ETPAX vs. MQY
ETPAX (Eaton Vance Pennsylvania Municipal Income Fund) and MQY (BlackRock MuniYield Quality Fund) are both Municipal Bonds funds. Over the past 10 years, ETPAX returned 1.82%/yr vs 1.38%/yr for MQY. At a 0.27 correlation, their price movements are largely independent. ETPAX charges 0.68%/yr vs 2.07%/yr for MQY.
Performance
ETPAX vs. MQY - Performance Comparison
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Returns By Period
In the year-to-date period, ETPAX achieves a 2.21% return, which is significantly lower than MQY's 4.72% return. Over the past 10 years, ETPAX has outperformed MQY with an annualized return of 1.82%, while MQY has yielded a comparatively lower 1.38% annualized return.
ETPAX
- 1D
- -0.13%
- 1M
- 1.89%
- YTD
- 2.21%
- 6M
- 2.67%
- 1Y
- 7.99%
- 3Y*
- 3.99%
- 5Y*
- 0.99%
- 10Y*
- 1.82%
MQY
- 1D
- 0.35%
- 1M
- 3.39%
- YTD
- 4.72%
- 6M
- 5.37%
- 1Y
- 11.21%
- 3Y*
- 6.00%
- 5Y*
- -2.18%
- 10Y*
- 1.38%
ETPAX vs. MQY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ETPAX Eaton Vance Pennsylvania Municipal Income Fund | 2.21% | 4.32% | 2.48% | 5.30% | -9.45% | 1.74% | 4.61% | 6.12% | 1.78% | 3.24% |
MQY BlackRock MuniYield Quality Fund | 4.72% | 4.28% | -0.06% | 10.20% | -24.23% | 2.67% | 14.65% | 20.89% | -10.12% | 8.98% |
Correlation
The correlation between ETPAX and MQY is 0.50, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.50 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.47 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.44 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.38 |
Correlation (All Time) Calculated using the full available price history since Oct 27, 1994 | 0.27 |
Over the past year, ETPAX and MQY have become more correlated (0.50) than their long-term average of 0.27, meaning their price movements have been converging.
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Return for Risk
ETPAX vs. MQY — Risk / Return Rank
ETPAX
MQY
ETPAX vs. MQY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Eaton Vance Pennsylvania Municipal Income Fund (ETPAX) and BlackRock MuniYield Quality Fund (MQY). 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 | MQY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.29 | ||
| Sortino ratioReturn per unit of downside risk | +1.95 | ||
| Omega ratioGain probability vs. loss probability | 1.62 | 1.22 | +0.40 |
| Calmar ratioReturn relative to maximum drawdown | 2.77 | 1.39 | +1.38 |
| Martin ratioReturn relative to average drawdown | 9.95 | 4.30 | +5.65 |
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Drawdowns
ETPAX vs. MQY - Drawdown Comparison
The maximum ETPAX drawdown since its inception was -28.69%, smaller than the maximum MQY drawdown of -41.67%. Use the drawdown chart below to compare losses from any high point for ETPAX and MQY.
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Drawdown Indicators
| ETPAX | MQY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -28.69% | -41.67% | +12.98% |
Max Drawdown (1Y)Largest decline over 1 year | -2.95% | -8.13% | +5.18% |
Max Drawdown (3Y)Largest decline over 3 years | -6.65% | -17.03% | +10.38% |
Max Drawdown (5Y)Largest decline over 5 years | -14.55% | -35.44% | +20.89% |
Max Drawdown (10Y)Largest decline over 10 years | -14.55% | -35.97% | +21.42% |
Current DrawdownCurrent decline from peak | -0.13% | -12.82% | +12.69% |
Average DrawdownAverage peak-to-trough decline | -2.16% | -8.29% | +6.13% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.82% | 2.61% | -1.79% |
Volatility
ETPAX vs. MQY - Volatility Comparison
The current volatility for Eaton Vance Pennsylvania Municipal Income Fund (ETPAX) is 0.96%, while BlackRock MuniYield Quality Fund (MQY) has a volatility of 2.86%. This indicates that ETPAX experiences smaller price fluctuations and is considered to be less risky than MQY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ETPAX | MQY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.96% | 2.86% | -1.90% |
Volatility (6M)Calculated over the trailing 6-month period | 2.44% | 7.50% | -5.06% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.30% | 9.44% | -6.14% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.38% | 12.21% | -7.83% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.96% | 13.04% | -9.08% |
ETPAX vs. MQY - Expense Ratio Comparison
ETPAX has a 0.68% expense ratio, which is lower than MQY's 2.07% expense ratio.
Dividends
ETPAX vs. MQY - Dividend Comparison
ETPAX's dividend yield for the trailing twelve months is around 3.66%, less than MQY's 6.06% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
MQY BlackRock MuniYield Quality Fund | 6.06% | 6.16% | 6.04% | 4.46% | 5.87% | 4.93% | 4.21% | 4.00% | 5.24% | 5.67% | 6.10% | 6.06% |
Frequently Asked Questions
ETPAX and MQY have a correlation of 0.50, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MQY has higher volatility (2.86%) compared to ETPAX (0.96%). In terms of maximum drawdown, ETPAX dropped -28.69% vs MQY's -41.67%.
ETPAX currently has the higher Sharpe Ratio (2.48 vs 1.19), 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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