ETPAX vs. VPAIX
Compare and contrast key facts about Eaton Vance Pennsylvania Municipal Income Fund (ETPAX) and Vanguard Pennsylvania Long-Term Tax-Exempt Fund Investor Shares (VPAIX).
ETPAX is managed by Eaton Vance. It was launched on May 31, 1994. VPAIX is managed by Vanguard. It was launched on Apr 7, 1986.
Performance
ETPAX vs. VPAIX - Performance Comparison
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ETPAX vs. VPAIX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ETPAX Eaton Vance Pennsylvania Municipal Income Fund | -0.44% | 4.32% | 2.48% | 5.30% | -9.45% | 1.74% | 4.61% | 6.12% | 1.78% | 3.24% |
VPAIX Vanguard Pennsylvania Long-Term Tax-Exempt Fund Investor Shares | -0.60% | 5.27% | 2.59% | 7.25% | -10.20% | 1.97% | 5.86% | 9.05% | 1.11% | 6.61% |
Returns By Period
In the year-to-date period, ETPAX achieves a -0.44% return, which is significantly higher than VPAIX's -0.60% return. Over the past 10 years, ETPAX has underperformed VPAIX with an annualized return of 1.75%, while VPAIX has yielded a comparatively higher 2.65% annualized return.
ETPAX
- 1D
- 0.26%
- 1M
- -2.19%
- YTD
- -0.44%
- 6M
- 1.28%
- 1Y
- 3.69%
- 3Y*
- 3.06%
- 5Y*
- 0.75%
- 10Y*
- 1.75%
VPAIX
- 1D
- 0.28%
- 1M
- -2.19%
- YTD
- -0.60%
- 6M
- 1.54%
- 1Y
- 4.27%
- 3Y*
- 3.81%
- 5Y*
- 1.17%
- 10Y*
- 2.65%
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ETPAX vs. VPAIX - Expense Ratio Comparison
ETPAX has a 0.68% expense ratio, which is higher than VPAIX's 0.17% expense ratio.
Return for Risk
ETPAX vs. VPAIX — Risk / Return Rank
ETPAX
VPAIX
ETPAX vs. VPAIX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Eaton Vance Pennsylvania Municipal Income Fund (ETPAX) and Vanguard Pennsylvania Long-Term Tax-Exempt Fund Investor Shares (VPAIX). 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.
| ETPAX | VPAIX | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.74 | 0.89 | -0.15 |
Sortino ratioReturn per unit of downside risk | 1.01 | 1.22 | -0.20 |
Omega ratioGain probability vs. loss probability | 1.20 | 1.25 | -0.05 |
Calmar ratioReturn relative to maximum drawdown | 0.92 | 1.06 | -0.14 |
Martin ratioReturn relative to average drawdown | 2.70 | 3.26 | -0.55 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| ETPAX | VPAIX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.74 | 0.89 | -0.15 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.17 | 0.26 | -0.09 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.45 | 0.61 | -0.16 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.86 | 1.13 | -0.26 |
Correlation
The correlation between ETPAX and VPAIX is 0.74, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.
Dividends
ETPAX vs. VPAIX - Dividend Comparison
ETPAX's dividend yield for the trailing twelve months is around 3.73%, more than VPAIX's 3.68% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ETPAX Eaton Vance Pennsylvania Municipal Income Fund | 3.73% | 4.67% | 4.14% | 2.79% | 2.84% | 2.42% | 2.86% | 3.70% | 3.88% | 3.79% | 3.79% | 3.89% |
VPAIX Vanguard Pennsylvania Long-Term Tax-Exempt Fund Investor Shares | 3.68% | 4.48% | 4.04% | 3.25% | 3.12% | 2.45% | 3.16% | 3.70% | 3.91% | 3.93% | 4.10% | 3.92% |
Drawdowns
ETPAX vs. VPAIX - Drawdown Comparison
The maximum ETPAX drawdown since its inception was -28.69%, which is greater than VPAIX's maximum drawdown of -19.51%. Use the drawdown chart below to compare losses from any high point for ETPAX and VPAIX.
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Drawdown Indicators
| ETPAX | VPAIX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -28.69% | -19.51% | -9.18% |
Max Drawdown (1Y)Largest decline over 1 year | -5.47% | -5.20% | -0.27% |
Max Drawdown (5Y)Largest decline over 5 years | -14.55% | -15.76% | +1.21% |
Max Drawdown (10Y)Largest decline over 10 years | -14.55% | -15.76% | +1.21% |
Current DrawdownCurrent decline from peak | -2.44% | -2.55% | +0.11% |
Average DrawdownAverage peak-to-trough decline | -2.17% | -2.16% | -0.01% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.86% | 1.69% | +0.17% |
Volatility
ETPAX vs. VPAIX - Volatility Comparison
Eaton Vance Pennsylvania Municipal Income Fund (ETPAX) and Vanguard Pennsylvania Long-Term Tax-Exempt Fund Investor Shares (VPAIX) have volatilities of 1.27% and 1.21%, 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.
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Volatility by Period
| ETPAX | VPAIX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.27% | 1.21% | +0.06% |
Volatility (6M)Calculated over the trailing 6-month period | 1.93% | 1.84% | +0.09% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.63% | 5.32% | +0.31% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.32% | 4.45% | -0.13% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.92% | 4.39% | -0.47% |