EVLN vs. CLIP

Last updated Jun 23, 2026

EVLN (Eaton Vance Floating-Rate ETF) and CLIP (Global X 1-3 Month T-Bill ETF) are both exchange-traded funds - EVLN is a Bank Loan fund actively managed by Eaton Vance, while CLIP is a Ultrashort Bond fund tracking the Solactive 1-3 month US T-Bill Index - USD. EVLN is actively managed, while CLIP is passively managed. Over the past year, EVLN returned 4.65% vs 3.97% for CLIP. At a correlation of -0.07, they often move in opposite directions. EVLN charges 0.60%/yr vs 0.07%/yr for CLIP.

Performance

EVLN vs. CLIP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Eaton Vance Floating-Rate ETF (EVLN) and Global X 1-3 Month T-Bill ETF (CLIP). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EVLN achieves a 1.49% return, which is significantly lower than CLIP's 1.71% return.

EVLN

• 1D: -0.10%
• 1M: 0.32%
• YTD: 1.49%
• 6M: 1.59%
• 1Y: 4.65%
• 3Y*: —
• 5Y*: —
• 10Y*: —

CLIP

• 1D: 0.03%
• 1M: 0.29%
• YTD: 1.71%
• 6M: 1.82%
• 1Y: 3.97%
• 3Y*: 4.64%
• 5Y*: —
• 10Y*: —

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

EVLN vs. CLIP - Yearly Performance Comparison

	2026 (YTD)	2025	2024
EVLN Eaton Vance Floating-Rate ETF	1.49%	5.59%	7.35%
CLIP Global X 1-3 Month T-Bill ETF	1.71%	4.23%	4.66%

Correlation

The correlation between EVLN and CLIP is -0.17, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.17
Correlation (All Time) Calculated using the full available price history since Feb 8, 2024	-0.07

Return for Risk

EVLN vs. CLIP — Risk / Return Rank

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

EVLN

EVLN Risk / Return Rank: 73
EVLN Sharpe Ratio Rank: 81
EVLN Sortino Ratio Rank: 91
EVLN Omega Ratio Rank: 88
EVLN Calmar Ratio Rank: 55
EVLN Martin Ratio Rank: 52

CLIP

CLIP Risk / Return Rank: 100
CLIP Sharpe Ratio Rank: 100
CLIP Sortino Ratio Rank: 100
CLIP Omega Ratio Rank: 100
CLIP Calmar Ratio Rank: 100
CLIP Martin Ratio Rank: 100

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.

EVLN vs. CLIP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Eaton Vance Floating-Rate ETF (EVLN) and Global X 1-3 Month T-Bill ETF (CLIP). 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.

	EVLN	CLIP	Difference
Sharpe ratio: Return per unit of total volatility	2.50	17.97	-15.48
Sortino ratio: Return per unit of downside risk	4.12	81.28	-77.15
Omega ratio: Gain probability vs. loss probability	1.53	26.48	-24.95
Calmar ratio: Return relative to maximum drawdown	2.64	142.41	-139.77
Martin ratio: Return relative to average drawdown	8.61	1,288.03	-1,279.42

EVLN vs. CLIP - Sharpe Ratio Comparison

The current EVLN Sharpe Ratio is 2.50, which is lower than the CLIP Sharpe Ratio of 17.97. The chart below compares the historical Sharpe Ratios of EVLN and CLIP, 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

EVLN vs. CLIP - Drawdown Comparison

The maximum EVLN drawdown since its inception was -2.78%, which is greater than CLIP's maximum drawdown of -0.08%. Use the drawdown chart below to compare losses from any high point for EVLN and CLIP.

Drawdown Indicators

	EVLN	CLIP	Difference
Max Drawdown Largest peak-to-trough decline	-2.78%	-0.08%	-2.70%
Max Drawdown (1Y) Largest decline over 1 year	-1.77%	-0.03%	-1.74%
Max Drawdown (3Y) Largest decline over 3 years	—	-0.08%	—
Current Drawdown Current decline from peak	-0.10%	0.00%	-0.10%
Average Drawdown Average peak-to-trough decline	-0.21%	-0.00%	-0.21%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.54%	0.00%	+0.54%

Volatility

EVLN vs. CLIP - Volatility Comparison

Eaton Vance Floating-Rate ETF (EVLN) has a higher volatility of 0.41% compared to Global X 1-3 Month T-Bill ETF (CLIP) at 0.07%. This indicates that EVLN's price experiences larger fluctuations and is considered to be riskier than CLIP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EVLN	CLIP	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.41%	0.07%	+0.34%
Volatility (6M) Calculated over the trailing 6-month period	1.64%	0.15%	+1.49%
Volatility (1Y) Calculated over the trailing 1-year period	1.88%	0.22%	+1.66%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.41%	0.44%	+1.97%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.41%	0.44%	+1.97%

EVLN vs. CLIP - Expense Ratio Comparison

EVLN has a 0.60% expense ratio, which is higher than CLIP's 0.07% expense ratio.

Dividends

EVLN vs. CLIP - Dividend Comparison

EVLN's dividend yield for the trailing twelve months is around 6.91%, more than CLIP's 3.90% yield.

Position	TTM	2025	2024	2023
CLIP Global X 1-3 Month T-Bill ETF	3.90%	4.14%	5.11%	2.75%
EVLN Eaton Vance Floating-Rate ETF	6.91%	7.28%	6.41%	0.00%

Frequently Asked Questions

Can I hold both EVLN and CLIP in my portfolio?

EVLN and CLIP have a correlation of -0.17, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EVLN or CLIP?

EVLN has higher volatility (0.41%) compared to CLIP (0.07%). In terms of maximum drawdown, EVLN dropped -2.78% vs CLIP's -0.08%.

Which ETF is better, EVLN or CLIP?

On 1-year performance, EVLN leads with 4.65% vs 3.97% for CLIP. On fees, CLIP is cheaper at 0.07% per year. On volatility, CLIP has been the lower-risk option at 0.07%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EVLN or CLIP?

Over the 1-year period, EVLN has performed better with a 4.65% return vs 3.97%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EVLN or CLIP?

CLIP is cheaper with a 0.07% expense ratio, compared with 0.60% for EVLN.

Which ETF pays a higher dividend yield, EVLN or CLIP?

EVLN has the higher dividend yield at 6.91%, compared with 3.90% for CLIP.

What is the main difference between EVLN and CLIP?

EVLN is categorized as Bank Loan, while CLIP is Ultrashort Bond. They also come from different issuers: Eaton Vance and Global X. Their fees differ too: 0.60% for EVLN and 0.07% for CLIP.

Which has better risk-adjusted returns?

CLIP currently has the higher Sharpe Ratio (17.97 vs 2.50), 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.