ETVAX vs. ETY
ETVAX (Eaton Vance Virginia Municipal Income Fund) and ETY (Eaton Vance Tax Managed Diversified Equity Income Closed Fund) are both mutual funds - ETVAX is a Municipal Bonds fund managed by Eaton Vance, while ETY is a Derivative Income fund actively managed by Eaton Vance. Over the past 10 years, ETVAX returned 1.67%/yr vs 12.23%/yr for ETY. Their 0.09 correlation means their historical movements had little consistent relationship. ETVAX charges 0.69%/yr vs 1.06%/yr for ETY.
Performance
ETVAX vs. ETY - Performance Comparison
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Returns By Period
In the year-to-date period, ETVAX achieves a 0.88% return, which is significantly higher than ETY's -1.59% return. Over the past 10 years, ETVAX has underperformed ETY with an annualized return of 1.67%, while ETY has yielded a comparatively higher 12.23% annualized return.
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%
ETY
- 1D
- 1.27%
- 1M
- -0.56%
- 6M
- -1.83%
- YTD
- -1.59%
- 1Y
- 0.54%
- 3Y*
- 13.80%
- 5Y*
- 8.69%
- 10Y*
- 12.23%
- ALL TIME*
- 8.45%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $3.58M | $3.53M | $3.55M |
ETVAX vs. ETY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ETVAX Eaton Vance Virginia Municipal Income Fund | 0.88% | 5.36% | 2.77% | 3.93% | -9.12% | 0.55% | 5.32% | 6.49% | 1.70% | 2.39% |
ETY Eaton Vance Tax Managed Diversified Equity Income Closed Fund | -1.59% | 11.02% | 33.11% | 21.83% | -21.21% | 32.61% | 7.27% | 33.68% | -8.96% | 28.72% |
Correlation
The correlation between ETVAX and ETY is 0.14, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.14 |
Correlation (3Y) Balances recent behavior with more history. | 0.13 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.14 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.05 |
Correlation (All Time) Calculated using the full available price history since Nov 28, 2006 | 0.09 |
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Return for Risk
ETVAX vs. ETY — Risk / Return Rank
ETVAX
ETY
ETVAX vs. ETY - 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 Tax Managed Diversified Equity Income Closed Fund (ETY). 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 | ETY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.62 | ||
| Sortino ratioReturn per unit of downside risk | +3.94 | ||
| Omega ratioGain probability vs. loss probability | 1.66 | 1.00 | +0.66 |
| Calmar ratioReturn relative to maximum drawdown | 2.86 | -0.05 | +2.91 |
| Martin ratioReturn relative to average drawdown | 9.37 | -0.17 | +9.53 |
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Drawdowns
ETVAX vs. ETY - Drawdown Comparison
The maximum ETVAX drawdown since its inception was -30.84%, smaller than the maximum ETY drawdown of -53.06%. Use the drawdown chart below to compare losses from any high point for ETVAX and ETY.
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Drawdown Indicators
| ETVAX | ETY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -30.84% | -53.06% | +22.22% |
Max Drawdown (1Y)Largest decline over 1 year | -2.72% | -14.40% | +11.68% |
Max Drawdown (3Y)Largest decline over 3 years | -5.79% | -21.28% | +15.49% |
Max Drawdown (5Y)Largest decline over 5 years | -13.79% | -24.06% | +10.27% |
Max Drawdown (10Y)Largest decline over 10 years | -13.79% | -42.46% | +28.67% |
Current DrawdownCurrent decline from peak | -2.18% | -3.76% | +1.58% |
Average DrawdownAverage peak-to-trough decline | -2.54% | -7.56% | +5.02% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.83% | 4.12% | -3.29% |
Volatility
ETVAX vs. ETY - Volatility Comparison
The current volatility for Eaton Vance Virginia Municipal Income Fund (ETVAX) is 1.10%, while Eaton Vance Tax Managed Diversified Equity Income Closed Fund (ETY) has a volatility of 3.61%. This indicates that ETVAX experiences smaller price fluctuations and is considered to be less risky than ETY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ETVAX | ETY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.10% | 3.61% | -2.51% |
Volatility (6M)Calculated over the trailing 6-month period | 2.31% | 11.33% | -9.02% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.03% | 13.82% | -10.79% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.08% | 17.98% | -13.90% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.95% | 19.91% | -15.96% |
ETVAX vs. ETY - Expense Ratio Comparison
ETVAX has a 0.69% expense ratio, which is lower than ETY's 1.06% expense ratio.
Dividends
ETVAX vs. ETY - Dividend Comparison
ETVAX's dividend yield for the trailing twelve months is around 3.02%, less than ETY's 8.27% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
ETY Eaton Vance Tax Managed Diversified Equity Income Closed Fund | 8.27% | 7.76% | 7.59% | 7.92% | 10.04% | 7.01% | 8.26% | 8.08% | 9.92% | 8.30% | 9.77% | 9.03% |
Frequently Asked Questions
ETVAX and ETY have a correlation of 0.14, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ETY has higher volatility (3.61%) compared to ETVAX (1.10%). In terms of maximum drawdown, ETVAX dropped -30.84% vs ETY's -53.06%.
ETVAX currently has the higher Sharpe Ratio (2.57 vs -0.05), 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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