ETVAX vs. EHSTX

Last updated Jun 6, 2026

ETVAX (Eaton Vance Virginia Municipal Income Fund) and EHSTX (Eaton Vance Large-Cap Value Fund) are both mutual funds - ETVAX is a Municipal Bonds fund managed by Eaton Vance, while EHSTX is a Large Cap Value Equities fund managed by Eaton Vance. Over the past 10 years, ETVAX returned 1.95%/yr vs 10.93%/yr for EHSTX. At a 0.08 correlation, their price movements are largely independent. ETVAX charges 0.69%/yr vs 1.01%/yr for EHSTX.

Performance

ETVAX vs. EHSTX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Eaton Vance Virginia Municipal Income Fund (ETVAX) and Eaton Vance Large-Cap Value Fund (EHSTX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ETVAX achieves a 2.29% return, which is significantly lower than EHSTX's 12.69% return. Over the past 10 years, ETVAX has underperformed EHSTX with an annualized return of 1.95%, while EHSTX has yielded a comparatively higher 10.93% annualized return.

ETVAX

• 1D: 0.00%
• 1M: 0.67%
• YTD: 2.29%
• 6M: 2.71%
• 1Y: 9.10%
• 3Y*: 4.37%
• 5Y*: 0.94%
• 10Y*: 1.95%

EHSTX

• 1D: 0.30%
• 1M: 1.93%
• YTD: 12.69%
• 6M: 14.13%
• 1Y: 24.40%
• 3Y*: 15.23%
• 5Y*: 9.15%
• 10Y*: 10.93%

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

ETVAX vs. EHSTX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ETVAX Eaton Vance Virginia Municipal Income Fund	2.29%	5.36%	2.77%	3.93%	-9.12%	0.55%	5.32%	6.49%	1.70%	2.39%
EHSTX Eaton Vance Large-Cap Value Fund	12.69%	12.11%	11.25%	7.93%	-2.80%	24.25%	2.29%	30.84%	-6.96%	14.79%

Correlation

The correlation between ETVAX and EHSTX is 0.15, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.15
Correlation (3Y) Calculated over the trailing 3-year period	0.14
Correlation (5Y) Calculated over the trailing 5-year period	0.09
Correlation (10Y) Calculated over the trailing 10-year period	-0.01
Correlation (All Time) Calculated using the full available price history since Dec 30, 1993	0.08

The correlation between ETVAX and EHSTX shifts across timeframes, from -0.01 (10 years) to 0.15 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

ETVAX vs. EHSTX — Risk / Return Rank

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

ETVAX

ETVAX Risk / Return Rank: 84
ETVAX Sharpe Ratio Rank: 93
ETVAX Sortino Ratio Rank: 95
ETVAX Omega Ratio Rank: 96
ETVAX Calmar Ratio Rank: 77
ETVAX Martin Ratio Rank: 60

EHSTX

EHSTX Risk / Return Rank: 59
EHSTX Sharpe Ratio Rank: 59
EHSTX Sortino Ratio Rank: 57
EHSTX Omega Ratio Rank: 54
EHSTX Calmar Ratio Rank: 63
EHSTX Martin Ratio Rank: 63

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.

ETVAX vs. EHSTX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Eaton Vance Virginia Municipal Income Fund (ETVAX) and Eaton Vance Large-Cap Value Fund (EHSTX). 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.

	ETVAX	EHSTX	Difference
Sharpe ratio: Return per unit of total volatility	3.11	2.19	+0.92
Sortino ratio: Return per unit of downside risk	5.06	3.07	+1.99
Omega ratio: Gain probability vs. loss probability	1.85	1.39	+0.46
Calmar ratio: Return relative to maximum drawdown	3.36	2.94	+0.42
Martin ratio: Return relative to average drawdown	11.51	11.89	-0.38
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ETVAX vs. EHSTX - Sharpe Ratio Comparison

The current ETVAX Sharpe Ratio is 3.11, which is higher than the EHSTX Sharpe Ratio of 2.19. The chart below compares the historical Sharpe Ratios of ETVAX and EHSTX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	ETVAX	EHSTX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.11	2.19	+0.92
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.23	0.62	-0.39
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.50	0.63	-0.14
Sharpe Ratio (All Time) Calculated using the full available price history	0.74	0.53	+0.21

Drawdowns

ETVAX vs. EHSTX - Drawdown Comparison

The maximum ETVAX drawdown since its inception was -30.84%, smaller than the maximum EHSTX drawdown of -53.47%. Use the drawdown chart below to compare losses from any high point for ETVAX and EHSTX.

Drawdown Indicators

	ETVAX	EHSTX	Difference
Max Drawdown Largest peak-to-trough decline	-30.84%	-53.47%	+22.63%
Max Drawdown (1Y) Largest decline over 1 year	-2.72%	-8.29%	+5.57%
Max Drawdown (3Y) Largest decline over 3 years	-6.75%	-16.44%	+9.69%
Max Drawdown (5Y) Largest decline over 5 years	-13.79%	-16.44%	+2.65%
Max Drawdown (10Y) Largest decline over 10 years	-13.79%	-39.30%	+25.51%
Current Drawdown Current decline from peak	-0.03%	-0.13%	+0.10%
Average Drawdown Average peak-to-trough decline	-2.55%	-7.40%	+4.85%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.79%	2.04%	-1.25%

Volatility

ETVAX vs. EHSTX - Volatility Comparison

The current volatility for Eaton Vance Virginia Municipal Income Fund (ETVAX) is 1.15%, while Eaton Vance Large-Cap Value Fund (EHSTX) has a volatility of 3.09%. This indicates that ETVAX experiences smaller price fluctuations and is considered to be less risky than EHSTX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ETVAX	EHSTX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.15%	3.09%	-1.94%
Volatility (6M) Calculated over the trailing 6-month period	2.00%	8.29%	-6.29%
Volatility (1Y) Calculated over the trailing 1-year period	2.95%	11.14%	-8.19%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.05%	14.74%	-10.69%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.94%	17.27%	-13.33%

ETVAX vs. EHSTX - Expense Ratio Comparison

ETVAX has a 0.69% expense ratio, which is lower than EHSTX's 1.01% expense ratio.

Dividends

ETVAX vs. EHSTX - Dividend Comparison

ETVAX's dividend yield for the trailing twelve months is around 3.29%, less than EHSTX's 5.40% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EHSTX Eaton Vance Large-Cap Value Fund	5.40%	6.12%	4.03%	2.93%	4.25%	7.32%	1.94%	2.76%	10.94%	5.88%	1.33%	11.02%
ETVAX Eaton Vance Virginia Municipal Income Fund	3.29%	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 EHSTX in my portfolio?

ETVAX and EHSTX have a correlation of 0.15, 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 EHSTX?

EHSTX has higher volatility (3.09%) compared to ETVAX (1.15%). In terms of maximum drawdown, ETVAX dropped -30.84% vs EHSTX's -53.47%.

Which has better risk-adjusted returns?

ETVAX currently has the higher Sharpe Ratio (3.11 vs 2.19), 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.