ETMNX vs. ETY
ETMNX (Eaton Vance Minnesota Municipal Income Fund) and ETY (Eaton Vance Tax Managed Diversified Equity Income Closed Fund) are both mutual funds - ETMNX is a Municipal Bonds fund managed by Eaton Vance, while ETY is a Derivative Income fund actively managed by Eaton Vance. Over the past 10 years, ETMNX returned 1.59%/yr vs 12.23%/yr for ETY. Their -0.01 correlation means they have often moved in opposite directions in the past. ETMNX charges 0.66%/yr vs 1.06%/yr for ETY.
Performance
ETMNX vs. ETY - Performance Comparison
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Returns By Period
In the year-to-date period, ETMNX achieves a -0.07% return, which is significantly higher than ETY's -1.59% return. Over the past 10 years, ETMNX has underperformed ETY with an annualized return of 1.59%, while ETY has yielded a comparatively higher 12.23% 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%
ETY
- 1D
- 1.27%
- 1M
- -0.56%
- 6M
- -1.83%
- YTD
- -1.59%
- 1Y
- 0.54%
- 3Y*
- 13.80%
- 5Y*
- 8.69%
- 10Y*
- 12.23%
- ALL TIME*
- 8.45%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $3.58M | $3.53M | $3.55M |
ETMNX vs. ETY - 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% |
ETY Eaton Vance Tax Managed Diversified Equity Income Closed Fund | -1.59% | 11.02% | 33.11% | 21.83% | -21.21% | 32.61% | 7.27% | 33.68% | -8.96% | 28.72% |
Correlation
The correlation between ETMNX and ETY is 0.20, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.20 |
Correlation (3Y) Balances recent behavior with more history. | 0.15 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.14 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.07 |
Correlation (All Time) Calculated using the full available price history since Nov 28, 2006 | -0.01 |
The correlation between ETMNX and ETY shifts across timeframes, from -0.01 (all time) to 0.20 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
ETMNX vs. ETY — Risk / Return Rank
ETMNX
ETY
ETMNX vs. ETY - 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 Tax Managed Diversified Equity Income Closed Fund (ETY). 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 | ETY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.31 | ||
| Sortino ratioReturn per unit of downside risk | +3.36 | ||
| Omega ratioGain probability vs. loss probability | 1.55 | 1.00 | +0.55 |
| Calmar ratioReturn relative to maximum drawdown | 2.40 | -0.05 | +2.45 |
| Martin ratioReturn relative to average drawdown | 8.09 | -0.17 | +8.25 |
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Drawdowns
ETMNX vs. ETY - Drawdown Comparison
The maximum ETMNX drawdown since its inception was -17.24%, smaller than the maximum ETY drawdown of -53.06%. Use the drawdown chart below to compare losses from any high point for ETMNX and ETY.
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Drawdown Indicators
| ETMNX | ETY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -17.24% | -53.06% | +35.82% |
Max Drawdown (1Y)Largest decline over 1 year | -2.97% | -14.40% | +11.43% |
Max Drawdown (3Y)Largest decline over 3 years | -6.57% | -21.28% | +14.71% |
Max Drawdown (5Y)Largest decline over 5 years | -11.15% | -24.06% | +12.91% |
Max Drawdown (10Y)Largest decline over 10 years | -11.15% | -42.46% | +31.31% |
Current DrawdownCurrent decline from peak | -2.22% | -3.76% | +1.54% |
Average DrawdownAverage peak-to-trough decline | -1.82% | -7.56% | +5.74% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.88% | 4.12% | -3.24% |
Volatility
ETMNX vs. ETY - Volatility Comparison
The current volatility for Eaton Vance Minnesota Municipal Income Fund (ETMNX) is 1.15%, while Eaton Vance Tax Managed Diversified Equity Income Closed Fund (ETY) has a volatility of 3.61%. This indicates that ETMNX experiences smaller price fluctuations and is considered to be less risky than ETY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ETMNX | ETY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.15% | 3.61% | -2.46% |
Volatility (6M)Calculated over the trailing 6-month period | 2.47% | 11.33% | -8.86% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.16% | 13.82% | -10.66% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.11% | 17.98% | -13.87% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.88% | 19.91% | -16.03% |
ETMNX vs. ETY - Expense Ratio Comparison
ETMNX has a 0.66% expense ratio, which is lower than ETY's 1.06% expense ratio.
Dividends
ETMNX vs. ETY - Dividend Comparison
ETMNX's dividend yield for the trailing twelve months is around 3.03%, less than ETY's 8.27% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
ETY Eaton Vance Tax Managed Diversified Equity Income Closed Fund | 8.27% | 7.76% | 7.59% | 7.92% | 10.04% | 7.01% | 8.26% | 8.08% | 9.92% | 8.30% | 9.77% | 9.03% |
Frequently Asked Questions
ETMNX and ETY have a correlation of 0.20, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ETY has higher volatility (3.61%) compared to ETMNX (1.15%). In terms of maximum drawdown, ETMNX dropped -17.24% vs ETY's -53.06%.
ETMNX currently has the higher Sharpe Ratio (2.26 vs -0.05), 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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