUX have a correlation of 0.72, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ETCTX or FSMUX?

FSMUX has higher volatility (0.50%) compared to ETCTX (0.50%). In terms of maximum drawdown, ETCTX dropped -18.35% vs FSMUX's -16.27%.

Which has better risk-adjusted returns?

ETCTX currently has the higher Sharpe Ratio (2.96 vs 2.60), 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.