EVG vs. EIMAX

Last updated Jun 4, 2026

EVG (Eaton Vance Short Duration Diversified Income Fund) and EIMAX (Eaton Vance Massachusetts Municipal Income Fund) are both mutual funds - EVG is a Multisector Bonds fund managed by Eaton Vance, while EIMAX is a Municipal Bonds fund managed by Eaton Vance. Over the past 10 years, EVG returned 6.01%/yr vs 1.58%/yr for EIMAX. At a 0.10 correlation, their price movements are largely independent. EVG charges 0.02%/yr vs 0.48%/yr for EIMAX.

Performance

EVG vs. EIMAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Eaton Vance Short Duration Diversified Income Fund (EVG) and Eaton Vance Massachusetts Municipal Income Fund (EIMAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with EVG having a 1.64% return and EIMAX slightly lower at 1.63%. Over the past 10 years, EVG has outperformed EIMAX with an annualized return of 6.01%, while EIMAX has yielded a comparatively lower 1.58% annualized return.

EVG

• 1D: -0.60%
• 1M: 0.64%
• YTD: 1.64%
• 6M: 0.96%
• 1Y: 7.81%
• 3Y*: 12.71%
• 5Y*: 5.32%
• 10Y*: 6.01%

EIMAX

• 1D: 0.13%
• 1M: 0.81%
• YTD: 1.63%
• 6M: 2.07%
• 1Y: 7.55%
• 3Y*: 3.32%
• 5Y*: 0.40%
• 10Y*: 1.58%

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

EVG vs. EIMAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EVG Eaton Vance Short Duration Diversified Income Fund	1.64%	8.43%	14.80%	11.90%	-14.12%	17.10%	-1.68%	16.48%	-7.59%	10.82%
EIMAX Eaton Vance Massachusetts Municipal Income Fund	1.63%	3.76%	1.37%	5.06%	-9.61%	0.57%	4.60%	7.01%	0.65%	4.67%

Correlation

The correlation between EVG and EIMAX is 0.29, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.29
Correlation (3Y) Calculated over the trailing 3-year period	0.22
Correlation (5Y) Calculated over the trailing 5-year period	0.20
Correlation (10Y) Calculated over the trailing 10-year period	0.11
Correlation (All Time) Calculated using the full available price history since Feb 25, 2005	0.10

The correlation between EVG and EIMAX shifts across timeframes, from 0.10 (all time) to 0.29 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

EVG vs. EIMAX — Risk / Return Rank

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

EVG

EVG Risk / Return Rank: 15
EVG Sharpe Ratio Rank: 12
EVG Sortino Ratio Rank: 14
EVG Omega Ratio Rank: 12
EVG Calmar Ratio Rank: 18
EVG Martin Ratio Rank: 17

EIMAX

EIMAX Risk / Return Rank: 70
EIMAX Sharpe Ratio Rank: 77
EIMAX Sortino Ratio Rank: 87
EIMAX Omega Ratio Rank: 91
EIMAX Calmar Ratio Rank: 49
EIMAX Martin Ratio Rank: 43

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.

EVG vs. EIMAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Eaton Vance Short Duration Diversified Income Fund (EVG) 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.

	EVG	EIMAX	Difference
Sharpe ratio: Return per unit of total volatility	0.92	2.55	-1.63
Sortino ratio: Return per unit of downside risk	1.51	4.15	-2.64
Omega ratio: Gain probability vs. loss probability	1.18	1.66	-0.49
Calmar ratio: Return relative to maximum drawdown	1.56	2.68	-1.12
Martin ratio: Return relative to average drawdown	4.59	9.13	-4.54
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

EVG vs. EIMAX - Sharpe Ratio Comparison

The current EVG Sharpe Ratio is 0.92, which is lower than the EIMAX Sharpe Ratio of 2.55. The chart below compares the historical Sharpe Ratios of EVG and EIMAX, 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

	EVG	EIMAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.92	2.55	-1.63
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.44	0.09	+0.34
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.46	0.38	+0.09
Sharpe Ratio (All Time) Calculated using the full available price history	0.35	0.57	-0.23

Drawdowns

EVG vs. EIMAX - Drawdown Comparison

The maximum EVG drawdown since its inception was -40.60%, which is greater than EIMAX's maximum drawdown of -29.25%. Use the drawdown chart below to compare losses from any high point for EVG and EIMAX.

Drawdown Indicators

	EVG	EIMAX	Difference
Max Drawdown Largest peak-to-trough decline	-40.60%	-29.25%	-11.35%
Max Drawdown (1Y) Largest decline over 1 year	-5.03%	-2.77%	-2.26%
Max Drawdown (3Y) Largest decline over 3 years	-8.24%	-6.83%	-1.41%
Max Drawdown (5Y) Largest decline over 5 years	-23.35%	-14.67%	-8.68%
Max Drawdown (10Y) Largest decline over 10 years	-32.75%	-14.67%	-18.08%
Current Drawdown Current decline from peak	-1.74%	-0.36%	-1.38%
Average Drawdown Average peak-to-trough decline	-6.23%	-3.91%	-2.32%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.71%	0.81%	+0.90%

Volatility

EVG vs. EIMAX - Volatility Comparison

Eaton Vance Short Duration Diversified Income Fund (EVG) has a higher volatility of 3.43% compared to Eaton Vance Massachusetts Municipal Income Fund (EIMAX) at 1.12%. This indicates that EVG's price experiences larger fluctuations and is considered to be riskier than EIMAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EVG	EIMAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.43%	1.12%	+2.31%
Volatility (6M) Calculated over the trailing 6-month period	6.62%	2.09%	+4.53%
Volatility (1Y) Calculated over the trailing 1-year period	8.56%	2.93%	+5.63%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.26%	4.38%	+7.88%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.99%	4.21%	+8.78%

EVG vs. EIMAX - Expense Ratio Comparison

EVG has a 0.02% expense ratio, which is lower than EIMAX's 0.48% expense ratio.

Dividends

EVG vs. EIMAX - Dividend Comparison

EVG's dividend yield for the trailing twelve months is around 8.34%, more than EIMAX's 3.60% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EIMAX Eaton Vance Massachusetts Municipal Income Fund	3.60%	4.52%	4.15%	2.39%	2.62%	2.01%	2.58%	3.46%	3.27%	3.41%	3.65%	3.70%
EVG Eaton Vance Short Duration Diversified Income Fund	8.34%	8.15%	8.69%	9.18%	12.40%	8.75%	6.67%	6.96%	6.63%	6.68%	7.79%	8.05%

Frequently Asked Questions

Can I hold both EVG and EIMAX in my portfolio?

EVG and EIMAX have a correlation of 0.29, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EVG or EIMAX?

EVG has higher volatility (3.43%) compared to EIMAX (1.12%). In terms of maximum drawdown, EVG dropped -40.60% vs EIMAX's -29.25%.

Which has better risk-adjusted returns?

EIMAX currently has the higher Sharpe Ratio (2.55 vs 0.92), 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.