ETMNX vs. EELDX

Last updated Aug 1, 2026

ETMNX (Eaton Vance Minnesota Municipal Income Fund) and EELDX (Eaton Vance Emerging Markets Debt Opportunities Fund) are both mutual funds - ETMNX is a Municipal Bonds fund managed by Eaton Vance, while EELDX is a Emerging Markets Bonds fund managed by Eaton Vance. Over the past 10 years, ETMNX returned 1.59%/yr vs 7.90%/yr for EELDX. Their 0.08 correlation means their historical movements had little consistent relationship. ETMNX charges 0.66%/yr vs 0.78%/yr for EELDX.

Performance

ETMNX vs. EELDX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Eaton Vance Minnesota Municipal Income Fund (ETMNX) and Eaton Vance Emerging Markets Debt Opportunities Fund (EELDX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ETMNX achieves a -0.07% return, which is significantly lower than EELDX's 8.44% return. Over the past 10 years, ETMNX has underperformed EELDX with an annualized return of 1.59%, while EELDX has yielded a comparatively higher 7.90% annualized return.

ETMNX

• 1D: -0.34%
• 1M: -2.22%
• 6M: -0.66%
• YTD: -0.07%
• 1Y: 6.05%
• 3Y*: 2.80%
• 5Y*: 0.58%
• 10Y*: 1.59%
• ALL TIME*: 3.54%

EELDX

• 1D: 0.19%
• 1M: 0.19%
• 6M: 5.15%
• YTD: 8.44%
• 1Y: 17.41%
• 3Y*: 14.13%
• 5Y*: 8.68%
• 10Y*: 7.90%
• ALL TIME*: 6.70%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
EELDX Eaton Vance Emerging Markets Debt Opportunities Fund	$0.00	$0.00	$0.00
ETMNX Eaton Vance Minnesota Municipal Income Fund	$0.00	$0.00	$0.00

ETMNX vs. EELDX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ETMNX Eaton Vance Minnesota Municipal Income Fund	-0.07%	4.44%	1.37%	4.53%	-6.40%	0.56%	4.17%	6.82%	0.36%	4.14%
EELDX Eaton Vance Emerging Markets Debt Opportunities Fund	8.44%	15.80%	14.87%	11.46%	-6.14%	1.55%	7.44%	18.34%	-4.27%	13.05%

Correlation

The correlation between ETMNX and EELDX is 0.29, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.29
Correlation (3Y) Balances recent behavior with more history.	0.16
Correlation (5Y) Shows whether the relationship held over a longer period.	0.19
Correlation (10Y) Provides a long-term view across more market conditions.	0.12
Correlation (All Time) Calculated using the full available price history since Jan 2, 2014	0.08

Over the past year, ETMNX and EELDX have become more correlated (0.29) than their long-term average of 0.08, meaning their price movements have been converging.

Return for Risk

ETMNX vs. EELDX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

ETMNX

ETMNX Risk / Return Rank: 81
ETMNX Sharpe Ratio Rank: 89
ETMNX Sortino Ratio Rank: 90
ETMNX Omega Ratio Rank: 94
ETMNX Calmar Ratio Rank: 71
ETMNX Martin Ratio Rank: 59

EELDX

EELDX Risk / Return Rank: 98
EELDX Sharpe Ratio Rank: 100
EELDX Sortino Ratio Rank: 99
EELDX Omega Ratio Rank: 99
EELDX Calmar Ratio Rank: 96
EELDX Martin Ratio Rank: 97

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

ETMNX vs. EELDX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Eaton Vance Minnesota Municipal Income Fund (ETMNX) and Eaton Vance Emerging Markets Debt Opportunities Fund (EELDX). 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.

	ETMNX	EELDX	Difference
Sharpe ratio: Return per unit of total volatility	2.26	5.03	-2.77
Sortino ratio: Return per unit of downside risk	3.39	7.76	-4.37
Omega ratio: Gain probability vs. loss probability	1.55	2.26	-0.71
Calmar ratio: Return relative to maximum drawdown	2.40	4.75	-2.35
Martin ratio: Return relative to average drawdown	8.09	19.32	-11.23

ETMNX vs. EELDX - Sharpe Ratio Comparison

The current ETMNX Sharpe Ratio is 2.26, which is lower than the EELDX Sharpe Ratio of 5.03. The chart below compares the historical Sharpe Ratios of ETMNX and EELDX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

ETMNX vs. EELDX - Drawdown Comparison

The maximum ETMNX drawdown since its inception was -17.24%, smaller than the maximum EELDX drawdown of -19.12%. Use the drawdown chart below to compare losses from any high point for ETMNX and EELDX.

Drawdown Indicators

	ETMNX	EELDX	Difference
Max Drawdown Largest peak-to-trough decline	-17.24%	-19.12%	+1.88%
Max Drawdown (1Y) Largest decline over 1 year	-2.97%	-3.68%	+0.71%
Max Drawdown (3Y) Largest decline over 3 years	-6.57%	-3.98%	-2.59%
Max Drawdown (5Y) Largest decline over 5 years	-11.15%	-17.35%	+6.20%
Max Drawdown (10Y) Largest decline over 10 years	-11.15%	-19.12%	+7.97%
Current Drawdown Current decline from peak	-2.22%	-0.04%	-2.18%
Average Drawdown Average peak-to-trough decline	-1.82%	-2.87%	+1.05%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.88%	0.90%	-0.02%

Volatility

ETMNX vs. EELDX - Volatility Comparison

Eaton Vance Minnesota Municipal Income Fund (ETMNX) has a higher volatility of 1.15% compared to Eaton Vance Emerging Markets Debt Opportunities Fund (EELDX) at 0.65%. This indicates that ETMNX's price experiences larger fluctuations and is considered to be riskier than EELDX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ETMNX	EELDX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.15%	0.65%	+0.50%
Volatility (6M) Calculated over the trailing 6-month period	2.47%	2.99%	-0.52%
Volatility (1Y) Calculated over the trailing 1-year period	3.16%	3.47%	-0.31%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.11%	4.62%	-0.51%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.88%	4.71%	-0.83%

ETMNX vs. EELDX - Expense Ratio Comparison

ETMNX has a 0.66% expense ratio, which is lower than EELDX's 0.78% expense ratio.

Dividends

ETMNX vs. EELDX - Dividend Comparison

ETMNX's dividend yield for the trailing twelve months is around 3.03%, less than EELDX's 10.74% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EELDX Eaton Vance Emerging Markets Debt Opportunities Fund	10.74%	9.44%	8.58%	9.02%	9.17%	7.87%	7.71%	7.86%	8.16%	7.90%	4.12%	1.65%
ETMNX Eaton Vance Minnesota Municipal Income Fund	3.03%	4.03%	3.48%	2.17%	1.98%	1.68%	1.81%	2.54%	2.59%	2.66%	2.96%	3.20%

Frequently Asked Questions

Can I hold both ETMNX and EELDX in my portfolio?

ETMNX and EELDX have a correlation of 0.29, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ETMNX or EELDX?

ETMNX has higher volatility (1.15%) compared to EELDX (0.65%). In terms of maximum drawdown, ETMNX dropped -17.24% vs EELDX's -19.12%.

Which has better risk-adjusted returns?

EELDX currently has the higher Sharpe Ratio (5.03 vs 2.26), 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.