ETHYX vs. XAW.TO

Last updated Apr 2, 2026

Compare and contrast key facts about Eaton Vance High Yield Municipal Income Fund (ETHYX) and iShares Core MSCI All Country World ex Canada Index ETF (XAW.TO).

ETHYX is managed by Eaton Vance. It was launched on Aug 6, 1995. XAW.TO is a passively managed fund by iShares that tracks the performance of the Morningstar Gbl GR CAD. It was launched on Feb 10, 2015.

Performance

ETHYX vs. XAW.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Eaton Vance High Yield Municipal Income Fund (ETHYX) and iShares Core MSCI All Country World ex Canada Index ETF (XAW.TO). The values are adjusted to include any dividend payments, if applicable.

ETHYX vs. XAW.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ETHYX Eaton Vance High Yield Municipal Income Fund	0.13%	3.97%	5.17%	6.93%	-12.25%	3.87%	3.90%	10.07%	1.46%	7.97%
XAW.TO iShares Core MSCI All Country World ex Canada Index ETF	-0.84%	21.42%	16.33%	21.14%	-17.74%	19.26%	14.62%	25.80%	-9.86%	24.12%

Different Trading Currencies

ETHYX is traded in USD, while XAW.TO is traded in CAD. To make them comparable, the XAW.TO values have been converted to USD using the latest available exchange rates.

Returns By Period

In the year-to-date period, ETHYX achieves a 0.13% return, which is significantly higher than XAW.TO's -0.84% return. Over the past 10 years, ETHYX has underperformed XAW.TO with an annualized return of 2.86%, while XAW.TO has yielded a comparatively higher 11.23% annualized return.

ETHYX

• 1D: 0.38%
• 1M: -2.20%
• YTD: 0.13%
• 6M: 1.88%
• 1Y: 3.31%
• 3Y*: 4.64%
• 5Y*: 1.17%
• 10Y*: 2.86%

XAW.TO

• 1D: 1.00%
• 1M: -4.70%
• YTD: -0.84%
• 6M: 1.70%
• 1Y: 21.36%
• 3Y*: 16.60%
• 5Y*: 9.22%
• 10Y*: 11.23%

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

ETHYX vs. XAW.TO - Expense Ratio Comparison

ETHYX has a 0.73% expense ratio, which is higher than XAW.TO's 0.22% expense ratio.

ETHYX

Eaton Vance High Yield Municipal Income Fund

XAW.TO

iShares Core MSCI All Country World ex Canada Index ETF

Return for Risk

ETHYX vs. XAW.TO — Risk / Return Rank

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

ETHYX

ETHYX Risk / Return Rank: 19
ETHYX Sharpe Ratio Rank: 18
ETHYX Sortino Ratio Rank: 14
ETHYX Omega Ratio Rank: 26
ETHYX Calmar Ratio Rank: 20
ETHYX Martin Ratio Rank: 15

XAW.TO

XAW.TO Risk / Return Rank: 57
XAW.TO Sharpe Ratio Rank: 56
XAW.TO Sortino Ratio Rank: 56
XAW.TO Omega Ratio Rank: 62
XAW.TO Calmar Ratio Rank: 54
XAW.TO Martin Ratio Rank: 59

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.

ETHYX vs. XAW.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Eaton Vance High Yield Municipal Income Fund (ETHYX) and iShares Core MSCI All Country World ex Canada Index ETF (XAW.TO). 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.

	ETHYX	XAW.TO	Difference
Sharpe ratio Return per unit of total volatility	0.56	1.21	-0.65
Sortino ratio Return per unit of downside risk	0.78	1.79	-1.01
Omega ratio Gain probability vs. loss probability	1.16	1.27	-0.11
Calmar ratio Return relative to maximum drawdown	0.71	1.79	-1.07
Martin ratio Return relative to average drawdown	1.96	8.25	-6.29
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ETHYX vs. XAW.TO - Sharpe Ratio Comparison

The current ETHYX Sharpe Ratio is 0.56, which is lower than the XAW.TO Sharpe Ratio of 1.21. The chart below compares the historical Sharpe Ratios of ETHYX and XAW.TO, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	ETHYX	XAW.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.56	1.21	-0.65
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.24	0.58	-0.35
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.62	0.65	-0.04
Sharpe Ratio (All Time) Calculated using the full available price history	0.98	0.55	+0.43

Correlation

The correlation between ETHYX and XAW.TO is -0.01. This indicates that the assets' prices tend to move in opposite directions. Negative correlation can be particularly beneficial for diversification and risk management, as one asset may offset the losses of the other during market fluctuations.

Dividends

ETHYX vs. XAW.TO - Dividend Comparison

ETHYX's dividend yield for the trailing twelve months is around 4.45%, more than XAW.TO's 1.32% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ETHYX Eaton Vance High Yield Municipal Income Fund	4.45%	5.43%	4.56%	3.36%	3.85%	3.04%	3.41%	4.66%	3.82%	3.74%	4.04%	4.10%
XAW.TO iShares Core MSCI All Country World ex Canada Index ETF	1.32%	1.33%	1.61%	1.71%	1.79%	1.77%	1.49%	2.02%	2.29%	1.92%	1.80%	1.83%

Drawdowns

ETHYX vs. XAW.TO - Drawdown Comparison

The maximum ETHYX drawdown since its inception was -43.98%, which is greater than XAW.TO's maximum drawdown of -33.88%. Use the drawdown chart below to compare losses from any high point for ETHYX and XAW.TO.

Drawdown Indicators

	ETHYX	XAW.TO	Difference
Max Drawdown Largest peak-to-trough decline	-43.98%	-27.32%	-16.66%
Max Drawdown (1Y) Largest decline over 1 year	-6.60%	-12.29%	+5.69%
Max Drawdown (5Y) Largest decline over 5 years	-17.10%	-21.02%	+3.92%
Max Drawdown (10Y) Largest decline over 10 years	-17.10%	-27.32%	+10.22%
Current Drawdown Current decline from peak	-2.44%	-4.66%	+2.22%
Average Drawdown Average peak-to-trough decline	-3.99%	-3.96%	-0.03%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.40%	2.93%	-0.53%

Volatility

ETHYX vs. XAW.TO - Volatility Comparison

The current volatility for Eaton Vance High Yield Municipal Income Fund (ETHYX) is 1.37%, while iShares Core MSCI All Country World ex Canada Index ETF (XAW.TO) has a volatility of 6.24%. This indicates that ETHYX experiences smaller price fluctuations and is considered to be less risky than XAW.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ETHYX	XAW.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.37%	6.24%	-4.87%
Volatility (6M) Calculated over the trailing 6-month period	2.21%	10.06%	-7.85%
Volatility (1Y) Calculated over the trailing 1-year period	6.68%	17.74%	-11.06%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.97%	15.94%	-10.97%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.66%	17.32%	-12.66%