ETHYX vs. EIAMX
ETHYX (Eaton Vance High Yield Municipal Income Fund) and EIAMX (Eaton Vance Multi-Asset Credit Fund) are both mutual funds - ETHYX is a High Yield Muni fund managed by Eaton Vance, while EIAMX is a High Yield Bonds fund managed by Eaton Vance. Over the past 10 years, ETHYX returned 2.80%/yr vs 4.96%/yr for EIAMX. At a 0.21 correlation, their price movements are largely independent. ETHYX charges 0.73%/yr vs 0.71%/yr for EIAMX.
Performance
ETHYX vs. EIAMX - Performance Comparison
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Returns By Period
In the year-to-date period, ETHYX achieves a 3.17% return, which is significantly higher than EIAMX's 1.36% return. Over the past 10 years, ETHYX has underperformed EIAMX with an annualized return of 2.80%, while EIAMX has yielded a comparatively higher 4.96% annualized return.
ETHYX
- 1D
- 0.00%
- 1M
- 2.13%
- YTD
- 3.17%
- 6M
- 3.68%
- 1Y
- 9.01%
- 3Y*
- 5.23%
- 5Y*
- 1.32%
- 10Y*
- 2.80%
EIAMX
- 1D
- -0.10%
- 1M
- 0.54%
- YTD
- 1.36%
- 6M
- 2.02%
- 1Y
- 5.11%
- 3Y*
- 7.39%
- 5Y*
- 4.09%
- 10Y*
- 4.96%
ETHYX vs. EIAMX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ETHYX Eaton Vance High Yield Municipal Income Fund | 3.17% | 3.97% | 5.17% | 6.93% | -12.25% | 3.87% | 3.90% | 10.07% | 1.46% | 7.97% |
EIAMX Eaton Vance Multi-Asset Credit Fund | 1.36% | 6.31% | 8.22% | 9.93% | -6.18% | 4.57% | 1.89% | 11.67% | -2.45% | 11.61% |
Correlation
The correlation between ETHYX and EIAMX is 0.37, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.37 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.47 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.46 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.32 |
Correlation (All Time) Calculated using the full available price history since Nov 1, 2011 | 0.21 |
The correlation between ETHYX and EIAMX shifts across timeframes, from 0.21 (all time) to 0.47 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
ETHYX vs. EIAMX — Risk / Return Rank
ETHYX
EIAMX
ETHYX vs. EIAMX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Eaton Vance High Yield Municipal Income Fund (ETHYX) and Eaton Vance Multi-Asset Credit Fund (EIAMX). 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.
| ETHYX | EIAMX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.26 | ||
| Sortino ratioReturn per unit of downside risk | -0.88 | ||
| Omega ratioGain probability vs. loss probability | 1.61 | 1.73 | -0.12 |
| Calmar ratioReturn relative to maximum drawdown | 2.93 | 3.51 | -0.59 |
| Martin ratioReturn relative to average drawdown | 9.96 | 16.45 | -6.49 |
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Drawdowns
ETHYX vs. EIAMX - Drawdown Comparison
The maximum ETHYX drawdown since its inception was -43.98%, roughly equal to the maximum EIAMX drawdown of -43.35%. Use the drawdown chart below to compare losses from any high point for ETHYX and EIAMX.
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Drawdown Indicators
| ETHYX | EIAMX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -43.98% | -43.35% | -0.63% |
Max Drawdown (1Y)Largest decline over 1 year | -3.05% | -1.52% | -1.53% |
Max Drawdown (3Y)Largest decline over 3 years | -7.79% | -2.95% | -4.84% |
Max Drawdown (5Y)Largest decline over 5 years | -17.10% | -10.02% | -7.08% |
Max Drawdown (10Y)Largest decline over 10 years | -17.10% | -43.35% | +26.25% |
Current DrawdownCurrent decline from peak | -0.12% | -8.96% | +8.84% |
Average DrawdownAverage peak-to-trough decline | -3.96% | -16.10% | +12.14% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.89% | 0.32% | +0.57% |
Volatility
ETHYX vs. EIAMX - Volatility Comparison
Eaton Vance High Yield Municipal Income Fund (ETHYX) has a higher volatility of 0.94% compared to Eaton Vance Multi-Asset Credit Fund (EIAMX) at 0.62%. This indicates that ETHYX's price experiences larger fluctuations and is considered to be riskier than EIAMX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ETHYX | EIAMX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.94% | 0.62% | +0.32% |
Volatility (6M)Calculated over the trailing 6-month period | 2.59% | 1.79% | +0.80% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.61% | 2.43% | +1.18% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.02% | 3.20% | +1.82% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.68% | 22.47% | -17.79% |
ETHYX vs. EIAMX - Expense Ratio Comparison
ETHYX has a 0.73% expense ratio, which is higher than EIAMX's 0.71% expense ratio.
Dividends
ETHYX vs. EIAMX - Dividend Comparison
ETHYX's dividend yield for the trailing twelve months is around 4.40%, less than EIAMX's 6.89% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EIAMX Eaton Vance Multi-Asset Credit Fund | 6.89% | 7.04% | 7.35% | 5.52% | 5.46% | 4.10% | 4.46% | 4.94% | 2.41% | 2.88% | 3.15% | 3.77% |
ETHYX Eaton Vance High Yield Municipal Income Fund | 4.40% | 5.43% | 4.56% | 3.36% | 3.85% | 3.04% | 3.41% | 4.66% | 3.82% | 3.74% | 4.04% | 4.10% |
Frequently Asked Questions
ETHYX and EIAMX have a correlation of 0.37, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ETHYX has higher volatility (0.94%) compared to EIAMX (0.62%). In terms of maximum drawdown, ETHYX dropped -43.98% vs EIAMX's -43.35%.
ETHYX currently has the higher Sharpe Ratio (2.47 vs 2.20), 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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