ETNCX vs. DFSMX

Last updated Jun 23, 2026

ETNCX (Eaton Vance North Carolina Municipal Income Fund) and DFSMX (DFA Short Term Municipal Bond Portfolio) are both Municipal Bonds funds. Over the past 10 years, ETNCX returned 1.86%/yr vs 1.26%/yr for DFSMX. At a 0.33 correlation, their price movements are largely independent. ETNCX charges 0.66%/yr vs 0.20%/yr for DFSMX.

Performance

ETNCX vs. DFSMX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Eaton Vance North Carolina Municipal Income Fund (ETNCX) and DFA Short Term Municipal Bond Portfolio (DFSMX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ETNCX achieves a 1.92% return, which is significantly higher than DFSMX's 1.15% return. Over the past 10 years, ETNCX has outperformed DFSMX with an annualized return of 1.86%, while DFSMX has yielded a comparatively lower 1.26% annualized return.

ETNCX

• 1D: 0.12%
• 1M: 1.70%
• YTD: 1.92%
• 6M: 2.33%
• 1Y: 7.87%
• 3Y*: 4.20%
• 5Y*: 1.15%
• 10Y*: 1.86%

DFSMX

• 1D: 0.10%
• 1M: 0.40%
• YTD: 1.15%
• 6M: 1.15%
• 1Y: 2.48%
• 3Y*: 2.71%
• 5Y*: 1.74%
• 10Y*: 1.26%

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

ETNCX vs. DFSMX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ETNCX Eaton Vance North Carolina Municipal Income Fund	1.92%	5.10%	1.90%	4.92%	-7.68%	0.83%	4.53%	6.48%	0.74%	3.46%
DFSMX DFA Short Term Municipal Bond Portfolio	1.15%	2.30%	2.84%	2.98%	-0.36%	-0.11%	0.83%	1.62%	1.22%	1.15%

Correlation

The correlation between ETNCX and DFSMX is 0.19, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.19
Correlation (3Y) Calculated over the trailing 3-year period	0.27
Correlation (5Y) Calculated over the trailing 5-year period	0.37
Correlation (10Y) Calculated over the trailing 10-year period	0.32
Correlation (All Time) Calculated using the full available price history since Aug 22, 2002	0.33

The correlation between ETNCX and DFSMX shifts across timeframes, from 0.19 (1 year) to 0.37 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

ETNCX vs. DFSMX — Risk / Return Rank

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

ETNCX

ETNCX Risk / Return Rank: 75
ETNCX Sharpe Ratio Rank: 88
ETNCX Sortino Ratio Rank: 92
ETNCX Omega Ratio Rank: 94
ETNCX Calmar Ratio Rank: 53
ETNCX Martin Ratio Rank: 48

DFSMX

DFSMX Risk / Return Rank: 99
DFSMX Sharpe Ratio Rank: 99
DFSMX Sortino Ratio Rank: 99
DFSMX Omega Ratio Rank: 99
DFSMX Calmar Ratio Rank: 99
DFSMX Martin Ratio Rank: 100

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.

ETNCX vs. DFSMX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Eaton Vance North Carolina Municipal Income Fund (ETNCX) and DFA Short Term Municipal Bond Portfolio (DFSMX). 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.

	ETNCX	DFSMX	Difference
Sharpe ratio: Return per unit of total volatility	2.66	4.16	-1.50
Sortino ratio: Return per unit of downside risk	4.22	8.56	-4.33
Omega ratio: Gain probability vs. loss probability	1.70	4.46	-2.76
Calmar ratio: Return relative to maximum drawdown	2.66	12.85	-10.19
Martin ratio: Return relative to average drawdown	9.38	76.73	-67.35

ETNCX vs. DFSMX - Sharpe Ratio Comparison

The current ETNCX Sharpe Ratio is 2.66, which is lower than the DFSMX Sharpe Ratio of 4.16. The chart below compares the historical Sharpe Ratios of ETNCX and DFSMX, 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

ETNCX vs. DFSMX - Drawdown Comparison

The maximum ETNCX drawdown since its inception was -23.81%, which is greater than DFSMX's maximum drawdown of -2.66%. Use the drawdown chart below to compare losses from any high point for ETNCX and DFSMX.

Drawdown Indicators

	ETNCX	DFSMX	Difference
Max Drawdown Largest peak-to-trough decline	-23.81%	-2.66%	-21.15%
Max Drawdown (1Y) Largest decline over 1 year	-2.92%	-0.20%	-2.72%
Max Drawdown (3Y) Largest decline over 3 years	-5.64%	-0.49%	-5.15%
Max Drawdown (5Y) Largest decline over 5 years	-12.24%	-1.66%	-10.58%
Max Drawdown (10Y) Largest decline over 10 years	-12.24%	-1.69%	-10.55%
Current Drawdown Current decline from peak	-0.14%	0.00%	-0.14%
Average Drawdown Average peak-to-trough decline	-2.23%	-0.23%	-2.00%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.83%	0.03%	+0.80%

Volatility

ETNCX vs. DFSMX - Volatility Comparison

Eaton Vance North Carolina Municipal Income Fund (ETNCX) has a higher volatility of 0.80% compared to DFA Short Term Municipal Bond Portfolio (DFSMX) at 0.18%. This indicates that ETNCX's price experiences larger fluctuations and is considered to be riskier than DFSMX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ETNCX	DFSMX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.80%	0.18%	+0.62%
Volatility (6M) Calculated over the trailing 6-month period	2.21%	0.38%	+1.83%
Volatility (1Y) Calculated over the trailing 1-year period	2.92%	0.61%	+2.31%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.92%	0.79%	+3.13%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.88%	0.77%	+3.11%

ETNCX vs. DFSMX - Expense Ratio Comparison

ETNCX has a 0.66% expense ratio, which is higher than DFSMX's 0.20% expense ratio.

Dividends

ETNCX vs. DFSMX - Dividend Comparison

ETNCX's dividend yield for the trailing twelve months is around 3.18%, more than DFSMX's 2.35% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DFSMX DFA Short Term Municipal Bond Portfolio	2.35%	2.08%	2.80%	1.94%	0.63%	0.19%	0.83%	1.22%	1.11%	0.95%	0.94%	0.95%
ETNCX Eaton Vance North Carolina Municipal Income Fund	3.18%	4.05%	3.68%	2.60%	1.85%	1.70%	2.22%	2.89%	3.10%	3.18%	3.30%	3.44%

Frequently Asked Questions

Can I hold both ETNCX and DFSMX in my portfolio?

ETNCX and DFSMX have a correlation of 0.19, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ETNCX or DFSMX?

ETNCX has higher volatility (0.80%) compared to DFSMX (0.18%). In terms of maximum drawdown, ETNCX dropped -23.81% vs DFSMX's -2.66%.

Which has better risk-adjusted returns?

DFSMX currently has the higher Sharpe Ratio (4.16 vs 2.66), 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.