ETGAX vs. ABEV
ETGAX (Eaton Vance Georgia Municipal Income Fund) is Municipal Bonds fund managed by Eaton Vance, while ABEV (Ambev S.A.) is a stock. Over the past 10 years, ETGAX returned 1.82%/yr vs -2.58%/yr for ABEV. Their 0.03 correlation means their historical movements had little consistent relationship.
Performance
ETGAX vs. ABEV - Performance Comparison
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Returns By Period
In the year-to-date period, ETGAX achieves a 0.42% return, which is significantly lower than ABEV's 23.43% return. Over the past 10 years, ETGAX has outperformed ABEV with an annualized return of 1.82%, while ABEV has yielded a comparatively lower -2.58% annualized return.
ETGAX
- 1D
- 0.00%
- 1M
- -2.20%
- 6M
- -0.23%
- YTD
- 0.42%
- 1Y
- 5.48%
- 3Y*
- 3.89%
- 5Y*
- 0.84%
- 10Y*
- 1.82%
- ALL TIME*
- 3.40%
ABEV
- 1D
- -0.33%
- 1M
- -1.94%
- 6M
- 5.13%
- YTD
- 23.43%
- 1Y
- 47.24%
- 3Y*
- 7.40%
- 5Y*
- 5.00%
- 10Y*
- -2.58%
- ALL TIME*
- 9.37%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
ABEV Ambev S.A. | $94.84M | $80.36M | $87.15M |
| $0.00 | $0.00 | $0.00 |
ETGAX vs. ABEV - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ETGAX Eaton Vance Georgia Municipal Income Fund | 0.42% | 5.10% | 1.87% | 5.64% | -7.83% | 0.78% | 4.69% | 6.54% | 1.50% | 3.60% |
ABEV Ambev S.A. | 23.43% | 45.11% | -30.10% | 8.41% | 2.38% | -4.39% | -32.61% | 21.92% | -37.29% | 35.34% |
Correlation
The correlation between ETGAX and ABEV is 0.19, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.19 |
Correlation (3Y) Balances recent behavior with more history. | 0.14 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.11 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.04 |
Correlation (All Time) Calculated using the full available price history since Mar 5, 1997 | 0.03 |
The correlation between ETGAX and ABEV shifts across timeframes, from 0.03 (all time) to 0.19 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
ETGAX vs. ABEV — Risk / Return Rank
ETGAX
ABEV
ETGAX vs. ABEV - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Eaton Vance Georgia Municipal Income Fund (ETGAX) and Ambev S.A. (ABEV). 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.
| ETGAX | ABEV | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.35 | ||
| Sortino ratioReturn per unit of downside risk | +0.36 | ||
| Omega ratioGain probability vs. loss probability | 1.48 | 1.30 | +0.18 |
| Calmar ratioReturn relative to maximum drawdown | 1.97 | 2.95 | -0.98 |
| Martin ratioReturn relative to average drawdown | 6.44 | 7.41 | -0.97 |
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Drawdowns
ETGAX vs. ABEV - Drawdown Comparison
The maximum ETGAX drawdown since its inception was -27.12%, smaller than the maximum ABEV drawdown of -74.04%. Use the drawdown chart below to compare losses from any high point for ETGAX and ABEV.
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Drawdown Indicators
| ETGAX | ABEV | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -27.12% | -74.04% | +46.92% |
Max Drawdown (1Y)Largest decline over 1 year | -2.79% | -16.10% | +13.31% |
Max Drawdown (3Y)Largest decline over 3 years | -5.16% | -34.06% | +28.90% |
Max Drawdown (5Y)Largest decline over 5 years | -12.17% | -38.76% | +26.59% |
Max Drawdown (10Y)Largest decline over 10 years | -12.27% | -72.26% | +59.99% |
Current DrawdownCurrent decline from peak | -2.20% | -44.17% | +41.97% |
Average DrawdownAverage peak-to-trough decline | -2.29% | -31.90% | +29.61% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.85% | 6.40% | -5.55% |
Volatility
ETGAX vs. ABEV - Volatility Comparison
The current volatility for Eaton Vance Georgia Municipal Income Fund (ETGAX) is 0.97%, while Ambev S.A. (ABEV) has a volatility of 5.63%. This indicates that ETGAX experiences smaller price fluctuations and is considered to be less risky than ABEV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ETGAX | ABEV | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.97% | 5.63% | -4.66% |
Volatility (6M)Calculated over the trailing 6-month period | 2.35% | 24.90% | -22.55% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.90% | 30.48% | -27.58% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.81% | 29.97% | -26.16% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.81% | 34.25% | -30.44% |
Dividends
ETGAX vs. ABEV - Dividend Comparison
ETGAX's dividend yield for the trailing twelve months is around 3.09%, less than ABEV's 5.44% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ABEV Ambev S.A. | 5.44% | 8.10% | 6.10% | 5.26% | 5.36% | 4.38% | 2.67% | 2.51% | 3.79% | 2.57% | 3.41% | 4.32% |
ETGAX Eaton Vance Georgia Municipal Income Fund | 3.09% | 4.02% | 3.60% | 2.68% | 2.01% | 1.57% | 2.04% | 2.91% | 2.90% | 2.95% | 3.06% | 3.31% |
Frequently Asked Questions
ETGAX and ABEV have a correlation of 0.19, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ABEV has higher volatility (5.63%) compared to ETGAX (0.97%). In terms of maximum drawdown, ETGAX dropped -27.12% vs ABEV's -74.04%.
ETGAX currently has the higher Sharpe Ratio (1.90 vs 1.56), 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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