ETGAX vs. ABHYX

Last updated Jun 6, 2026

ETGAX (Eaton Vance Georgia Municipal Income Fund) and ABHYX (American Century High-Yield Municipal Fund) are both mutual funds - ETGAX is a Municipal Bonds fund managed by Eaton Vance, while ABHYX is a High Yield Muni fund managed by American Century. Over the past 10 years, ETGAX returned 2.07%/yr vs 2.93%/yr for ABHYX. A 0.72 correlation means they provide meaningful diversification when combined. ETGAX charges 0.65%/yr vs 0.59%/yr for ABHYX.

Performance

ETGAX vs. ABHYX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Eaton Vance Georgia Municipal Income Fund (ETGAX) and American Century High-Yield Municipal Fund (ABHYX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ETGAX achieves a 1.89% return, which is significantly lower than ABHYX's 2.38% return. Over the past 10 years, ETGAX has underperformed ABHYX with an annualized return of 2.07%, while ABHYX has yielded a comparatively higher 2.93% annualized return.

ETGAX

• 1D: 0.00%
• 1M: 0.64%
• YTD: 1.89%
• 6M: 2.42%
• 1Y: 7.76%
• 3Y*: 4.25%
• 5Y*: 1.30%
• 10Y*: 2.07%

ABHYX

• 1D: 0.11%
• 1M: 0.80%
• YTD: 2.38%
• 6M: 2.76%
• 1Y: 7.80%
• 3Y*: 5.40%
• 5Y*: 0.86%
• 10Y*: 2.93%

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

ETGAX vs. ABHYX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ETGAX Eaton Vance Georgia Municipal Income Fund	1.89%	5.10%	1.87%	5.64%	-7.83%	0.78%	4.69%	6.54%	1.50%	3.60%
ABHYX American Century High-Yield Municipal Fund	2.38%	3.77%	6.16%	5.90%	-13.90%	5.61%	4.68%	9.72%	1.48%	9.27%

Correlation

The correlation between ETGAX and ABHYX is 0.84, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.84
Correlation (3Y) Calculated over the trailing 3-year period	0.88
Correlation (5Y) Calculated over the trailing 5-year period	0.89
Correlation (10Y) Calculated over the trailing 10-year period	0.84
Correlation (All Time) Calculated using the full available price history since Apr 1, 1998	0.72

The correlation between ETGAX and ABHYX shifts across timeframes, from 0.72 (all time) to 0.89 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

ETGAX vs. ABHYX — Risk / Return Rank

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

ETGAX

ETGAX Risk / Return Rank: 75
ETGAX Sharpe Ratio Rank: 85
ETGAX Sortino Ratio Rank: 91
ETGAX Omega Ratio Rank: 94
ETGAX Calmar Ratio Rank: 57
ETGAX Martin Ratio Rank: 49

ABHYX

ABHYX Risk / Return Rank: 65
ABHYX Sharpe Ratio Rank: 70
ABHYX Sortino Ratio Rank: 81
ABHYX Omega Ratio Rank: 85
ABHYX Calmar Ratio Rank: 47
ABHYX Martin Ratio Rank: 41

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.

ETGAX vs. ABHYX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Eaton Vance Georgia Municipal Income Fund (ETGAX) and American Century High-Yield Municipal Fund (ABHYX). 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.

	ETGAX	ABHYX	Difference
Sharpe ratio: Return per unit of total volatility	2.72	2.38	+0.34
Sortino ratio: Return per unit of downside risk	4.40	3.79	+0.62
Omega ratio: Gain probability vs. loss probability	1.75	1.58	+0.17
Calmar ratio: Return relative to maximum drawdown	2.79	2.52	+0.27
Martin ratio: Return relative to average drawdown	9.85	8.56	+1.29
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ETGAX vs. ABHYX - Sharpe Ratio Comparison

The current ETGAX Sharpe Ratio is 2.72, which is comparable to the ABHYX Sharpe Ratio of 2.38. The chart below compares the historical Sharpe Ratios of ETGAX and ABHYX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	ETGAX	ABHYX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.72	2.38	+0.34
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.35	0.17	+0.17
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.55	0.59	-0.04
Sharpe Ratio (All Time) Calculated using the full available price history	0.80	1.05	-0.25

Drawdowns

ETGAX vs. ABHYX - Drawdown Comparison

The maximum ETGAX drawdown since its inception was -27.12%, roughly equal to the maximum ABHYX drawdown of -26.34%. Use the drawdown chart below to compare losses from any high point for ETGAX and ABHYX.

Drawdown Indicators

	ETGAX	ABHYX	Difference
Max Drawdown Largest peak-to-trough decline	-27.12%	-26.34%	-0.78%
Max Drawdown (1Y) Largest decline over 1 year	-2.79%	-3.16%	+0.37%
Max Drawdown (3Y) Largest decline over 3 years	-5.77%	-7.40%	+1.63%
Max Drawdown (5Y) Largest decline over 5 years	-12.27%	-18.54%	+6.27%
Max Drawdown (10Y) Largest decline over 10 years	-12.27%	-18.54%	+6.27%
Current Drawdown Current decline from peak	-0.15%	0.00%	-0.15%
Average Drawdown Average peak-to-trough decline	-2.30%	-3.11%	+0.81%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.79%	0.93%	-0.14%

Volatility

ETGAX vs. ABHYX - Volatility Comparison

The current volatility for Eaton Vance Georgia Municipal Income Fund (ETGAX) is 1.12%, while American Century High-Yield Municipal Fund (ABHYX) has a volatility of 1.20%. This indicates that ETGAX experiences smaller price fluctuations and is considered to be less risky than ABHYX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ETGAX	ABHYX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.12%	1.20%	-0.08%
Volatility (6M) Calculated over the trailing 6-month period	2.16%	2.43%	-0.27%
Volatility (1Y) Calculated over the trailing 1-year period	2.88%	3.36%	-0.48%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.78%	4.95%	-1.17%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.80%	4.98%	-1.18%

ETGAX vs. ABHYX - Expense Ratio Comparison

ETGAX has a 0.65% expense ratio, which is higher than ABHYX's 0.59% expense ratio.

Dividends

ETGAX vs. ABHYX - Dividend Comparison

ETGAX's dividend yield for the trailing twelve months is around 3.30%, less than ABHYX's 4.32% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ABHYX American Century High-Yield Municipal Fund	4.32%	5.11%	4.96%	4.02%	2.77%	3.50%	3.35%	4.08%	3.90%	3.61%	3.61%	3.91%
ETGAX Eaton Vance Georgia Municipal Income Fund	3.30%	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

Can I hold both ETGAX and ABHYX in my portfolio?

ETGAX and ABHYX have a correlation of 0.84, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ETGAX or ABHYX?

ABHYX has higher volatility (1.20%) compared to ETGAX (1.12%). In terms of maximum drawdown, ETGAX dropped -27.12% vs ABHYX's -26.34%.

Which has better risk-adjusted returns?

ETGAX currently has the higher Sharpe Ratio (2.72 vs 2.38), 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.