ETVAX vs. EIMAX
ETVAX (Eaton Vance Virginia Municipal Income Fund) and EIMAX (Eaton Vance Massachusetts Municipal Income Fund) are both Municipal Bonds funds from Eaton Vance. Over the past 10 years, ETVAX returned 1.91%/yr vs 1.52%/yr for EIMAX. A 0.77 correlation means they provide meaningful diversification when combined. ETVAX charges 0.69%/yr vs 0.48%/yr for EIMAX.
Performance
ETVAX vs. EIMAX - Performance Comparison
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Returns By Period
In the year-to-date period, ETVAX achieves a 2.57% return, which is significantly higher than EIMAX's 1.76% return. Over the past 10 years, ETVAX has outperformed EIMAX with an annualized return of 1.91%, while EIMAX has yielded a comparatively lower 1.52% annualized return.
ETVAX
- 1D
- 0.14%
- 1M
- 1.93%
- YTD
- 2.57%
- 6M
- 2.85%
- 1Y
- 9.09%
- 3Y*
- 4.42%
- 5Y*
- 0.97%
- 10Y*
- 1.91%
EIMAX
- 1D
- 0.13%
- 1M
- 1.73%
- YTD
- 1.76%
- 6M
- 2.20%
- 1Y
- 7.12%
- 3Y*
- 3.32%
- 5Y*
- 0.38%
- 10Y*
- 1.52%
ETVAX vs. EIMAX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ETVAX Eaton Vance Virginia Municipal Income Fund | 2.57% | 5.36% | 2.77% | 3.93% | -9.12% | 0.55% | 5.32% | 6.49% | 1.70% | 2.39% |
EIMAX Eaton Vance Massachusetts Municipal Income Fund | 1.76% | 3.76% | 1.37% | 5.06% | -9.61% | 0.57% | 4.60% | 7.01% | 0.65% | 4.67% |
Correlation
The correlation between ETVAX and EIMAX is 0.78, 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 | 0.78 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.87 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.88 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.83 |
Correlation (All Time) Calculated using the full available price history since Dec 29, 1993 | 0.77 |
The correlation between ETVAX and EIMAX shifts across timeframes, from 0.77 (all time) to 0.88 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
ETVAX vs. EIMAX — Risk / Return Rank
ETVAX
EIMAX
ETVAX vs. EIMAX - 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 Massachusetts Municipal Income Fund (EIMAX). 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 | EIMAX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.64 | ||
| Sortino ratioReturn per unit of downside risk | +1.07 | ||
| Omega ratioGain probability vs. loss probability | 1.86 | 1.65 | +0.20 |
| Calmar ratioReturn relative to maximum drawdown | 3.35 | 2.58 | +0.78 |
| Martin ratioReturn relative to average drawdown | 11.49 | 8.72 | +2.77 |
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Drawdowns
ETVAX vs. EIMAX - Drawdown Comparison
The maximum ETVAX drawdown since its inception was -30.84%, which is greater than EIMAX's maximum drawdown of -29.25%. Use the drawdown chart below to compare losses from any high point for ETVAX and EIMAX.
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Drawdown Indicators
| ETVAX | EIMAX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -30.84% | -29.25% | -1.59% |
Max Drawdown (1Y)Largest decline over 1 year | -2.72% | -2.77% | +0.05% |
Max Drawdown (3Y)Largest decline over 3 years | -6.75% | -6.83% | +0.08% |
Max Drawdown (5Y)Largest decline over 5 years | -13.79% | -14.67% | +0.88% |
Max Drawdown (10Y)Largest decline over 10 years | -13.79% | -14.67% | +0.88% |
Current DrawdownCurrent decline from peak | 0.00% | -0.24% | +0.24% |
Average DrawdownAverage peak-to-trough decline | -2.55% | -3.90% | +1.35% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.79% | 0.82% | -0.03% |
Volatility
ETVAX vs. EIMAX - Volatility Comparison
Eaton Vance Virginia Municipal Income Fund (ETVAX) and Eaton Vance Massachusetts Municipal Income Fund (EIMAX) have volatilities of 0.81% and 0.80%, 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
| ETVAX | EIMAX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.81% | 0.80% | +0.01% |
Volatility (6M)Calculated over the trailing 6-month period | 2.01% | 2.09% | -0.08% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.92% | 2.87% | +0.05% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.05% | 4.38% | -0.33% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.94% | 4.20% | -0.26% |
ETVAX vs. EIMAX - Expense Ratio Comparison
ETVAX has a 0.69% expense ratio, which is higher than EIMAX's 0.48% expense ratio.
Dividends
ETVAX vs. EIMAX - Dividend Comparison
ETVAX's dividend yield for the trailing twelve months is around 3.28%, less than EIMAX's 3.59% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EIMAX Eaton Vance Massachusetts Municipal Income Fund | 3.59% | 4.52% | 4.15% | 2.39% | 2.62% | 2.01% | 2.58% | 3.46% | 3.27% | 3.41% | 3.65% | 3.70% |
ETVAX Eaton Vance Virginia Municipal Income Fund | 3.28% | 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
ETVAX and EIMAX have a correlation of 0.78, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ETVAX has higher volatility (0.81%) compared to EIMAX (0.80%). In terms of maximum drawdown, ETVAX dropped -30.84% vs EIMAX's -29.25%.
ETVAX currently has the higher Sharpe Ratio (3.13 vs 2.49), 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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