ETPAX vs. VPAIX

Last updated Jun 24, 2026

ETPAX (Eaton Vance Pennsylvania Municipal Income Fund) and VPAIX (Vanguard Pennsylvania Long-Term Tax-Exempt Fund Investor Shares) are both Municipal Bonds funds. Over the past 10 years, ETPAX returned 1.82%/yr vs 2.62%/yr for VPAIX. A 0.74 correlation means they provide meaningful diversification when combined. ETPAX charges 0.68%/yr vs 0.17%/yr for VPAIX.

Performance

ETPAX vs. VPAIX - Performance Comparison

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

Returns By Period

In the year-to-date period, ETPAX achieves a 2.21% return, which is significantly higher than VPAIX's 1.83% return. Over the past 10 years, ETPAX has underperformed VPAIX with an annualized return of 1.82%, while VPAIX has yielded a comparatively higher 2.62% 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%

VPAIX

• 1D: 0.00%
• 1M: 1.81%
• YTD: 1.83%
• 6M: 2.33%
• 1Y: 8.06%
• 3Y*: 4.65%
• 5Y*: 1.33%
• 10Y*: 2.62%

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

ETPAX vs. VPAIX - 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%
VPAIX Vanguard Pennsylvania Long-Term Tax-Exempt Fund Investor Shares	1.83%	5.27%	2.59%	7.25%	-10.20%	1.97%	5.86%	9.05%	1.11%	6.61%

Correlation

The correlation between ETPAX and VPAIX is 0.87, 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	0.87
Correlation (3Y) Calculated over the trailing 3-year period	0.90
Correlation (5Y) Calculated over the trailing 5-year period	0.91
Correlation (10Y) Calculated over the trailing 10-year period	0.87
Correlation (All Time) Calculated using the full available price history since Jun 2, 1994	0.74

The correlation between ETPAX and VPAIX shifts across timeframes, from 0.74 (all time) to 0.91 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

ETPAX vs. VPAIX — Risk / Return Rank

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

ETPAX

ETPAX Risk / Return Rank: 74
ETPAX Sharpe Ratio Rank: 82
ETPAX Sortino Ratio Rank: 88
ETPAX Omega Ratio Rank: 91
ETPAX Calmar Ratio Rank: 57
ETPAX Martin Ratio Rank: 51

VPAIX

VPAIX Risk / Return Rank: 76
VPAIX Sharpe Ratio Rank: 90
VPAIX Sortino Ratio Rank: 93
VPAIX Omega Ratio Rank: 94
VPAIX Calmar Ratio Rank: 53
VPAIX Martin Ratio Rank: 49

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.

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.

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	VPAIX	Difference
Sharpe ratio: Return per unit of total volatility	2.48	2.77	-0.29
Sortino ratio: Return per unit of downside risk	3.93	4.45	-0.52
Omega ratio: Gain probability vs. loss probability	1.62	1.71	-0.09
Calmar ratio: Return relative to maximum drawdown	2.77	2.68	+0.09
Martin ratio: Return relative to average drawdown	9.95	9.57	+0.39

ETPAX vs. VPAIX - Sharpe Ratio Comparison

The current ETPAX Sharpe Ratio is 2.48, which is comparable to the VPAIX Sharpe Ratio of 2.77. The chart below compares the historical Sharpe Ratios of ETPAX and VPAIX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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.

Drawdown Indicators

	ETPAX	VPAIX	Difference
Max Drawdown Largest peak-to-trough decline	-28.69%	-19.51%	-9.18%
Max Drawdown (1Y) Largest decline over 1 year	-2.95%	-3.10%	+0.15%
Max Drawdown (3Y) Largest decline over 3 years	-6.65%	-7.01%	+0.36%
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 Drawdown Current decline from peak	-0.13%	-0.17%	+0.04%
Average Drawdown Average peak-to-trough decline	-2.16%	-2.15%	-0.01%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.82%	0.87%	-0.05%

Volatility

ETPAX vs. VPAIX - Volatility Comparison

Eaton Vance Pennsylvania Municipal Income Fund (ETPAX) has a higher volatility of 0.96% compared to Vanguard Pennsylvania Long-Term Tax-Exempt Fund Investor Shares (VPAIX) at 0.86%. This indicates that ETPAX's price experiences larger fluctuations and is considered to be riskier than VPAIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ETPAX	VPAIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.96%	0.86%	+0.10%
Volatility (6M) Calculated over the trailing 6-month period	2.44%	2.30%	+0.14%
Volatility (1Y) Calculated over the trailing 1-year period	3.30%	3.00%	+0.30%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.38%	4.50%	-0.12%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.96%	4.41%	-0.45%

ETPAX vs. VPAIX - Expense Ratio Comparison

ETPAX has a 0.68% expense ratio, which is higher than VPAIX's 0.17% expense ratio.

Dividends

ETPAX vs. VPAIX - Dividend Comparison

ETPAX's dividend yield for the trailing twelve months is around 3.66%, which matches VPAIX's 3.65% 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%
VPAIX Vanguard Pennsylvania Long-Term Tax-Exempt Fund Investor Shares	3.65%	4.48%	4.04%	3.25%	3.12%	2.45%	3.16%	3.70%	3.91%	3.93%	4.10%	3.92%

Frequently Asked Questions

Can I hold both ETPAX and VPAIX in my portfolio?

ETPAX and VPAIX have a correlation of 0.87, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ETPAX or VPAIX?

ETPAX has higher volatility (0.96%) compared to VPAIX (0.86%). In terms of maximum drawdown, ETPAX dropped -28.69% vs VPAIX's -19.51%.

Which has better risk-adjusted returns?

VPAIX currently has the higher Sharpe Ratio (2.77 vs 2.48), 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.