EVSM vs. BBH

Last updated Jun 23, 2026

EVSM (Eaton Vance Short Duration Municipal Income ETF) and BBH (VanEck Vectors Biotech ETF) are both exchange-traded funds - EVSM is a Municipal Bonds fund tracking the ICE BofA 1-3 Year Municipal Securities Index, while BBH is a Health & Biotech Equities fund tracking the MVIS US Listed Biotech 25 Index. Both are passively managed. Over the past year, EVSM returned 3.77% vs 24.78% for BBH. At a 0.14 correlation, their price movements are largely independent. EVSM charges 0.19%/yr vs 0.35%/yr for BBH.

Performance

EVSM vs. BBH - Performance Comparison

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

Returns By Period

In the year-to-date period, EVSM achieves a 1.19% return, which is significantly higher than BBH's 0.06% return.

EVSM

• 1D: -0.08%
• 1M: 0.56%
• YTD: 1.19%
• 6M: 1.28%
• 1Y: 3.77%
• 3Y*: —
• 5Y*: —
• 10Y*: —

BBH

• 1D: 0.92%
• 1M: 2.50%
• YTD: 0.06%
• 6M: -1.66%
• 1Y: 24.78%
• 3Y*: 7.06%
• 5Y*: -0.40%
• 10Y*: 7.19%

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

EVSM vs. BBH - Yearly Performance Comparison

	2026 (YTD)	2025	2024
EVSM Eaton Vance Short Duration Municipal Income ETF	1.19%	4.24%	2.43%
BBH VanEck Vectors Biotech ETF	0.06%	21.18%	-4.22%

Correlation

The correlation between EVSM and BBH is 0.15, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.15
Correlation (All Time) Calculated using the full available price history since Mar 25, 2024	0.14

Return for Risk

EVSM vs. BBH — Risk / Return Rank

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

EVSM

EVSM Risk / Return Rank: 84
EVSM Sharpe Ratio Rank: 91
EVSM Sortino Ratio Rank: 94
EVSM Omega Ratio Rank: 93
EVSM Calmar Ratio Rank: 72
EVSM Martin Ratio Rank: 70

BBH

BBH Risk / Return Rank: 39
BBH Sharpe Ratio Rank: 37
BBH Sortino Ratio Rank: 38
BBH Omega Ratio Rank: 35
BBH Calmar Ratio Rank: 49
BBH Martin Ratio Rank: 37

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.

EVSM vs. BBH - Risk-Adjusted Trends Comparison

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

	EVSM	BBH	Difference
Sharpe ratio: Return per unit of total volatility	3.00	1.29	+1.70
Sortino ratio: Return per unit of downside risk	4.70	1.93	+2.77
Omega ratio: Gain probability vs. loss probability	1.63	1.23	+0.40
Calmar ratio: Return relative to maximum drawdown	3.52	2.36	+1.16
Martin ratio: Return relative to average drawdown	12.53	5.69	+6.83

EVSM vs. BBH - Sharpe Ratio Comparison

The current EVSM Sharpe Ratio is 3.00, which is higher than the BBH Sharpe Ratio of 1.29. The chart below compares the historical Sharpe Ratios of EVSM and BBH, 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

EVSM vs. BBH - Drawdown Comparison

The maximum EVSM drawdown since its inception was -1.50%, smaller than the maximum BBH drawdown of -72.70%. Use the drawdown chart below to compare losses from any high point for EVSM and BBH.

Drawdown Indicators

	EVSM	BBH	Difference
Max Drawdown Largest peak-to-trough decline	-1.50%	-72.70%	+71.20%
Max Drawdown (1Y) Largest decline over 1 year	-1.07%	-10.55%	+9.48%
Max Drawdown (3Y) Largest decline over 3 years	—	-22.74%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-39.86%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-39.86%	—
Current Drawdown Current decline from peak	-0.08%	-12.14%	+12.06%
Average Drawdown Average peak-to-trough decline	-0.24%	-20.73%	+20.49%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.30%	4.36%	-4.06%

Volatility

EVSM vs. BBH - Volatility Comparison

The current volatility for Eaton Vance Short Duration Municipal Income ETF (EVSM) is 0.33%, while VanEck Vectors Biotech ETF (BBH) has a volatility of 6.13%. This indicates that EVSM experiences smaller price fluctuations and is considered to be less risky than BBH based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EVSM	BBH	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.33%	6.13%	-5.80%
Volatility (6M) Calculated over the trailing 6-month period	0.84%	14.61%	-13.77%
Volatility (1Y) Calculated over the trailing 1-year period	1.27%	19.33%	-18.06%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.91%	21.44%	-19.53%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.91%	22.17%	-20.26%

EVSM vs. BBH - Expense Ratio Comparison

EVSM has a 0.19% expense ratio, which is lower than BBH's 0.35% expense ratio.

Dividends

EVSM vs. BBH - Dividend Comparison

EVSM's dividend yield for the trailing twelve months is around 3.00%, more than BBH's 0.51% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BBH VanEck Vectors Biotech ETF	0.51%	0.51%	0.80%	0.43%	0.47%	0.21%	0.36%	0.34%	0.50%	0.55%	0.30%	0.27%
EVSM Eaton Vance Short Duration Municipal Income ETF	3.00%	3.12%	2.99%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both EVSM and BBH in my portfolio?

EVSM and BBH have a correlation of 0.15, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EVSM or BBH?

BBH has higher volatility (6.13%) compared to EVSM (0.33%). In terms of maximum drawdown, EVSM dropped -1.50% vs BBH's -72.70%.

Which ETF is better, EVSM or BBH?

On 1-year performance, BBH leads with 24.78% vs 3.77% 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, EVSM or BBH?

Over the 1-year period, BBH has performed better with a 24.78% return vs 3.77%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EVSM or BBH?

EVSM is cheaper with a 0.19% expense ratio, compared with 0.35% for BBH.

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

EVSM has the higher dividend yield at 3.00%, compared with 0.51% for BBH.

What is the main difference between EVSM and BBH?

EVSM is categorized as Municipal Bonds, while BBH is Health & Biotech Equities. EVSM tracks ICE BofA 1-3 Year Municipal Securities Index, while BBH tracks MVIS US Listed Biotech 25 Index. They also come from different issuers: Eaton Vance and VanEck. Their fees differ too: 0.19% for EVSM and 0.35% for BBH.

Which has better risk-adjusted returns?

EVSM currently has the higher Sharpe Ratio (3.00 vs 1.29), 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.