ETPAX vs. EISMX
ETPAX (Eaton Vance Pennsylvania Municipal Income Fund) and EISMX (Eaton Vance Atlanta Capital SMID-Cap Fund) are both mutual funds - ETPAX is a Municipal Bonds fund managed by Eaton Vance, while EISMX is a Mid Cap Growth Equities fund managed by Eaton Vance. Over the past 10 years, ETPAX returned 1.84%/yr vs 10.01%/yr for EISMX. At a 0.01 correlation, their price movements are largely independent. ETPAX charges 0.68%/yr vs 0.88%/yr for EISMX.
Performance
ETPAX vs. EISMX - Performance Comparison
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Returns By Period
In the year-to-date period, ETPAX achieves a 2.34% return, which is significantly higher than EISMX's -2.06% return. Over the past 10 years, ETPAX has underperformed EISMX with an annualized return of 1.84%, while EISMX has yielded a comparatively higher 10.01% annualized return.
ETPAX
- 1D
- 0.13%
- 1M
- 1.36%
- YTD
- 2.34%
- 6M
- 2.80%
- 1Y
- 8.42%
- 3Y*
- 4.04%
- 5Y*
- 1.02%
- 10Y*
- 1.84%
EISMX
- 1D
- 1.60%
- 1M
- 0.73%
- YTD
- -2.06%
- 6M
- -3.58%
- 1Y
- -4.95%
- 3Y*
- 7.10%
- 5Y*
- 3.68%
- 10Y*
- 10.01%
ETPAX vs. EISMX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ETPAX Eaton Vance Pennsylvania Municipal Income Fund | 2.34% | 4.32% | 2.48% | 5.30% | -9.45% | 1.74% | 4.61% | 6.12% | 1.78% | 3.24% |
EISMX Eaton Vance Atlanta Capital SMID-Cap Fund | -2.06% | -5.66% | 17.64% | 14.01% | -8.77% | 22.02% | 11.31% | 34.37% | -5.55% | 24.71% |
Correlation
The correlation between ETPAX and EISMX 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 | 0.09 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.00 |
Correlation (All Time) Calculated using the full available price history since Apr 30, 2002 | 0.01 |
The correlation between ETPAX and EISMX shifts across timeframes, from 0.00 (10 years) to 0.17 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
ETPAX vs. EISMX — Risk / Return Rank
ETPAX
EISMX
ETPAX vs. EISMX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Eaton Vance Pennsylvania Municipal Income Fund (ETPAX) and Eaton Vance Atlanta Capital SMID-Cap Fund (EISMX). 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.
| ETPAX | EISMX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.88 | ||
| Sortino ratioReturn per unit of downside risk | +4.42 | ||
| Omega ratioGain probability vs. loss probability | 1.64 | 0.96 | +0.69 |
| Calmar ratioReturn relative to maximum drawdown | 2.82 | -0.37 | +3.18 |
| Martin ratioReturn relative to average drawdown | 10.12 | -0.69 | +10.81 |
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Drawdowns
ETPAX vs. EISMX - Drawdown Comparison
The maximum ETPAX drawdown since its inception was -28.69%, smaller than the maximum EISMX drawdown of -45.32%. Use the drawdown chart below to compare losses from any high point for ETPAX and EISMX.
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Drawdown Indicators
| ETPAX | EISMX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -28.69% | -45.32% | +16.63% |
Max Drawdown (1Y)Largest decline over 1 year | -2.95% | -14.66% | +11.71% |
Max Drawdown (3Y)Largest decline over 3 years | -6.65% | -19.39% | +12.74% |
Max Drawdown (5Y)Largest decline over 5 years | -14.55% | -19.81% | +5.26% |
Max Drawdown (10Y)Largest decline over 10 years | -14.55% | -39.95% | +25.40% |
Current DrawdownCurrent decline from peak | 0.00% | -12.94% | +12.94% |
Average DrawdownAverage peak-to-trough decline | -2.16% | -5.84% | +3.68% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.82% | 7.87% | -7.05% |
Volatility
ETPAX vs. EISMX - Volatility Comparison
The current volatility for Eaton Vance Pennsylvania Municipal Income Fund (ETPAX) is 0.95%, while Eaton Vance Atlanta Capital SMID-Cap Fund (EISMX) has a volatility of 4.49%. This indicates that ETPAX experiences smaller price fluctuations and is considered to be less risky than EISMX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ETPAX | EISMX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.95% | 4.49% | -3.54% |
Volatility (6M)Calculated over the trailing 6-month period | 2.44% | 11.61% | -9.17% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.29% | 15.58% | -12.29% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.38% | 17.15% | -12.77% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.95% | 18.84% | -14.89% |
ETPAX vs. EISMX - Expense Ratio Comparison
ETPAX has a 0.68% expense ratio, which is lower than EISMX's 0.88% expense ratio.
Dividends
ETPAX vs. EISMX - Dividend Comparison
ETPAX's dividend yield for the trailing twelve months is around 3.66%, less than EISMX's 6.56% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EISMX Eaton Vance Atlanta Capital SMID-Cap Fund | 6.56% | 6.43% | 7.26% | 2.78% | 10.37% | 10.49% | 9.80% | 6.52% | 7.20% | 3.30% | 3.58% | 6.70% |
ETPAX Eaton Vance Pennsylvania Municipal Income Fund | 3.66% | 4.67% | 4.14% | 2.79% | 2.84% | 2.42% | 2.86% | 3.70% | 3.88% | 3.79% | 3.79% | 3.89% |
Frequently Asked Questions
ETPAX and EISMX 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.
EISMX has higher volatility (4.49%) compared to ETPAX (0.95%). In terms of maximum drawdown, ETPAX dropped -28.69% vs EISMX's -45.32%.
ETPAX currently has the higher Sharpe Ratio (2.53 vs -0.35), 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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