EVMBX vs. EIMAX
EVMBX (Eaton Vance AMT-Free Municipal Income Fund) and EIMAX (Eaton Vance Massachusetts Municipal Income Fund) are both Municipal Bonds funds from Eaton Vance. Over the past 10 years, EVMBX returned 1.93%/yr vs 1.35%/yr for EIMAX. Their correlation of 0.84 means they have usually moved in the same direction. EVMBX charges 0.54%/yr vs 0.48%/yr for EIMAX.
Performance
EVMBX vs. EIMAX - Performance Comparison
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Returns By Period
In the year-to-date period, EVMBX achieves a 0.52% return, which is significantly higher than EIMAX's 0.38% return. Over the past 10 years, EVMBX has outperformed EIMAX with an annualized return of 1.93%, while EIMAX has yielded a comparatively lower 1.35% annualized return.
EVMBX
- 1D
- -0.23%
- 1M
- -1.95%
- 6M
- -0.05%
- YTD
- 0.52%
- 1Y
- 5.15%
- 3Y*
- 3.34%
- 5Y*
- 0.12%
- 10Y*
- 1.93%
- ALL TIME*
- 3.99%
EIMAX
- 1D
- -0.26%
- 1M
- -2.03%
- 6M
- -0.29%
- YTD
- 0.38%
- 1Y
- 5.01%
- 3Y*
- 2.71%
- 5Y*
- -0.07%
- 10Y*
- 1.35%
- ALL TIME*
- 2.55%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $0.00 | $0.00 | $0.00 |
EVMBX vs. EIMAX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
EVMBX Eaton Vance AMT-Free Municipal Income Fund | 0.52% | 3.63% | 2.15% | 7.47% | -11.74% | 2.13% | 5.35% | 8.47% | 1.43% | 5.15% |
EIMAX Eaton Vance Massachusetts Municipal Income Fund | 0.38% | 3.76% | 1.37% | 5.06% | -9.61% | 0.57% | 4.60% | 7.01% | 0.65% | 4.67% |
Correlation
The correlation between EVMBX and EIMAX is 0.84, meaning they have usually moved in the same direction, including during past declines.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.84 |
Correlation (3Y) Balances recent behavior with more history. | 0.90 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.90 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.87 |
Correlation (All Time) Calculated using the full available price history since Jun 17, 1993 | 0.84 |
The correlation between EVMBX and EIMAX has been stable across timeframes, ranging from 0.84 to 0.90 - a consistent structural relationship.
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Return for Risk
EVMBX vs. EIMAX — Risk / Return Rank
EVMBX
EIMAX
EVMBX vs. EIMAX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Eaton Vance AMT-Free Municipal Income Fund (EVMBX) 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.
| EVMBX | EIMAX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.02 | ||
| Sortino ratioReturn per unit of downside risk | +0.10 | ||
| Omega ratioGain probability vs. loss probability | 1.52 | 1.53 | -0.01 |
| Calmar ratioReturn relative to maximum drawdown | 2.40 | 2.18 | +0.22 |
| Martin ratioReturn relative to average drawdown | 7.74 | 7.13 | +0.61 |
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Drawdowns
EVMBX vs. EIMAX - Drawdown Comparison
The maximum EVMBX drawdown since its inception was -36.09%, which is greater than EIMAX's maximum drawdown of -29.25%. Use the drawdown chart below to compare losses from any high point for EVMBX and EIMAX.
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Drawdown Indicators
| EVMBX | EIMAX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -36.09% | -29.25% | -6.84% |
Max Drawdown (1Y)Largest decline over 1 year | -2.51% | -2.77% | +0.26% |
Max Drawdown (3Y)Largest decline over 3 years | -6.23% | -6.83% | +0.60% |
Max Drawdown (5Y)Largest decline over 5 years | -16.73% | -14.67% | -2.06% |
Max Drawdown (10Y)Largest decline over 10 years | -16.73% | -14.67% | -2.06% |
Current DrawdownCurrent decline from peak | -1.95% | -2.03% | +0.08% |
Average DrawdownAverage peak-to-trough decline | -4.77% | -3.89% | -0.88% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.78% | 0.85% | -0.07% |
Volatility
EVMBX vs. EIMAX - Volatility Comparison
Eaton Vance AMT-Free Municipal Income Fund (EVMBX) and Eaton Vance Massachusetts Municipal Income Fund (EIMAX) have volatilities of 0.91% and 0.95%, 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.
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Volatility by Period
| EVMBX | EIMAX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.91% | 0.95% | -0.04% |
Volatility (6M)Calculated over the trailing 6-month period | 2.29% | 2.29% | 0.00% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.92% | 2.90% | +0.02% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.79% | 4.40% | +0.39% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.63% | 4.21% | +0.42% |
EVMBX vs. EIMAX - Expense Ratio Comparison
EVMBX has a 0.54% expense ratio, which is higher than EIMAX's 0.48% expense ratio.
Dividends
EVMBX vs. EIMAX - Dividend Comparison
EVMBX's dividend yield for the trailing twelve months is around 3.76%, more than EIMAX's 3.35% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EIMAX Eaton Vance Massachusetts Municipal Income Fund | 3.35% | 4.52% | 4.15% | 2.39% | 2.62% | 2.01% | 2.58% | 3.46% | 3.27% | 3.41% | 3.65% | 3.70% |
EVMBX Eaton Vance AMT-Free Municipal Income Fund | 3.76% | 5.01% | 4.52% | 3.69% | 3.31% | 2.79% | 3.20% | 4.24% | 3.98% | 4.10% | 4.14% | 4.23% |
Frequently Asked Questions
EVMBX and EIMAX have a correlation of 0.84, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
EIMAX has higher volatility (0.95%) compared to EVMBX (0.91%). In terms of maximum drawdown, EVMBX dropped -36.09% vs EIMAX's -29.25%.
EIMAX currently has the higher Sharpe Ratio (2.09 vs 2.07), 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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