EVGOX vs. EIMAX
EVGOX (Eaton Vance Government Opportunities Fund) and EIMAX (Eaton Vance Massachusetts Municipal Income Fund) are both mutual funds - EVGOX is a Government Bonds fund managed by Eaton Vance, while EIMAX is a Municipal Bonds fund managed by Eaton Vance. Over the past 10 years, EVGOX returned 1.61%/yr vs 1.47%/yr for EIMAX. At a 0.38 correlation, their price movements are largely independent. EVGOX charges 1.05%/yr vs 0.48%/yr for EIMAX.
Performance
EVGOX vs. EIMAX - Performance Comparison
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Returns By Period
In the year-to-date period, EVGOX achieves a 0.39% return, which is significantly lower than EIMAX's 1.76% return. Over the past 10 years, EVGOX has outperformed EIMAX with an annualized return of 1.61%, while EIMAX has yielded a comparatively lower 1.47% annualized return.
EVGOX
- 1D
- 0.57%
- 1M
- 0.85%
- YTD
- 0.39%
- 6M
- 0.85%
- 1Y
- 4.79%
- 3Y*
- 4.79%
- 5Y*
- 1.41%
- 10Y*
- 1.61%
EIMAX
- 1D
- 0.13%
- 1M
- 1.20%
- YTD
- 1.76%
- 6M
- 2.20%
- 1Y
- 7.12%
- 3Y*
- 3.28%
- 5Y*
- 0.43%
- 10Y*
- 1.47%
EVGOX vs. EIMAX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
EVGOX Eaton Vance Government Opportunities Fund | 0.39% | 10.50% | 0.07% | 4.56% | -6.57% | -1.20% | 4.59% | 2.43% | 0.72% | 1.30% |
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 EVGOX and EIMAX is 0.57, 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 | 0.57 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.59 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.49 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.41 |
Correlation (All Time) Calculated using the full available price history since Jun 17, 1993 | 0.38 |
The correlation between EVGOX and EIMAX shifts across timeframes, from 0.38 (all time) to 0.59 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
EVGOX vs. EIMAX — Risk / Return Rank
EVGOX
EIMAX
EVGOX vs. EIMAX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Eaton Vance Government Opportunities Fund (EVGOX) 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.
| EVGOX | EIMAX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.38 | ||
| Sortino ratioReturn per unit of downside risk | -2.36 | ||
| Omega ratioGain probability vs. loss probability | 1.20 | 1.63 | -0.43 |
| Calmar ratioReturn relative to maximum drawdown | 1.51 | 2.53 | -1.02 |
| Martin ratioReturn relative to average drawdown | 4.33 | 8.54 | -4.21 |
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Drawdowns
EVGOX vs. EIMAX - Drawdown Comparison
The maximum EVGOX drawdown since its inception was -23.97%, smaller than the maximum EIMAX drawdown of -29.25%. Use the drawdown chart below to compare losses from any high point for EVGOX and EIMAX.
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Drawdown Indicators
| EVGOX | EIMAX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -23.97% | -29.25% | +5.28% |
Max Drawdown (1Y)Largest decline over 1 year | -3.32% | -2.77% | -0.55% |
Max Drawdown (3Y)Largest decline over 3 years | -6.74% | -6.83% | +0.09% |
Max Drawdown (5Y)Largest decline over 5 years | -11.06% | -14.67% | +3.61% |
Max Drawdown (10Y)Largest decline over 10 years | -11.44% | -14.67% | +3.23% |
Current DrawdownCurrent decline from peak | -1.57% | -0.24% | -1.33% |
Average DrawdownAverage peak-to-trough decline | -3.42% | -3.90% | +0.48% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.15% | 0.82% | +0.33% |
Volatility
EVGOX vs. EIMAX - Volatility Comparison
Eaton Vance Government Opportunities Fund (EVGOX) has a higher volatility of 1.64% compared to Eaton Vance Massachusetts Municipal Income Fund (EIMAX) at 0.82%. This indicates that EVGOX'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.
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Volatility by Period
| EVGOX | EIMAX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.64% | 0.82% | +0.82% |
Volatility (6M)Calculated over the trailing 6-month period | 3.64% | 2.09% | +1.55% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.71% | 2.87% | +1.84% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.37% | 4.38% | +0.99% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.06% | 4.20% | -0.14% |
EVGOX vs. EIMAX - Expense Ratio Comparison
EVGOX has a 1.05% expense ratio, which is higher than EIMAX's 0.48% expense ratio.
Dividends
EVGOX vs. EIMAX - Dividend Comparison
EVGOX's dividend yield for the trailing twelve months is around 5.48%, more 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% |
EVGOX Eaton Vance Government Opportunities Fund | 5.48% | 5.38% | 5.24% | 4.58% | 2.75% | 1.77% | 2.19% | 3.24% | 3.34% | 3.54% | 3.30% | 3.81% |
Frequently Asked Questions
EVGOX and EIMAX have a correlation of 0.57, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
EVGOX has higher volatility (1.64%) compared to EIMAX (0.82%). In terms of maximum drawdown, EVGOX dropped -23.97% vs EIMAX's -29.25%.
EIMAX currently has the higher Sharpe Ratio (2.44 vs 1.06), 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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