ETMOX vs. CFMOX

Last updated Jun 4, 2026

ETMOX (Eaton Vance Missouri Municipal Income Fund) and CFMOX (Commerce Missouri Tax-Free Intermediate Bond Fund) are both Municipal Bonds funds. Over the past 10 years, ETMOX returned 2.16%/yr vs 1.74%/yr for CFMOX. Their correlation of 0.82 suggests significant overlap in exposure. ETMOX charges 0.69%/yr vs 0.63%/yr for CFMOX.

Performance

ETMOX vs. CFMOX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Eaton Vance Missouri Municipal Income Fund (ETMOX) and Commerce Missouri Tax-Free Intermediate Bond Fund (CFMOX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ETMOX achieves a 1.72% return, which is significantly higher than CFMOX's 0.99% return. Over the past 10 years, ETMOX has outperformed CFMOX with an annualized return of 2.16%, while CFMOX has yielded a comparatively lower 1.74% annualized return.

ETMOX

• 1D: 0.23%
• 1M: 0.74%
• YTD: 1.72%
• 6M: 2.02%
• 1Y: 8.16%
• 3Y*: 4.19%
• 5Y*: 1.06%
• 10Y*: 2.16%

CFMOX

• 1D: 0.16%
• 1M: 0.54%
• YTD: 0.99%
• 6M: 1.31%
• 1Y: 6.18%
• 3Y*: 3.41%
• 5Y*: 0.82%
• 10Y*: 1.74%

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

ETMOX vs. CFMOX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ETMOX Eaton Vance Missouri Municipal Income Fund	1.72%	5.40%	2.11%	4.97%	-8.67%	0.71%	5.23%	7.30%	1.87%	3.11%
CFMOX Commerce Missouri Tax-Free Intermediate Bond Fund	0.99%	5.33%	0.38%	4.87%	-7.32%	0.69%	3.87%	6.12%	0.81%	4.51%

Correlation

The correlation between ETMOX and CFMOX is 0.86, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.86
Correlation (3Y) Calculated over the trailing 3-year period	0.92
Correlation (5Y) Calculated over the trailing 5-year period	0.92
Correlation (10Y) Calculated over the trailing 10-year period	0.88
Correlation (All Time) Calculated using the full available price history since Feb 22, 1995	0.82

The correlation between ETMOX and CFMOX shifts across timeframes, from 0.82 (all time) to 0.92 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

ETMOX vs. CFMOX — Risk / Return Rank

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

ETMOX

ETMOX Risk / Return Rank: 76
ETMOX Sharpe Ratio Rank: 87
ETMOX Sortino Ratio Rank: 92
ETMOX Omega Ratio Rank: 94
ETMOX Calmar Ratio Rank: 60
ETMOX Martin Ratio Rank: 49

CFMOX

CFMOX Risk / Return Rank: 65
CFMOX Sharpe Ratio Rank: 84
CFMOX Sortino Ratio Rank: 86
CFMOX Omega Ratio Rank: 92
CFMOX Calmar Ratio Rank: 32
CFMOX Martin Ratio Rank: 32

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.

ETMOX vs. CFMOX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Eaton Vance Missouri Municipal Income Fund (ETMOX) and Commerce Missouri Tax-Free Intermediate Bond Fund (CFMOX). 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.

	ETMOX	CFMOX	Difference
Sharpe ratio Return per unit of total volatility	2.85	2.72	+0.14
Sortino ratio Return per unit of downside risk	4.63	4.09	+0.54
Omega ratio Gain probability vs. loss probability	1.73	1.68	+0.05
Calmar ratio Return relative to maximum drawdown	2.96	2.13	+0.84
Martin ratio Return relative to average drawdown	10.18	7.20	+2.98
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ETMOX vs. CFMOX - Sharpe Ratio Comparison

The current ETMOX Sharpe Ratio is 2.85, which is comparable to the CFMOX Sharpe Ratio of 2.72. The chart below compares the historical Sharpe Ratios of ETMOX and CFMOX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	ETMOX	CFMOX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.85	2.72	+0.14
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.27	0.24	+0.03
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.55	0.52	+0.03
Sharpe Ratio (All Time) Calculated using the full available price history	0.90	1.21	-0.31

Drawdowns

ETMOX vs. CFMOX - Drawdown Comparison

The maximum ETMOX drawdown since its inception was -21.73%, which is greater than CFMOX's maximum drawdown of -12.14%. Use the drawdown chart below to compare losses from any high point for ETMOX and CFMOX.

Drawdown Indicators

	ETMOX	CFMOX	Difference
Max Drawdown Largest peak-to-trough decline	-21.73%	-12.14%	-9.59%
Max Drawdown (1Y) Largest decline over 1 year	-2.72%	-2.89%	+0.17%
Max Drawdown (3Y) Largest decline over 3 years	-6.13%	-5.96%	-0.17%
Max Drawdown (5Y) Largest decline over 5 years	-13.84%	-12.14%	-1.70%
Max Drawdown (10Y) Largest decline over 10 years	-13.84%	-12.14%	-1.70%
Current Drawdown Current decline from peak	-0.31%	-0.81%	+0.50%
Average Drawdown Average peak-to-trough decline	-2.31%	-1.42%	-0.89%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.79%	0.85%	-0.06%

Volatility

ETMOX vs. CFMOX - Volatility Comparison

Eaton Vance Missouri Municipal Income Fund (ETMOX) has a higher volatility of 1.10% compared to Commerce Missouri Tax-Free Intermediate Bond Fund (CFMOX) at 0.92%. This indicates that ETMOX's price experiences larger fluctuations and is considered to be riskier than CFMOX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ETMOX	CFMOX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.10%	0.92%	+0.18%
Volatility (6M) Calculated over the trailing 6-month period	2.11%	1.82%	+0.29%
Volatility (1Y) Calculated over the trailing 1-year period	2.84%	2.27%	+0.57%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.96%	3.46%	+0.50%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.94%	3.33%	+0.61%

ETMOX vs. CFMOX - Expense Ratio Comparison

ETMOX has a 0.69% expense ratio, which is higher than CFMOX's 0.63% expense ratio.

Dividends

ETMOX vs. CFMOX - Dividend Comparison

ETMOX's dividend yield for the trailing twelve months is around 3.34%, more than CFMOX's 2.61% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CFMOX Commerce Missouri Tax-Free Intermediate Bond Fund	2.61%	3.41%	2.16%	2.11%	1.60%	1.78%	1.84%	2.33%	2.44%	2.48%	2.46%	2.43%
ETMOX Eaton Vance Missouri Municipal Income Fund	3.34%	4.24%	4.07%	3.06%	2.46%	1.95%	2.47%	3.39%	3.25%	3.51%	3.58%	3.60%

Frequently Asked Questions

Can I hold both ETMOX and CFMOX in my portfolio?

ETMOX and CFMOX have a correlation of 0.86, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ETMOX or CFMOX?

ETMOX has higher volatility (1.10%) compared to CFMOX (0.92%). In terms of maximum drawdown, ETMOX dropped -21.73% vs CFMOX's -12.14%.

Which has better risk-adjusted returns?

ETMOX currently has the higher Sharpe Ratio (2.85 vs 2.72), 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.