ETHYX vs. PRFHX
ETHYX (Eaton Vance High Yield Municipal Income Fund) and PRFHX (T. Rowe Price Tax Free High Yield Fund) are both High Yield Muni funds. Over the past 10 years, ETHYX returned 2.67%/yr vs 2.84%/yr for PRFHX. Their 0.79 correlation means they have sometimes moved together and sometimes differently. ETHYX charges 0.73%/yr vs 0.63%/yr for PRFHX.
Performance
ETHYX vs. PRFHX - Performance Comparison
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Returns By Period
In the year-to-date period, ETHYX achieves a 2.16% return, which is significantly lower than PRFHX's 2.52% return. Over the past 10 years, ETHYX has underperformed PRFHX with an annualized return of 2.67%, while PRFHX has yielded a comparatively higher 2.84% annualized return.
ETHYX
- 1D
- 0.25%
- 1M
- -1.83%
- 6M
- 1.27%
- YTD
- 2.16%
- 1Y
- 7.82%
- 3Y*
- 5.17%
- 5Y*
- 0.90%
- 10Y*
- 2.67%
- ALL TIME*
- 4.52%
PRFHX
- 1D
- 0.27%
- 1M
- -1.49%
- 6M
- 1.43%
- YTD
- 2.52%
- 1Y
- 9.47%
- 3Y*
- 6.49%
- 5Y*
- 1.33%
- 10Y*
- 2.84%
- ALL TIME*
- 4.83%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $0.00 | $0.00 | $0.00 |
ETHYX vs. PRFHX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ETHYX Eaton Vance High Yield Municipal Income Fund | 2.16% | 3.97% | 5.17% | 6.93% | -12.25% | 3.87% | 3.90% | 10.07% | 1.46% | 7.97% |
PRFHX T. Rowe Price Tax Free High Yield Fund | 2.52% | 5.53% | 7.00% | 7.65% | -14.41% | 6.09% | 3.40% | 9.03% | 0.66% | 7.31% |
Correlation
The correlation between ETHYX and PRFHX is 0.80, meaning they have usually moved in the same direction, including during past declines.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.80 |
Correlation (3Y) Balances recent behavior with more history. | 0.87 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.89 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.87 |
Correlation (All Time) Calculated using the full available price history since Aug 3, 1995 | 0.79 |
The correlation between ETHYX and PRFHX shifts across timeframes, from 0.79 (all time) to 0.89 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
ETHYX vs. PRFHX — Risk / Return Rank
ETHYX
PRFHX
ETHYX vs. PRFHX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Eaton Vance High Yield Municipal Income Fund (ETHYX) and T. Rowe Price Tax Free High Yield Fund (PRFHX). 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 | PRFHX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.76 | ||
| Sortino ratioReturn per unit of downside risk | -1.20 | ||
| Omega ratioGain probability vs. loss probability | 1.55 | 1.72 | -0.17 |
| Calmar ratioReturn relative to maximum drawdown | 2.62 | 3.59 | -0.97 |
| Martin ratioReturn relative to average drawdown | 9.30 | 13.40 | -4.10 |
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Drawdowns
ETHYX vs. PRFHX - Drawdown Comparison
The maximum ETHYX drawdown since its inception was -43.98%, which is greater than PRFHX's maximum drawdown of -24.76%. Use the drawdown chart below to compare losses from any high point for ETHYX and PRFHX.
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Drawdown Indicators
| ETHYX | PRFHX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -43.98% | -24.76% | -19.22% |
Max Drawdown (1Y)Largest decline over 1 year | -3.05% | -2.75% | -0.30% |
Max Drawdown (3Y)Largest decline over 3 years | -7.07% | -6.82% | -0.25% |
Max Drawdown (5Y)Largest decline over 5 years | -17.01% | -18.81% | +1.80% |
Max Drawdown (10Y)Largest decline over 10 years | -17.10% | -18.81% | +1.71% |
Current DrawdownCurrent decline from peak | -1.95% | -1.49% | -0.46% |
Average DrawdownAverage peak-to-trough decline | -3.95% | -2.77% | -1.18% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.86% | 0.73% | +0.13% |
Volatility
ETHYX vs. PRFHX - Volatility Comparison
Eaton Vance High Yield Municipal Income Fund (ETHYX) has a higher volatility of 1.08% compared to T. Rowe Price Tax Free High Yield Fund (PRFHX) at 0.99%. This indicates that ETHYX's price experiences larger fluctuations and is considered to be riskier than PRFHX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ETHYX | PRFHX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.08% | 0.99% | +0.09% |
Volatility (6M)Calculated over the trailing 6-month period | 2.73% | 2.44% | +0.29% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.50% | 3.25% | +0.25% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.05% | 4.92% | +0.13% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.69% | 4.65% | +0.04% |
ETHYX vs. PRFHX - Expense Ratio Comparison
ETHYX has a 0.73% expense ratio, which is higher than PRFHX's 0.63% expense ratio.
Dividends
ETHYX vs. PRFHX - Dividend Comparison
ETHYX's dividend yield for the trailing twelve months is around 4.11%, less than PRFHX's 5.25% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ETHYX Eaton Vance High Yield Municipal Income Fund | 4.11% | 5.43% | 4.56% | 3.36% | 3.85% | 3.04% | 3.41% | 4.66% | 3.82% | 3.74% | 4.04% | 4.10% |
PRFHX T. Rowe Price Tax Free High Yield Fund | 5.25% | 5.46% | 4.75% | 4.19% | 2.81% | 3.01% | 3.47% | 3.52% | 3.71% | 3.64% | 3.88% | 4.02% |
Frequently Asked Questions
ETHYX and PRFHX have a correlation of 0.80, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ETHYX has higher volatility (1.08%) compared to PRFHX (0.99%). In terms of maximum drawdown, ETHYX dropped -43.98% vs PRFHX's -24.76%.
PRFHX currently has the higher Sharpe Ratio (3.04 vs 2.28), 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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