EVIM vs. VTEB

Last updated Aug 4, 2026

EVIM (Eaton Vance Intermediate Municipal Income ETF) and VTEB (Vanguard Tax-Exempt Bond ETF) are both Municipal Bonds funds. EVIM is actively managed, while VTEB is passively managed. Over the past year, EVIM returned 5.57% vs 4.90% for VTEB. Their correlation of 0.85 means they have usually moved in the same direction. EVIM charges 0.29%/yr vs 0.03%/yr for VTEB.

Performance

EVIM vs. VTEB - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Eaton Vance Intermediate Municipal Income ETF (EVIM) and Vanguard Tax-Exempt Bond ETF (VTEB). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EVIM achieves a 0.62% return, which is significantly higher than VTEB's 0.43% return.

EVIM

• 1D: 0.08%
• 1M: -1.61%
• 6M: -0.43%
• YTD: 0.62%
• 1Y: 5.57%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 5.35%

VTEB

• 1D: 0.12%
• 1M: -1.72%
• 6M: -0.22%
• YTD: 0.43%
• 1Y: 4.90%
• 3Y*: 3.19%
• 5Y*: 0.54%
• 10Y*: 1.90%
• ALL TIME*: 2.29%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
EVIM Eaton Vance Intermediate Municipal Income ETF	$1.84M	$1.86M	$1.76M
VTEB Vanguard Tax-Exempt Bond ETF	$388.01M	$356.14M	$359.95M

EVIM vs. VTEB - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
EVIM Eaton Vance Intermediate Municipal Income ETF	0.62%	5.85%	1.65%	6.83%
VTEB Vanguard Tax-Exempt Bond ETF	0.43%	3.72%	1.31%	8.06%

Correlation

The correlation between EVIM and VTEB is 0.77, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.77
Correlation (All Time) Calculated using the full available price history since Oct 19, 2023	0.85

The correlation between EVIM and VTEB has been stable across timeframes, ranging from 0.77 to 0.85 - a consistent structural relationship.

Return for Risk

EVIM vs. VTEB — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

EVIM

EVIM Risk / Return Rank: 69
EVIM Sharpe Ratio Rank: 81
EVIM Sortino Ratio Rank: 81
EVIM Omega Ratio Rank: 90
EVIM Calmar Ratio Rank: 48
EVIM Martin Ratio Rank: 45

VTEB

VTEB Risk / Return Rank: 68
VTEB Sharpe Ratio Rank: 78
VTEB Sortino Ratio Rank: 78
VTEB Omega Ratio Rank: 84
VTEB Calmar Ratio Rank: 49
VTEB Martin Ratio Rank: 50

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

EVIM vs. VTEB - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Eaton Vance Intermediate Municipal Income ETF (EVIM) and Vanguard Tax-Exempt Bond ETF (VTEB). 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.

	EVIM	VTEB	Difference
Sharpe ratio: Return per unit of total volatility	2.00	1.81	+0.20
Sortino ratio: Return per unit of downside risk	2.84	2.54	+0.30
Omega ratio: Gain probability vs. loss probability	1.44	1.37	+0.07
Calmar ratio: Return relative to maximum drawdown	1.83	1.82	+0.01
Martin ratio: Return relative to average drawdown	5.45	5.96	-0.51

EVIM vs. VTEB - Sharpe Ratio Comparison

The current EVIM Sharpe Ratio is 2.00, which is comparable to the VTEB Sharpe Ratio of 1.81. The chart below compares the historical Sharpe Ratios of EVIM and VTEB, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

EVIM vs. VTEB - Drawdown Comparison

The maximum EVIM drawdown since its inception was -4.23%, smaller than the maximum VTEB drawdown of -17.00%. Use the drawdown chart below to compare losses from any high point for EVIM and VTEB.

Drawdown Indicators

	EVIM	VTEB	Difference
Max Drawdown Largest peak-to-trough decline	-4.23%	-17.00%	+12.77%
Max Drawdown (1Y) Largest decline over 1 year	-3.05%	-2.71%	-0.34%
Max Drawdown (3Y) Largest decline over 3 years	—	-4.76%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-12.56%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-17.00%	—
Current Drawdown Current decline from peak	-1.74%	-1.74%	0.00%
Average Drawdown Average peak-to-trough decline	-0.88%	-2.30%	+1.42%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.02%	0.82%	+0.20%

Volatility

EVIM vs. VTEB - Volatility Comparison

Eaton Vance Intermediate Municipal Income ETF (EVIM) and Vanguard Tax-Exempt Bond ETF (VTEB) have volatilities of 0.91% and 0.88%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EVIM	VTEB	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.91%	0.88%	+0.03%
Volatility (6M) Calculated over the trailing 6-month period	2.14%	2.22%	-0.08%
Volatility (1Y) Calculated over the trailing 1-year period	2.80%	2.73%	+0.07%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.80%	3.92%	-0.12%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.80%	5.25%	-1.45%

EVIM vs. VTEB - Expense Ratio Comparison

EVIM has a 0.29% expense ratio, which is higher than VTEB's 0.03% expense ratio.

Dividends

EVIM vs. VTEB - Dividend Comparison

EVIM's dividend yield for the trailing twelve months is around 3.57%, more than VTEB's 3.43% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EVIM Eaton Vance Intermediate Municipal Income ETF	3.57%	3.58%	3.56%	0.78%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
VTEB Vanguard Tax-Exempt Bond ETF	3.43%	3.29%	3.14%	2.79%	2.09%	1.64%	1.99%	2.30%	2.25%	1.96%	1.66%	0.58%

Frequently Asked Questions

Can I hold both EVIM and VTEB in my portfolio?

EVIM and VTEB have a correlation of 0.77, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EVIM or VTEB?

EVIM has higher volatility (0.91%) compared to VTEB (0.88%). In terms of maximum drawdown, EVIM dropped -4.23% vs VTEB's -17.00%.

Which ETF is better, EVIM or VTEB?

On 1-year performance, EVIM leads with 5.57% vs 4.90% for VTEB. On fees, VTEB is cheaper at 0.03% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EVIM or VTEB?

Over the 1-year period, EVIM has performed better with a 5.57% return vs 4.90%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EVIM or VTEB?

VTEB is cheaper with a 0.03% expense ratio, compared with 0.29% for EVIM.

Which ETF pays a higher dividend yield, EVIM or VTEB?

EVIM has the higher dividend yield at 3.57%, compared with 3.43% for VTEB.

What is the main difference between EVIM and VTEB?

They also come from different issuers: Eaton Vance and Vanguard. Their fees differ too: 0.29% for EVIM and 0.03% for VTEB.

Which has better risk-adjusted returns?

EVIM currently has the higher Sharpe Ratio (2.00 vs 1.81), 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.