ETEGX vs. ETMGX

Last updated Aug 4, 2026

ETEGX (Eaton Vance Small-Cap Fund) and ETMGX (Eaton Vance Tax-Managed Small-Cap Fund) are both Small Cap Growth Equities funds. Over the past 10 years, ETEGX returned 8.90%/yr vs 8.27%/yr for ETMGX. Their 1.00 correlation means they have historically moved very closely together. ETEGX charges 1.21%/yr vs 1.11%/yr for ETMGX.

Performance

ETEGX vs. ETMGX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Eaton Vance Small-Cap Fund (ETEGX) and Eaton Vance Tax-Managed Small-Cap Fund (ETMGX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

As of year-to-date, both investments have demonstrated similar returns, with ETEGX at 8.76% and ETMGX at 8.76%. Over the past 10 years, ETEGX has outperformed ETMGX with an annualized return of 8.90%, while ETMGX has yielded a comparatively lower 8.27% annualized return.

ETEGX

• 1D: 0.28%
• 1M: -0.21%
• 6M: 3.93%
• YTD: 8.76%
• 1Y: 8.72%
• 3Y*: 5.14%
• 5Y*: 3.28%
• 10Y*: 8.90%
• ALL TIME*: 7.40%

ETMGX

• 1D: 0.23%
• 1M: -0.20%
• 6M: 4.05%
• YTD: 8.76%
• 1Y: 8.53%
• 3Y*: 3.91%
• 5Y*: 2.32%
• 10Y*: 8.27%
• ALL TIME*: 9.27%

*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)
ETEGX Eaton Vance Small-Cap Fund	$0.00	$0.00	$0.00
ETMGX Eaton Vance Tax-Managed Small-Cap Fund	$0.00	$0.00	$0.00

ETEGX vs. ETMGX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ETEGX Eaton Vance Small-Cap Fund	8.76%	-6.20%	14.65%	11.28%	-15.52%	21.45%	12.73%	27.57%	-6.00%	14.87%
ETMGX Eaton Vance Tax-Managed Small-Cap Fund	8.76%	-6.63%	11.43%	11.06%	-16.53%	20.91%	12.33%	27.32%	-5.86%	15.26%

Correlation

The correlation between ETEGX and ETMGX is 1.00 - they have historically moved very closely together. At this level, their price movements offset little of one another.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	1.00
Correlation (3Y) Balances recent behavior with more history.	1.00
Correlation (5Y) Shows whether the relationship held over a longer period.	1.00
Correlation (10Y) Provides a long-term view across more market conditions.	1.00
Correlation (All Time) Calculated using the full available price history since Aug 3, 2012	1.00

The correlation between ETEGX and ETMGX has been stable across timeframes, ranging from 1.00 to 1.00 - a consistent structural relationship.

Return for Risk

ETEGX vs. ETMGX — Risk / Return Rank

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

ETEGX

ETEGX Risk / Return Rank: 10
ETEGX Sharpe Ratio Rank: 10
ETEGX Sortino Ratio Rank: 11
ETEGX Omega Ratio Rank: 10
ETEGX Calmar Ratio Rank: 10
ETEGX Martin Ratio Rank: 9

ETMGX

ETMGX Risk / Return Rank: 10
ETMGX Sharpe Ratio Rank: 10
ETMGX Sortino Ratio Rank: 11
ETMGX Omega Ratio Rank: 10
ETMGX Calmar Ratio Rank: 10
ETMGX Martin Ratio Rank: 9

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.

ETEGX vs. ETMGX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Eaton Vance Small-Cap Fund (ETEGX) and Eaton Vance Tax-Managed Small-Cap Fund (ETMGX). 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.

	ETEGX	ETMGX	Difference
Sharpe ratio: Return per unit of total volatility	0.44	0.43	+0.01
Sortino ratio: Return per unit of downside risk	0.79	0.77	+0.02
Omega ratio: Gain probability vs. loss probability	1.09	1.08	0.00
Calmar ratio: Return relative to maximum drawdown	0.55	0.53	+0.02
Martin ratio: Return relative to average drawdown	1.23	1.19	+0.04

ETEGX vs. ETMGX - Sharpe Ratio Comparison

The current ETEGX Sharpe Ratio is 0.44, which is comparable to the ETMGX Sharpe Ratio of 0.43. The chart below compares the historical Sharpe Ratios of ETEGX and ETMGX, 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

ETEGX vs. ETMGX - Drawdown Comparison

The maximum ETEGX drawdown since its inception was -67.58%, which is greater than ETMGX's maximum drawdown of -37.02%. Use the drawdown chart below to compare losses from any high point for ETEGX and ETMGX.

Drawdown Indicators

	ETEGX	ETMGX	Difference
Max Drawdown Largest peak-to-trough decline	-67.58%	-37.02%	-30.56%
Max Drawdown (1Y) Largest decline over 1 year	-13.05%	-13.14%	+0.09%
Max Drawdown (3Y) Largest decline over 3 years	-19.98%	-22.28%	+2.30%
Max Drawdown (5Y) Largest decline over 5 years	-24.30%	-25.14%	+0.84%
Max Drawdown (10Y) Largest decline over 10 years	-36.66%	-37.02%	+0.36%
Current Drawdown Current decline from peak	-3.96%	-6.78%	+2.82%
Average Drawdown Average peak-to-trough decline	-22.67%	-6.60%	-16.07%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.83%	5.89%	-0.06%

Volatility

ETEGX vs. ETMGX - Volatility Comparison

Eaton Vance Small-Cap Fund (ETEGX) and Eaton Vance Tax-Managed Small-Cap Fund (ETMGX) have volatilities of 4.42% and 4.39%, 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

	ETEGX	ETMGX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.42%	4.39%	+0.03%
Volatility (6M) Calculated over the trailing 6-month period	11.37%	11.44%	-0.07%
Volatility (1Y) Calculated over the trailing 1-year period	16.33%	16.40%	-0.07%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.76%	18.74%	+0.02%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.82%	19.90%	-0.08%

ETEGX vs. ETMGX - Expense Ratio Comparison

ETEGX has a 1.21% expense ratio, which is higher than ETMGX's 1.11% expense ratio.

Dividends

ETEGX vs. ETMGX - Dividend Comparison

ETEGX's dividend yield for the trailing twelve months is around 7.57%, more than ETMGX's 6.48% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ETEGX Eaton Vance Small-Cap Fund	7.57%	8.23%	5.13%	0.68%	3.22%	13.87%	1.06%	7.19%	12.29%	11.02%	13.88%	23.25%
ETMGX Eaton Vance Tax-Managed Small-Cap Fund	6.48%	7.04%	2.85%	1.36%	2.80%	8.28%	0.09%	6.50%	7.75%	11.87%	6.00%	5.50%

Frequently Asked Questions

Can I hold both ETEGX and ETMGX in my portfolio?

With a correlation of 1.00, ETEGX and ETMGX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, ETEGX or ETMGX?

ETEGX has higher volatility (4.42%) compared to ETMGX (4.39%). In terms of maximum drawdown, ETEGX dropped -67.58% vs ETMGX's -37.02%.

Which has better risk-adjusted returns?

ETEGX currently has the higher Sharpe Ratio (0.44 vs 0.43), 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.