ETOHX vs. ETY
ETOHX (Eaton Vance Ohio Municipal Income Fund) and ETY (Eaton Vance Tax Managed Diversified Equity Income Closed Fund) are both mutual funds - ETOHX is a Municipal Bonds fund managed by Eaton Vance, while ETY is a Large Cap Growth Equities fund actively managed by Eaton Vance. Over the past 10 years, ETOHX returned 1.92%/yr vs 12.13%/yr for ETY. At a correlation of -0.01, they often move in opposite directions. ETOHX charges 0.70%/yr vs 1.06%/yr for ETY.
Performance
ETOHX vs. ETY - Performance Comparison
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Returns By Period
In the year-to-date period, ETOHX achieves a 1.39% return, which is significantly higher than ETY's -2.61% return. Over the past 10 years, ETOHX has underperformed ETY with an annualized return of 1.92%, while ETY has yielded a comparatively higher 12.13% annualized return.
ETOHX
- 1D
- -0.24%
- 1M
- -0.19%
- 6M
- 1.02%
- YTD
- 1.39%
- 1Y
- 6.52%
- 3Y*
- 3.15%
- 5Y*
- 0.49%
- 10Y*
- 1.92%
ETY
- 1D
- -1.72%
- 1M
- -0.50%
- 6M
- -2.41%
- YTD
- -2.61%
- 1Y
- -0.96%
- 3Y*
- 13.34%
- 5Y*
- 8.61%
- 10Y*
- 12.13%
ETOHX vs. ETY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ETOHX Eaton Vance Ohio Municipal Income Fund | 1.39% | 4.00% | 1.45% | 4.85% | -8.30% | 0.94% | 5.43% | 8.09% | 0.88% | 4.54% |
ETY Eaton Vance Tax Managed Diversified Equity Income Closed Fund | -2.61% | 11.02% | 33.11% | 21.83% | -21.21% | 32.61% | 7.27% | 33.68% | -8.96% | 28.72% |
Correlation
The correlation between ETOHX and ETY is 0.17, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.17 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.12 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.12 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.07 |
Correlation (All Time) Calculated using the full available price history since Nov 28, 2006 | -0.01 |
The correlation between ETOHX and ETY shifts across timeframes, from -0.01 (all time) to 0.17 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
ETOHX vs. ETY — Risk / Return Rank
ETOHX
ETY
ETOHX vs. ETY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Eaton Vance Ohio Municipal Income Fund (ETOHX) 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.
| ETOHX | ETY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.48 | ||
| Sortino ratioReturn per unit of downside risk | +3.68 | ||
| Omega ratioGain probability vs. loss probability | 1.60 | 1.00 | +0.60 |
| Calmar ratioReturn relative to maximum drawdown | 2.23 | -0.07 | +2.30 |
| Martin ratioReturn relative to average drawdown | 8.12 | -0.24 | +8.36 |
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Drawdowns
ETOHX vs. ETY - Drawdown Comparison
The maximum ETOHX drawdown since its inception was -21.71%, smaller than the maximum ETY drawdown of -53.06%. Use the drawdown chart below to compare losses from any high point for ETOHX and ETY.
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Drawdown Indicators
| ETOHX | ETY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -21.71% | -53.06% | +31.35% |
Max Drawdown (1Y)Largest decline over 1 year | -2.87% | -14.40% | +11.53% |
Max Drawdown (3Y)Largest decline over 3 years | -6.34% | -21.28% | +14.94% |
Max Drawdown (5Y)Largest decline over 5 years | -13.00% | -24.06% | +11.06% |
Max Drawdown (10Y)Largest decline over 10 years | -13.00% | -42.46% | +29.46% |
Current DrawdownCurrent decline from peak | -0.73% | -4.76% | +4.03% |
Average DrawdownAverage peak-to-trough decline | -2.43% | -7.56% | +5.13% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.79% | 4.00% | -3.21% |
Volatility
ETOHX vs. ETY - Volatility Comparison
The current volatility for Eaton Vance Ohio Municipal Income Fund (ETOHX) is 0.59%, while Eaton Vance Tax Managed Diversified Equity Income Closed Fund (ETY) has a volatility of 4.43%. This indicates that ETOHX 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
| ETOHX | ETY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.59% | 4.43% | -3.84% |
Volatility (6M)Calculated over the trailing 6-month period | 2.15% | 11.21% | -9.06% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.69% | 13.66% | -10.97% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.89% | 17.98% | -14.09% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.19% | 19.89% | -15.70% |
ETOHX vs. ETY - Expense Ratio Comparison
ETOHX has a 0.70% expense ratio, which is lower than ETY's 1.06% expense ratio.
Dividends
ETOHX vs. ETY - Dividend Comparison
ETOHX's dividend yield for the trailing twelve months is around 3.47%, less than ETY's 8.35% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ETOHX Eaton Vance Ohio Municipal Income Fund | 3.47% | 4.24% | 3.62% | 2.42% | 2.81% | 2.56% | 2.77% | 3.40% | 3.11% | 3.42% | 3.58% | 3.73% |
ETY Eaton Vance Tax Managed Diversified Equity Income Closed Fund | 8.35% | 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
ETOHX and ETY have a correlation of 0.17, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ETY has higher volatility (4.43%) compared to ETOHX (0.59%). In terms of maximum drawdown, ETOHX dropped -21.71% vs ETY's -53.06%.
ETOHX currently has the higher Sharpe Ratio (2.41 vs -0.07), 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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