ETVAX vs. APUSX

Last updated Aug 1, 2026

ETVAX (Eaton Vance Virginia Municipal Income Fund) and APUSX (Cavanal Hill Ultra Short Tax-Free Income Fund) are both Municipal Bonds funds. Over the past 5 years, ETVAX returned 0.49%/yr vs 2.10%/yr for APUSX. Their 0.25 correlation means their historical movements had little consistent relationship. ETVAX charges 0.69%/yr vs 0.60%/yr for APUSX.

Performance

ETVAX vs. APUSX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Eaton Vance Virginia Municipal Income Fund (ETVAX) and Cavanal Hill Ultra Short Tax-Free Income Fund (APUSX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with ETVAX having a 0.88% return and APUSX slightly higher at 0.90%.

ETVAX

• 1D: -0.28%
• 1M: -2.18%
• 6M: 0.06%
• YTD: 0.88%
• 1Y: 6.63%
• 3Y*: 3.60%
• 5Y*: 0.49%
• 10Y*: 1.67%
• ALL TIME*: 3.16%

APUSX

• 1D: 0.00%
• 1M: -0.10%
• 6M: 0.76%
• YTD: 0.90%
• 1Y: 2.01%
• 3Y*: 3.22%
• 5Y*: 2.10%
• 10Y*: —
• ALL TIME*: 1.60%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
APUSX Cavanal Hill Ultra Short Tax-Free Income Fund	$0.00	$0.00	$0.00
ETVAX Eaton Vance Virginia Municipal Income Fund	$0.00	$0.00	$0.00

ETVAX vs. APUSX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
ETVAX Eaton Vance Virginia Municipal Income Fund	0.88%	5.36%	2.77%	3.93%	-9.12%	0.55%	5.32%
APUSX Cavanal Hill Ultra Short Tax-Free Income Fund	0.90%	3.88%	3.65%	2.63%	-0.18%	-0.40%	0.15%

Correlation

The correlation between ETVAX and APUSX is 0.28, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.28
Correlation (3Y) Balances recent behavior with more history.	0.19
Correlation (5Y) Shows whether the relationship held over a longer period.	0.25
Correlation (All Time) Calculated using the full available price history since Jan 2, 2020	0.25

Return for Risk

ETVAX vs. APUSX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

ETVAX

ETVAX Risk / Return Rank: 89
ETVAX Sharpe Ratio Rank: 95
ETVAX Sortino Ratio Rank: 95
ETVAX Omega Ratio Rank: 97
ETVAX Calmar Ratio Rank: 83
ETVAX Martin Ratio Rank: 74

APUSX

APUSX Risk / Return Rank: 23
APUSX Sharpe Ratio Rank: 7
APUSX Sortino Ratio Rank: 7
APUSX Omega Ratio Rank: 72
APUSX Calmar Ratio Rank: 7
APUSX Martin Ratio Rank: 25

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

ETVAX vs. APUSX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Eaton Vance Virginia Municipal Income Fund (ETVAX) and Cavanal Hill Ultra Short Tax-Free Income Fund (APUSX). 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.

	ETVAX	APUSX	Difference
Sharpe ratio: Return per unit of total volatility	2.57	0.14	+2.43
Sortino ratio: Return per unit of downside risk	3.97	0.33	+3.63
Omega ratio: Gain probability vs. loss probability	1.66	1.31	+0.35
Calmar ratio: Return relative to maximum drawdown	2.86	0.22	+2.64
Martin ratio: Return relative to average drawdown	9.37	3.42	+5.94

ETVAX vs. APUSX - Sharpe Ratio Comparison

The current ETVAX Sharpe Ratio is 2.57, which is higher than the APUSX Sharpe Ratio of 0.14. The chart below compares the historical Sharpe Ratios of ETVAX and APUSX, 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

ETVAX vs. APUSX - Drawdown Comparison

The maximum ETVAX drawdown since its inception was -30.84%, which is greater than APUSX's maximum drawdown of -10.36%. Use the drawdown chart below to compare losses from any high point for ETVAX and APUSX.

Drawdown Indicators

	ETVAX	APUSX	Difference
Max Drawdown Largest peak-to-trough decline	-30.84%	-10.36%	-20.48%
Max Drawdown (1Y) Largest decline over 1 year	-2.72%	-10.36%	+7.64%
Max Drawdown (3Y) Largest decline over 3 years	-5.79%	-10.36%	+4.57%
Max Drawdown (5Y) Largest decline over 5 years	-13.79%	-10.36%	-3.43%
Max Drawdown (10Y) Largest decline over 10 years	-13.79%	—	—
Current Drawdown Current decline from peak	-2.18%	-0.10%	-2.08%
Average Drawdown Average peak-to-trough decline	-2.54%	-0.29%	-2.25%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.83%	0.65%	+0.18%

Volatility

ETVAX vs. APUSX - Volatility Comparison

The current volatility for Eaton Vance Virginia Municipal Income Fund (ETVAX) is 1.10%, while Cavanal Hill Ultra Short Tax-Free Income Fund (APUSX) has a volatility of 11.12%. This indicates that ETVAX experiences smaller price fluctuations and is considered to be less risky than APUSX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ETVAX	APUSX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.10%	11.12%	-10.02%
Volatility (6M) Calculated over the trailing 6-month period	2.31%	15.66%	-13.35%
Volatility (1Y) Calculated over the trailing 1-year period	3.03%	15.75%	-12.72%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.08%	7.14%	-3.06%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.95%	6.23%	-2.28%

ETVAX vs. APUSX - Expense Ratio Comparison

ETVAX has a 0.69% expense ratio, which is higher than APUSX's 0.60% expense ratio.

Dividends

ETVAX vs. APUSX - Dividend Comparison

ETVAX's dividend yield for the trailing twelve months is around 3.02%, more than APUSX's 2.19% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
APUSX Cavanal Hill Ultra Short Tax-Free Income Fund	2.19%	3.69%	3.68%	1.69%	0.33%	0.00%	0.25%	0.00%	0.00%	0.00%	0.00%	0.00%
ETVAX Eaton Vance Virginia Municipal Income Fund	3.02%	4.15%	3.71%	2.42%	2.39%	2.04%	2.53%	3.20%	3.36%	3.67%	3.66%	3.81%

Frequently Asked Questions

Can I hold both ETVAX and APUSX in my portfolio?

ETVAX and APUSX have a correlation of 0.28, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ETVAX or APUSX?

APUSX has higher volatility (11.12%) compared to ETVAX (1.10%). In terms of maximum drawdown, ETVAX dropped -30.84% vs APUSX's -10.36%.

Which has better risk-adjusted returns?

ETVAX currently has the higher Sharpe Ratio (2.57 vs 0.14), 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.