ETX vs. PMM
ETX (Eaton Vance Municipal Income 2028 Term Trust) and PMM (Putnam Managed Municipal Income Trust) are both stocks. Both operate in the Asset Management industry within the Financial Services sector. Over the past 10 years, ETX returned 3.65%/yr vs 2.68%/yr for PMM. At a 0.27 correlation, their price movements are largely independent.
Performance
ETX vs. PMM - Performance Comparison
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Returns By Period
In the year-to-date period, ETX achieves a 3.58% return, which is significantly higher than PMM's 1.18% return. Over the past 10 years, ETX has outperformed PMM with an annualized return of 3.65%, while PMM has yielded a comparatively lower 2.68% annualized return.
ETX
- 1D
- 0.26%
- 1M
- -0.32%
- YTD
- 3.58%
- 6M
- 1.50%
- 1Y
- 9.87%
- 3Y*
- 6.93%
- 5Y*
- 1.24%
- 10Y*
- 3.65%
PMM
- 1D
- -0.48%
- 1M
- 2.41%
- YTD
- 1.18%
- 6M
- 3.10%
- 1Y
- 11.84%
- 3Y*
- 6.84%
- 5Y*
- -1.28%
- 10Y*
- 2.68%
ETX vs. PMM - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ETX Eaton Vance Municipal Income 2028 Term Trust | 3.58% | 11.72% | 6.87% | 1.32% | -13.52% | -4.67% | 11.31% | 19.57% | -3.74% | 10.22% |
PMM Putnam Managed Municipal Income Trust | 1.18% | 10.50% | 2.84% | 1.89% | -24.13% | 13.71% | 6.26% | 25.01% | -4.49% | 10.56% |
Correlation
The correlation between ETX and PMM is 0.09, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.09 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.28 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.25 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.26 |
Correlation (All Time) Calculated using the full available price history since Mar 27, 2013 | 0.27 |
The correlation between ETX and PMM shifts across timeframes, from 0.09 (1 year) to 0.28 (3 years), reflecting how their relationship changes across market environments.
Fundamentals
ETX:
$1.37
PMM:
$1.85
ETX:
13.87
PMM:
3.36
ETX:
0.61
PMM:
0.01
ETX:
10.98
PMM:
8.52
ETX:
$18.81M
PMM:
$31.28M
ETX:
$8.18M
PMM:
$67.33M
ETX:
$16.49M
PMM:
$61.51M
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Return for Risk
ETX vs. PMM — Risk / Return Rank
ETX
PMM
ETX vs. PMM - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Eaton Vance Municipal Income 2028 Term Trust (ETX) and Putnam Managed Municipal Income Trust (PMM). 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.
| ETX | PMM | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.24 | ||
| Sortino ratioReturn per unit of downside risk | -0.51 | ||
| Omega ratioGain probability vs. loss probability | 1.18 | 1.22 | -0.04 |
| Calmar ratioReturn relative to maximum drawdown | 2.01 | 1.45 | +0.56 |
| Martin ratioReturn relative to average drawdown | 4.67 | 4.76 | -0.09 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| ETX | PMM | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.90 | 1.14 | -0.24 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.09 | -0.08 | +0.17 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.25 | 0.17 | +0.09 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.29 | 0.23 | +0.06 |
Drawdowns
ETX vs. PMM - Drawdown Comparison
The maximum ETX drawdown since its inception was -32.09%, smaller than the maximum PMM drawdown of -38.66%. Use the drawdown chart below to compare losses from any high point for ETX and PMM.
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Drawdown Indicators
| ETX | PMM | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -32.09% | -38.66% | +6.57% |
Max Drawdown (1Y)Largest decline over 1 year | -4.93% | -8.21% | +3.28% |
Max Drawdown (3Y)Largest decline over 3 years | -7.40% | -18.30% | +10.90% |
Max Drawdown (5Y)Largest decline over 5 years | -24.19% | -37.72% | +13.53% |
Max Drawdown (10Y)Largest decline over 10 years | -25.18% | -37.72% | +12.54% |
Current DrawdownCurrent decline from peak | -0.89% | -12.32% | +11.43% |
Average DrawdownAverage peak-to-trough decline | -8.15% | -11.05% | +2.90% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.12% | 2.49% | -0.37% |
Volatility
ETX vs. PMM - Volatility Comparison
Eaton Vance Municipal Income 2028 Term Trust (ETX) has a higher volatility of 3.36% compared to Putnam Managed Municipal Income Trust (PMM) at 2.85%. This indicates that ETX's price experiences larger fluctuations and is considered to be riskier than PMM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ETX | PMM | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.36% | 2.85% | +0.51% |
Volatility (6M)Calculated over the trailing 6-month period | 8.32% | 8.42% | -0.10% |
Volatility (1Y)Calculated over the trailing 1-year period | 10.96% | 10.46% | +0.50% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.21% | 17.00% | -3.79% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.46% | 16.10% | -1.64% |
Dividends
ETX vs. PMM - Dividend Comparison
ETX's dividend yield for the trailing twelve months is around 4.95%, less than PMM's 5.12% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ETX Eaton Vance Municipal Income 2028 Term Trust | 4.95% | 5.02% | 5.33% | 4.15% | 4.62% | 3.96% | 3.60% | 3.88% | 4.46% | 4.11% | 4.33% | 4.60% |
PMM Putnam Managed Municipal Income Trust | 5.12% | 4.90% | 4.78% | 5.10% | 6.11% | 4.38% | 4.76% | 4.81% | 5.42% | 5.38% | 6.09% | 5.92% |
Financials
ETX vs. PMM - Financials Comparison
This section allows you to compare key financial metrics between Eaton Vance Municipal Income 2028 Term Trust and Putnam Managed Municipal Income Trust. You can select fields from income statements, balance sheets, and cash flow statements to easily visualize and compare the financial health of both companies.
Total Revenue: Total amount of money received from sales and other business activities
Frequently Asked Questions
ETX and PMM have a correlation of 0.09, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ETX has higher volatility (3.36%) compared to PMM (2.85%). In terms of maximum drawdown, ETX dropped -32.09% vs PMM's -38.66%.
PMM currently has the higher Sharpe Ratio (1.14 vs 0.90), 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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