ETNJX vs. VNJTX

Last updated Jun 4, 2026

ETNJX (Eaton Vance New Jersey Municipal Income Fund) and VNJTX (Vanguard New Jersey Long-Term Tax-Exempt Fund Investor Shares) are both Municipal Bonds funds. Over the past 10 years, ETNJX returned 2.26%/yr vs 3.07%/yr for VNJTX. A 0.79 correlation means they provide meaningful diversification when combined. ETNJX charges 0.69%/yr vs 0.17%/yr for VNJTX.

Performance

ETNJX vs. VNJTX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Eaton Vance New Jersey Municipal Income Fund (ETNJX) and Vanguard New Jersey Long-Term Tax-Exempt Fund Investor Shares (VNJTX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with ETNJX having a 1.88% return and VNJTX slightly higher at 1.94%. Over the past 10 years, ETNJX has underperformed VNJTX with an annualized return of 2.26%, while VNJTX has yielded a comparatively higher 3.07% annualized return.

ETNJX

• 1D: 0.12%
• 1M: 0.63%
• YTD: 1.88%
• 6M: 2.17%
• 1Y: 8.72%
• 3Y*: 3.80%
• 5Y*: 0.65%
• 10Y*: 2.26%

VNJTX

• 1D: 0.18%
• 1M: 0.74%
• YTD: 1.94%
• 6M: 2.34%
• 1Y: 8.74%
• 3Y*: 4.75%
• 5Y*: 1.44%
• 10Y*: 3.07%

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

ETNJX vs. VNJTX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ETNJX Eaton Vance New Jersey Municipal Income Fund	1.88%	4.21%	2.12%	5.13%	-9.80%	1.34%	5.40%	8.62%	2.00%	4.78%
VNJTX Vanguard New Jersey Long-Term Tax-Exempt Fund Investor Shares	1.94%	4.89%	2.69%	8.04%	-10.31%	2.62%	6.02%	9.27%	1.53%	8.37%

Correlation

The correlation between ETNJX and VNJTX is 0.89, 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	0.89
Correlation (3Y) Calculated over the trailing 3-year period	0.91
Correlation (5Y) Calculated over the trailing 5-year period	0.92
Correlation (10Y) Calculated over the trailing 10-year period	0.89
Correlation (All Time) Calculated using the full available price history since Apr 15, 1994	0.79

The correlation between ETNJX and VNJTX shifts across timeframes, from 0.79 (all time) to 0.92 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

ETNJX vs. VNJTX — Risk / Return Rank

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

ETNJX

ETNJX Risk / Return Rank: 80
ETNJX Sharpe Ratio Rank: 88
ETNJX Sortino Ratio Rank: 93
ETNJX Omega Ratio Rank: 94
ETNJX Calmar Ratio Rank: 71
ETNJX Martin Ratio Rank: 57

VNJTX

VNJTX Risk / Return Rank: 76
VNJTX Sharpe Ratio Rank: 87
VNJTX Sortino Ratio Rank: 91
VNJTX Omega Ratio Rank: 92
VNJTX Calmar Ratio Rank: 58
VNJTX Martin Ratio Rank: 51

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.

ETNJX vs. VNJTX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Eaton Vance New Jersey Municipal Income Fund (ETNJX) and Vanguard New Jersey Long-Term Tax-Exempt Fund Investor Shares (VNJTX). 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.

	ETNJX	VNJTX	Difference
Sharpe ratio: Return per unit of total volatility	2.89	2.82	+0.07
Sortino ratio: Return per unit of downside risk	4.74	4.47	+0.27
Omega ratio: Gain probability vs. loss probability	1.73	1.69	+0.04
Calmar ratio: Return relative to maximum drawdown	3.27	2.92	+0.35
Martin ratio: Return relative to average drawdown	11.40	10.50	+0.90
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ETNJX vs. VNJTX - Sharpe Ratio Comparison

The current ETNJX Sharpe Ratio is 2.89, which is comparable to the VNJTX Sharpe Ratio of 2.82. The chart below compares the historical Sharpe Ratios of ETNJX and VNJTX, 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

	ETNJX	VNJTX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.89	2.82	+0.07
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.16	0.32	-0.16
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.54	0.67	-0.14
Sharpe Ratio (All Time) Calculated using the full available price history	0.94	1.25	-0.31

Drawdowns

ETNJX vs. VNJTX - Drawdown Comparison

The maximum ETNJX drawdown since its inception was -31.32%, which is greater than VNJTX's maximum drawdown of -15.71%. Use the drawdown chart below to compare losses from any high point for ETNJX and VNJTX.

Drawdown Indicators

	ETNJX	VNJTX	Difference
Max Drawdown Largest peak-to-trough decline	-31.32%	-15.71%	-15.61%
Max Drawdown (1Y) Largest decline over 1 year	-2.64%	-2.94%	+0.30%
Max Drawdown (3Y) Largest decline over 3 years	-5.98%	-6.88%	+0.90%
Max Drawdown (5Y) Largest decline over 5 years	-14.70%	-15.71%	+1.01%
Max Drawdown (10Y) Largest decline over 10 years	-14.70%	-15.71%	+1.01%
Current Drawdown Current decline from peak	-0.20%	-0.23%	+0.03%
Average Drawdown Average peak-to-trough decline	-2.63%	-1.86%	-0.77%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.75%	0.82%	-0.07%

Volatility

ETNJX vs. VNJTX - Volatility Comparison

Eaton Vance New Jersey Municipal Income Fund (ETNJX) and Vanguard New Jersey Long-Term Tax-Exempt Fund Investor Shares (VNJTX) have volatilities of 1.14% and 1.15%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ETNJX	VNJTX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.14%	1.15%	-0.01%
Volatility (6M) Calculated over the trailing 6-month period	2.15%	2.25%	-0.10%
Volatility (1Y) Calculated over the trailing 1-year period	3.01%	3.05%	-0.04%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.05%	4.55%	-0.50%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.22%	4.56%	-0.34%

ETNJX vs. VNJTX - Expense Ratio Comparison

ETNJX has a 0.69% expense ratio, which is higher than VNJTX's 0.17% expense ratio.

Dividends

ETNJX vs. VNJTX - Dividend Comparison

ETNJX's dividend yield for the trailing twelve months is around 3.31%, less than VNJTX's 3.58% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ETNJX Eaton Vance New Jersey Municipal Income Fund	3.31%	4.16%	3.49%	2.40%	2.53%	2.37%	2.71%	3.27%	3.39%	3.56%	3.62%	3.61%
VNJTX Vanguard New Jersey Long-Term Tax-Exempt Fund Investor Shares	3.58%	4.42%	3.97%	3.26%	3.14%	2.84%	3.71%	4.06%	3.93%	4.03%	4.51%	3.70%

Frequently Asked Questions

Can I hold both ETNJX and VNJTX in my portfolio?

ETNJX and VNJTX have a correlation of 0.89, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ETNJX or VNJTX?

VNJTX has higher volatility (1.15%) compared to ETNJX (1.14%). In terms of maximum drawdown, ETNJX dropped -31.32% vs VNJTX's -15.71%.

Which has better risk-adjusted returns?

ETNJX currently has the higher Sharpe Ratio (2.89 vs 2.82), 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.