EVMBX vs. ETY
EVMBX (Eaton Vance AMT-Free Municipal Income Fund) and ETY (Eaton Vance Tax Managed Diversified Equity Income Closed Fund) are both mutual funds - EVMBX is a Municipal Bonds fund managed by Eaton Vance, while ETY is a Derivative Income fund actively managed by Eaton Vance. Over the past 10 years, EVMBX returned 1.93%/yr vs 12.23%/yr for ETY. Their 0.01 correlation means their historical movements had little consistent relationship. EVMBX charges 0.54%/yr vs 1.06%/yr for ETY.
Performance
EVMBX vs. ETY - 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 ETY's -1.59% return. Over the past 10 years, EVMBX has underperformed ETY with an annualized return of 1.93%, while ETY has yielded a comparatively higher 12.23% 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%
ETY
- 1D
- 1.27%
- 1M
- -0.56%
- 6M
- -1.83%
- YTD
- -1.59%
- 1Y
- 0.54%
- 3Y*
- 13.80%
- 5Y*
- 8.69%
- 10Y*
- 12.23%
- ALL TIME*
- 8.45%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $3.58M | $3.53M | $3.55M | |
| $0.00 | $0.00 | $0.00 |
EVMBX vs. ETY - 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% |
ETY Eaton Vance Tax Managed Diversified Equity Income Closed Fund | -1.59% | 11.02% | 33.11% | 21.83% | -21.21% | 32.61% | 7.27% | 33.68% | -8.96% | 28.72% |
Correlation
The correlation between EVMBX and ETY is 0.22, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.22 |
Correlation (3Y) Balances recent behavior with more history. | 0.15 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.15 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.09 |
Correlation (All Time) Calculated using the full available price history since Nov 28, 2006 | 0.01 |
Over the past year, EVMBX and ETY have become more correlated (0.22) than their long-term average of 0.01, meaning their price movements have been converging.
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Return for Risk
EVMBX vs. ETY — Risk / Return Rank
EVMBX
ETY
EVMBX vs. ETY - 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 Tax Managed Diversified Equity Income Closed Fund (ETY). 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 | ETY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.11 | ||
| Sortino ratioReturn per unit of downside risk | +3.28 | ||
| Omega ratioGain probability vs. loss probability | 1.52 | 1.00 | +0.51 |
| Calmar ratioReturn relative to maximum drawdown | 2.40 | -0.05 | +2.45 |
| Martin ratioReturn relative to average drawdown | 7.74 | -0.17 | +7.90 |
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Drawdowns
EVMBX vs. ETY - Drawdown Comparison
The maximum EVMBX drawdown since its inception was -36.09%, smaller than the maximum ETY drawdown of -53.06%. Use the drawdown chart below to compare losses from any high point for EVMBX and ETY.
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Drawdown Indicators
| EVMBX | ETY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -36.09% | -53.06% | +16.97% |
Max Drawdown (1Y)Largest decline over 1 year | -2.51% | -14.40% | +11.89% |
Max Drawdown (3Y)Largest decline over 3 years | -6.23% | -21.28% | +15.05% |
Max Drawdown (5Y)Largest decline over 5 years | -16.73% | -24.06% | +7.33% |
Max Drawdown (10Y)Largest decline over 10 years | -16.73% | -42.46% | +25.73% |
Current DrawdownCurrent decline from peak | -1.95% | -3.76% | +1.81% |
Average DrawdownAverage peak-to-trough decline | -4.77% | -7.56% | +2.79% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.78% | 4.12% | -3.34% |
Volatility
EVMBX vs. ETY - Volatility Comparison
The current volatility for Eaton Vance AMT-Free Municipal Income Fund (EVMBX) is 0.91%, while Eaton Vance Tax Managed Diversified Equity Income Closed Fund (ETY) has a volatility of 3.61%. This indicates that EVMBX experiences smaller price fluctuations and is considered to be less risky than ETY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| EVMBX | ETY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.91% | 3.61% | -2.70% |
Volatility (6M)Calculated over the trailing 6-month period | 2.29% | 11.33% | -9.04% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.92% | 13.82% | -10.90% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.79% | 17.98% | -13.19% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.63% | 19.91% | -15.28% |
EVMBX vs. ETY - Expense Ratio Comparison
EVMBX has a 0.54% expense ratio, which is lower than ETY's 1.06% expense ratio.
Dividends
EVMBX vs. ETY - Dividend Comparison
EVMBX's dividend yield for the trailing twelve months is around 3.76%, less than ETY's 8.27% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ETY Eaton Vance Tax Managed Diversified Equity Income Closed Fund | 8.27% | 7.76% | 7.59% | 7.92% | 10.04% | 7.01% | 8.26% | 8.08% | 9.92% | 8.30% | 9.77% | 9.03% |
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 ETY have a correlation of 0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ETY has higher volatility (3.61%) compared to EVMBX (0.91%). In terms of maximum drawdown, EVMBX dropped -36.09% vs ETY's -53.06%.
EVMBX currently has the higher Sharpe Ratio (2.07 vs -0.05), 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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