EVSD vs. EVSM

Last updated Jun 4, 2026

EVSD (Eaton Vance Short Duration Income ETF) and EVSM (Eaton Vance Short Duration Municipal Income ETF) are both exchange-traded funds - EVSD is a Short-Term Bond fund actively managed by Eaton Vance, while EVSM is a Municipal Bonds fund tracking the ICE BofA 1-3 Year Municipal Securities Index. EVSD is actively managed, while EVSM is passively managed. Over the past year, EVSD returned 4.84% vs 4.06% for EVSM. At a 0.44 correlation, their price movements are largely independent. EVSD charges 0.24%/yr vs 0.19%/yr for EVSM.

Performance

EVSD vs. EVSM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Eaton Vance Short Duration Income ETF (EVSD) and Eaton Vance Short Duration Municipal Income ETF (EVSM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EVSD achieves a 0.77% return, which is significantly lower than EVSM's 1.15% return.

EVSD

• 1D: -0.08%
• 1M: 0.32%
• YTD: 0.77%
• 6M: 1.16%
• 1Y: 4.84%
• 3Y*: —
• 5Y*: —
• 10Y*: —

EVSM

• 1D: 0.06%
• 1M: 0.42%
• YTD: 1.15%
• 6M: 1.48%
• 1Y: 4.06%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

EVSD vs. EVSM - Yearly Performance Comparison

	2026 (YTD)	2025	2024
EVSD Eaton Vance Short Duration Income ETF	0.77%	6.80%	3.87%
EVSM Eaton Vance Short Duration Municipal Income ETF	1.15%	4.24%	2.16%

Correlation

The correlation between EVSD and EVSM is 0.40, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.40
Correlation (All Time) Calculated using the full available price history since Jun 18, 2024	0.44

Return for Risk

EVSD vs. EVSM — Risk / Return Rank

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

EVSD

EVSD Risk / Return Rank: 87
EVSD Sharpe Ratio Rank: 90
EVSD Sortino Ratio Rank: 94
EVSD Omega Ratio Rank: 93
EVSD Calmar Ratio Rank: 76
EVSD Martin Ratio Rank: 81

EVSM

EVSM Risk / Return Rank: 86
EVSM Sharpe Ratio Rank: 91
EVSM Sortino Ratio Rank: 95
EVSM Omega Ratio Rank: 94
EVSM Calmar Ratio Rank: 76
EVSM Martin Ratio Rank: 73

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.

EVSD vs. EVSM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Eaton Vance Short Duration Income ETF (EVSD) and Eaton Vance Short Duration Municipal Income ETF (EVSM). 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.

	EVSD	EVSM	Difference
Sharpe ratio: Return per unit of total volatility	3.16	3.23	-0.07
Sortino ratio: Return per unit of downside risk	5.08	5.13	-0.05
Omega ratio: Gain probability vs. loss probability	1.67	1.70	-0.03
Calmar ratio: Return relative to maximum drawdown	3.86	3.79	+0.06
Martin ratio: Return relative to average drawdown	16.16	13.52	+2.64
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

EVSD vs. EVSM - Sharpe Ratio Comparison

The current EVSD Sharpe Ratio is 3.16, which is comparable to the EVSM Sharpe Ratio of 3.23. The chart below compares the historical Sharpe Ratios of EVSD and EVSM, 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

	EVSD	EVSM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.16	3.23	-0.07
Sharpe Ratio (All Time) Calculated using the full available price history	3.03	1.89	+1.14

Drawdowns

EVSD vs. EVSM - Drawdown Comparison

The maximum EVSD drawdown since its inception was -1.26%, smaller than the maximum EVSM drawdown of -1.50%. Use the drawdown chart below to compare losses from any high point for EVSD and EVSM.

Drawdown Indicators

	EVSD	EVSM	Difference
Max Drawdown Largest peak-to-trough decline	-1.26%	-1.50%	+0.24%
Max Drawdown (1Y) Largest decline over 1 year	-1.26%	-1.07%	-0.19%
Current Drawdown Current decline from peak	-0.17%	-0.06%	-0.11%
Average Drawdown Average peak-to-trough decline	-0.19%	-0.24%	+0.05%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.30%	0.30%	0.00%

Volatility

EVSD vs. EVSM - Volatility Comparison

Eaton Vance Short Duration Income ETF (EVSD) has a higher volatility of 0.47% compared to Eaton Vance Short Duration Municipal Income ETF (EVSM) at 0.33%. This indicates that EVSD's price experiences larger fluctuations and is considered to be riskier than EVSM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EVSD	EVSM	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.47%	0.33%	+0.14%
Volatility (6M) Calculated over the trailing 6-month period	1.14%	0.83%	+0.31%
Volatility (1Y) Calculated over the trailing 1-year period	1.54%	1.27%	+0.27%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.94%	1.92%	+0.02%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.94%	1.92%	+0.02%

EVSD vs. EVSM - Expense Ratio Comparison

EVSD has a 0.24% expense ratio, which is higher than EVSM's 0.19% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

EVSD vs. EVSM - Dividend Comparison

EVSD's dividend yield for the trailing twelve months is around 4.62%, more than EVSM's 3.00% yield.

Position	TTM	2025	2024
EVSD Eaton Vance Short Duration Income ETF	4.62%	4.64%	2.91%
EVSM Eaton Vance Short Duration Municipal Income ETF	3.00%	3.12%	2.99%

Frequently Asked Questions

Can I hold both EVSD and EVSM in my portfolio?

EVSD and EVSM have a correlation of 0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EVSD or EVSM?

EVSD has higher volatility (0.47%) compared to EVSM (0.33%). In terms of maximum drawdown, EVSD dropped -1.26% vs EVSM's -1.50%.

Which ETF is better, EVSD or EVSM?

On 1-year performance, EVSD leads with 4.84% vs 4.06% for EVSM. On fees, EVSM is cheaper at 0.19% per year. On volatility, EVSM has been the lower-risk option at 0.33%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EVSD or EVSM?

Over the 1-year period, EVSD has performed better with a 4.84% return vs 4.06%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EVSD or EVSM?

EVSM is cheaper with a 0.19% expense ratio, compared with 0.24% for EVSD.

Which ETF pays a higher dividend yield, EVSD or EVSM?

EVSD has the higher dividend yield at 4.62%, compared with 3.00% for EVSM.

What is the main difference between EVSD and EVSM?

EVSD is categorized as Short-Term Bond, while EVSM is Municipal Bonds. Their fees differ too: 0.24% for EVSD and 0.19% for EVSM.

Which has better risk-adjusted returns?

EVSM currently has the higher Sharpe Ratio (3.23 vs 3.16), 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.