EVHY vs. EVN

Last updated Jun 3, 2026

EVHY (Eaton Vance High Yield ETF) is High Yield Bonds fund actively managed by Eaton Vance, while EVN (Eaton Vance Municipal Income Trust) is a stock. Over the past year, EVHY returned 7.04% vs 12.39% for EVN. At a 0.38 correlation, their price movements are largely independent.

Performance

EVHY vs. EVN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Eaton Vance High Yield ETF (EVHY) and Eaton Vance Municipal Income Trust (EVN). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EVHY achieves a 1.33% return, which is significantly lower than EVN's 3.15% return.

EVHY

• 1D: 0.11%
• 1M: 0.46%
• YTD: 1.33%
• 6M: 1.94%
• 1Y: 7.04%
• 3Y*: —
• 5Y*: —
• 10Y*: —

EVN

• 1D: 0.09%
• 1M: 4.83%
• YTD: 3.15%
• 6M: 2.30%
• 1Y: 12.39%
• 3Y*: 9.25%
• 5Y*: -0.10%
• 10Y*: 2.14%

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

EVHY vs. EVN - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
EVHY Eaton Vance High Yield ETF	1.33%	9.14%	6.39%	8.90%
EVN Eaton Vance Municipal Income Trust	3.15%	12.83%	8.88%	13.51%

Correlation

The correlation between EVHY and EVN is 0.20, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.20
Correlation (All Time) Calculated using the full available price history since Oct 20, 2023	0.38

The correlation between EVHY and EVN shifts across timeframes, from 0.20 (1 year) to 0.38 (all time), reflecting how their relationship changes across market environments.

Return for Risk

EVHY vs. EVN — Risk / Return Rank

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

EVHY

EVHY Risk / Return Rank: 65
EVHY Sharpe Ratio Rank: 62
EVHY Sortino Ratio Rank: 69
EVHY Omega Ratio Rank: 68
EVHY Calmar Ratio Rank: 55
EVHY Martin Ratio Rank: 71

EVN

EVN Risk / Return Rank: 71
EVN Sharpe Ratio Rank: 75
EVN Sortino Ratio Rank: 72
EVN Omega Ratio Rank: 68
EVN Calmar Ratio Rank: 67
EVN Martin Ratio Rank: 74

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.

EVHY vs. EVN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Eaton Vance High Yield ETF (EVHY) and Eaton Vance Municipal Income Trust (EVN). 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.

	EVHY	EVN	Difference
Sharpe ratio Return per unit of total volatility	2.10	1.17	+0.93
Sortino ratio Return per unit of downside risk	3.20	1.86	+1.34
Omega ratio Gain probability vs. loss probability	1.42	1.22	+0.20
Calmar ratio Return relative to maximum drawdown	2.79	1.39	+1.39
Martin ratio Return relative to average drawdown	13.52	4.80	+8.72
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

EVHY vs. EVN - Sharpe Ratio Comparison

The current EVHY Sharpe Ratio is 2.10, which is higher than the EVN Sharpe Ratio of 1.17. The chart below compares the historical Sharpe Ratios of EVHY and EVN, 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

	EVHY	EVN	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.10	1.17	+0.93
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	-0.01	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.17	—
Sharpe Ratio (All Time) Calculated using the full available price history	2.21	0.28	+1.93

Drawdowns

EVHY vs. EVN - Drawdown Comparison

The maximum EVHY drawdown since its inception was -3.71%, smaller than the maximum EVN drawdown of -56.87%. Use the drawdown chart below to compare losses from any high point for EVHY and EVN.

Drawdown Indicators

	EVHY	EVN	Difference
Max Drawdown Largest peak-to-trough decline	-3.71%	-56.87%	+53.16%
Max Drawdown (1Y) Largest decline over 1 year	-2.51%	-8.59%	+6.08%
Max Drawdown (3Y) Largest decline over 3 years	—	-13.18%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-32.84%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-32.84%	—
Current Drawdown Current decline from peak	0.00%	-3.18%	+3.18%
Average Drawdown Average peak-to-trough decline	-0.37%	-9.44%	+9.07%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.52%	2.49%	-1.97%

Volatility

EVHY vs. EVN - Volatility Comparison

The current volatility for Eaton Vance High Yield ETF (EVHY) is 1.04%, while Eaton Vance Municipal Income Trust (EVN) has a volatility of 3.42%. This indicates that EVHY experiences smaller price fluctuations and is considered to be less risky than EVN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EVHY	EVN	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.04%	3.42%	-2.38%
Volatility (6M) Calculated over the trailing 6-month period	2.69%	8.02%	-5.33%
Volatility (1Y) Calculated over the trailing 1-year period	3.36%	10.61%	-7.25%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.53%	11.88%	-7.35%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.53%	12.92%	-8.39%

Dividends

EVHY vs. EVN - Dividend Comparison

EVHY's dividend yield for the trailing twelve months is around 7.19%, more than EVN's 5.68% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EVHY Eaton Vance High Yield ETF	7.19%	7.39%	7.66%	1.44%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
EVN Eaton Vance Municipal Income Trust	5.68%	5.72%	5.78%	4.80%	5.60%	4.14%	4.20%	4.46%	5.50%	5.37%	6.06%	6.46%

Frequently Asked Questions

Can I hold both EVHY and EVN in my portfolio?

EVHY and EVN have a correlation of 0.20, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EVHY or EVN?

EVN has higher volatility (3.42%) compared to EVHY (1.04%). In terms of maximum drawdown, EVHY dropped -3.71% vs EVN's -56.87%.

Which has better risk-adjusted returns?

EVHY currently has the higher Sharpe Ratio (2.10 vs 1.17), 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.