EVHY vs. EVSM

Last updated Jun 3, 2026

EVHY (Eaton Vance High Yield ETF) and EVSM (Eaton Vance Short Duration Municipal Income ETF) are both exchange-traded funds - EVHY is a High Yield Bonds fund actively managed by Eaton Vance, while EVSM is a Municipal Bonds fund tracking the ICE BofA 1-3 Year Municipal Securities Index. EVHY is actively managed, while EVSM is passively managed. Over the past year, EVHY returned 7.04% vs 4.14% for EVSM. At a 0.26 correlation, their price movements are largely independent. EVHY charges 0.48%/yr vs 0.19%/yr for EVSM.

Performance

EVHY vs. EVSM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Eaton Vance High Yield ETF (EVHY) and Eaton Vance Short Duration Municipal Income ETF (EVSM). 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 higher than EVSM's 1.09% return.

EVHY

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

EVSM

• 1D: 0.04%
• 1M: 0.36%
• YTD: 1.09%
• 6M: 1.48%
• 1Y: 4.14%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

EVHY vs. EVSM - Yearly Performance Comparison

	2026 (YTD)	2025	2024
EVHY Eaton Vance High Yield ETF	1.33%	9.14%	4.98%
EVSM Eaton Vance Short Duration Municipal Income ETF	1.09%	4.24%	2.52%

Correlation

The correlation between EVHY and EVSM is 0.25, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.25
Correlation (All Time) Calculated using the full available price history since Mar 26, 2024	0.26

Return for Risk

EVHY vs. EVSM — 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

EVSM

EVSM Risk / Return Rank: 86
EVSM Sharpe Ratio Rank: 91
EVSM Sortino Ratio Rank: 95
EVSM Omega Ratio Rank: 95
EVSM Calmar Ratio Rank: 76
EVSM Martin Ratio Rank: 73

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. EVSM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Eaton Vance High Yield ETF (EVHY) and Eaton Vance Short Duration Municipal Income ETF (EVSM). 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	EVSM	Difference
Sharpe ratio Return per unit of total volatility	2.10	3.28	-1.18
Sortino ratio Return per unit of downside risk	3.20	5.24	-2.04
Omega ratio Gain probability vs. loss probability	1.42	1.72	-0.30
Calmar ratio Return relative to maximum drawdown	2.79	3.92	-1.13
Martin ratio Return relative to average drawdown	13.52	13.98	-0.46
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. EVSM - Sharpe Ratio Comparison

The current EVHY Sharpe Ratio is 2.10, which is lower than the EVSM Sharpe Ratio of 3.28. The chart below compares the historical Sharpe Ratios of EVHY and EVSM, 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	EVSM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.10	3.28	-1.18
Sharpe Ratio (All Time) Calculated using the full available price history	2.21	1.88	+0.33

Drawdowns

EVHY vs. EVSM - Drawdown Comparison

The maximum EVHY drawdown since its inception was -3.71%, which is greater than EVSM's maximum drawdown of -1.50%. Use the drawdown chart below to compare losses from any high point for EVHY and EVSM.

Drawdown Indicators

	EVHY	EVSM	Difference
Max Drawdown Largest peak-to-trough decline	-3.71%	-1.50%	-2.21%
Max Drawdown (1Y) Largest decline over 1 year	-2.51%	-1.07%	-1.44%
Current Drawdown Current decline from peak	0.00%	-0.12%	+0.12%
Average Drawdown Average peak-to-trough decline	-0.37%	-0.24%	-0.13%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.52%	0.30%	+0.22%

Volatility

EVHY vs. EVSM - Volatility Comparison

Eaton Vance High Yield ETF (EVHY) has a higher volatility of 1.04% compared to Eaton Vance Short Duration Municipal Income ETF (EVSM) at 0.32%. This indicates that EVHY's price experiences larger fluctuations and is considered to be riskier than EVSM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EVHY	EVSM	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.04%	0.32%	+0.72%
Volatility (6M) Calculated over the trailing 6-month period	2.69%	0.83%	+1.86%
Volatility (1Y) Calculated over the trailing 1-year period	3.36%	1.27%	+2.09%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.53%	1.92%	+2.61%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.53%	1.92%	+2.61%

EVHY vs. EVSM - Expense Ratio Comparison

EVHY has a 0.48% expense ratio, which is higher than EVSM's 0.19% expense ratio.

Dividends

EVHY vs. EVSM - Dividend Comparison

EVHY's dividend yield for the trailing twelve months is around 7.19%, more than EVSM's 3.00% yield.

Position	TTM	2025	2024	2023
EVHY Eaton Vance High Yield ETF	7.19%	7.39%	7.66%	1.44%
EVSM Eaton Vance Short Duration Municipal Income ETF	3.00%	3.12%	2.99%	0.00%

Frequently Asked Questions

Can I hold both EVHY and EVSM in my portfolio?

EVHY and EVSM have a correlation of 0.25, 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 EVSM?

EVHY has higher volatility (1.04%) compared to EVSM (0.32%). In terms of maximum drawdown, EVHY dropped -3.71% vs EVSM's -1.50%.

Which ETF is better, EVHY or EVSM?

On 1-year performance, EVHY leads with 7.04% vs 4.14% for EVSM. On fees, EVSM is cheaper at 0.19% per year. On volatility, EVSM has been the lower-risk option at 0.32%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EVHY or EVSM?

Over the 1-year period, EVHY has performed better with a 7.04% return vs 4.14%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EVHY or EVSM?

EVSM is cheaper with a 0.19% expense ratio, compared with 0.48% for EVHY.

Which ETF pays a higher dividend yield, EVHY or EVSM?

EVHY has the higher dividend yield at 7.19%, compared with 3.00% for EVSM.

What is the main difference between EVHY and EVSM?

EVHY is categorized as High Yield Bonds, while EVSM is Municipal Bonds. Their fees differ too: 0.48% for EVHY and 0.19% for EVSM.

Which has better risk-adjusted returns?

EVSM currently has the higher Sharpe Ratio (3.28 vs 2.10), 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.