EVN vs. NEA

Last updated Jun 3, 2026

EVN (Eaton Vance Municipal Income Trust) and NEA (Nuveen AMT-Free Quality Municipal Income Fund) are both stocks. Both operate in the Asset Management industry within the Financial Services sector. Over the past 10 years, EVN returned 2.14%/yr vs 3.04%/yr for NEA. At a 0.37 correlation, their price movements are largely independent.

Performance

EVN vs. NEA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Eaton Vance Municipal Income Trust (EVN) and Nuveen AMT-Free Quality Municipal Income Fund (NEA). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EVN achieves a 3.15% return, which is significantly higher than NEA's 2.35% return. Over the past 10 years, EVN has underperformed NEA with an annualized return of 2.14%, while NEA has yielded a comparatively higher 3.04% annualized return.

EVN

• 1D: 0.09%
• 1M: 4.83%
• YTD: 3.15%
• 6M: 2.30%
• 1Y: 12.39%
• 3Y*: 9.25%
• 5Y*: -0.10%
• 10Y*: 2.14%

NEA

• 1D: 0.09%
• 1M: 1.38%
• YTD: 2.35%
• 6M: 3.76%
• 1Y: 15.04%
• 3Y*: 9.62%
• 5Y*: 0.08%
• 10Y*: 3.04%

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

EVN vs. NEA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EVN Eaton Vance Municipal Income Trust	3.15%	12.83%	8.88%	4.35%	-25.01%	7.63%	9.66%	18.04%	-3.81%	4.08%
NEA Nuveen AMT-Free Quality Municipal Income Fund	2.35%	11.31%	9.50%	0.75%	-23.32%	8.16%	10.07%	22.42%	-5.72%	8.77%

Correlation

The correlation between EVN and NEA is 0.48, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.48
Correlation (3Y) Calculated over the trailing 3-year period	0.61
Correlation (5Y) Calculated over the trailing 5-year period	0.57
Correlation (10Y) Calculated over the trailing 10-year period	0.52
Correlation (All Time) Calculated using the full available price history since Nov 25, 2002	0.37

The correlation between EVN and NEA shifts across timeframes, from 0.37 (all time) to 0.61 (3 years), reflecting how their relationship changes across market environments.

Fundamentals

Market Cap EVN : $430.03M NEA : $3.46B
EPS EVN : $0.94 NEA : $2.18
PE Ratio EVN : 11.56 NEA : 5.29
PEG Ratio EVN : 205.74 NEA : 0.02
PS Ratio EVN : 9.78 NEA : 4.19
PB Ratio EVN : 0.99 NEA : 0.98
Total Revenue (TTM) EVN : $43.97M NEA : $824.80M
Gross Profit (TTM) EVN : $42.94M NEA : $779.17M
EBITDA (TTM) EVN : $57.66M NEA : $732.48M

Return for Risk

EVN vs. NEA — Risk / Return Rank

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

EVN

EVN Risk / Return Rank: 71
EVN Sharpe Ratio Rank: 75
EVN Sortino Ratio Rank: 72
EVN Omega Ratio Rank: 68
EVN Calmar Ratio Rank: 67
EVN Martin Ratio Rank: 74

NEA

NEA Risk / Return Rank: 78
NEA Sharpe Ratio Rank: 80
NEA Sortino Ratio Rank: 77
NEA Omega Ratio Rank: 77
NEA Calmar Ratio Rank: 74
NEA Martin Ratio Rank: 83

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.

EVN vs. NEA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Eaton Vance Municipal Income Trust (EVN) and Nuveen AMT-Free Quality Municipal Income Fund (NEA). 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.

	EVN	NEA	Difference
Sharpe ratio Return per unit of total volatility	1.17	1.43	-0.26
Sortino ratio Return per unit of downside risk	1.86	2.14	-0.28
Omega ratio Gain probability vs. loss probability	1.22	1.28	-0.07
Calmar ratio Return relative to maximum drawdown	1.39	2.00	-0.60
Martin ratio Return relative to average drawdown	4.80	8.02	-3.22
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

EVN vs. NEA - Sharpe Ratio Comparison

The current EVN Sharpe Ratio is 1.17, which is comparable to the NEA Sharpe Ratio of 1.43. The chart below compares the historical Sharpe Ratios of EVN and NEA, 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

	EVN	NEA	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.17	1.43	-0.26
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.01	0.01	-0.02
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.17	0.26	-0.09
Sharpe Ratio (All Time) Calculated using the full available price history	0.28	0.32	-0.04

Drawdowns

EVN vs. NEA - Drawdown Comparison

The maximum EVN drawdown since its inception was -56.87%, which is greater than NEA's maximum drawdown of -43.83%. Use the drawdown chart below to compare losses from any high point for EVN and NEA.

Drawdown Indicators

	EVN	NEA	Difference
Max Drawdown Largest peak-to-trough decline	-56.87%	-43.83%	-13.04%
Max Drawdown (1Y) Largest decline over 1 year	-8.59%	-7.27%	-1.32%
Max Drawdown (3Y) Largest decline over 3 years	-13.18%	-15.16%	+1.98%
Max Drawdown (5Y) Largest decline over 5 years	-32.84%	-36.57%	+3.73%
Max Drawdown (10Y) Largest decline over 10 years	-32.84%	-36.57%	+3.73%
Current Drawdown Current decline from peak	-3.18%	-4.84%	+1.66%
Average Drawdown Average peak-to-trough decline	-9.44%	-8.01%	-1.43%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.49%	1.81%	+0.68%

Volatility

EVN vs. NEA - Volatility Comparison

The current volatility for Eaton Vance Municipal Income Trust (EVN) is 3.42%, while Nuveen AMT-Free Quality Municipal Income Fund (NEA) has a volatility of 4.63%. This indicates that EVN experiences smaller price fluctuations and is considered to be less risky than NEA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EVN	NEA	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.42%	4.63%	-1.21%
Volatility (6M) Calculated over the trailing 6-month period	8.02%	8.51%	-0.49%
Volatility (1Y) Calculated over the trailing 1-year period	10.61%	10.58%	+0.03%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.88%	11.48%	+0.40%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.92%	11.81%	+1.11%

Dividends

EVN vs. NEA - Dividend Comparison

EVN's dividend yield for the trailing twelve months is around 5.68%, less than NEA's 7.19% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EVN Eaton Vance Municipal Income Trust	5.68%	5.72%	5.78%	4.80%	5.60%	4.14%	4.20%	4.46%	5.50%	5.37%	6.06%	6.46%
NEA Nuveen AMT-Free Quality Municipal Income Fund	7.19%	7.36%	6.63%	3.95%	5.49%	4.50%	4.45%	4.46%	5.40%	5.33%	5.70%	5.71%

Financials

Frequently Asked Questions

Can I hold both EVN and NEA in my portfolio?

EVN and NEA have a correlation of 0.48, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EVN or NEA?

NEA has higher volatility (4.63%) compared to EVN (3.42%). In terms of maximum drawdown, EVN dropped -56.87% vs NEA's -43.83%.

Which has better risk-adjusted returns?

NEA currently has the higher Sharpe Ratio (1.43 vs 1.17), 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.