EVSM vs. EVMO

Last updated Apr 2, 2026

Compare and contrast key facts about Eaton Vance Short Duration Municipal Income ETF (EVSM) and Eaton Vance Mortgage Opportunities ETF (EVMO).

EVSM and EVMO are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. EVSM is a passively managed fund by Eaton Vance that tracks the performance of the ICE BofA 1-3 Year Municipal Securities Index. It was launched on Dec 19, 2018. EVMO is an actively managed fund by Eaton Vance. It was launched on Aug 4, 2025.

Performance

EVSM vs. EVMO - Performance Comparison

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

EVSM vs. EVMO - Yearly Performance Comparison

	2026 (YTD)	2025
EVSM Eaton Vance Short Duration Municipal Income ETF	0.42%	1.54%
EVMO Eaton Vance Mortgage Opportunities ETF	0.38%	3.33%

Returns By Period

In the year-to-date period, EVSM achieves a 0.42% return, which is significantly higher than EVMO's 0.38% return.

EVSM

• 1D: 0.08%
• 1M: -0.64%
• YTD: 0.42%
• 6M: 1.05%
• 1Y: 3.68%
• 3Y*: —
• 5Y*: —
• 10Y*: —

EVMO

• 1D: 0.00%
• 1M: -1.11%
• YTD: 0.38%
• 6M: 2.08%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

EVSM vs. EVMO - Expense Ratio Comparison

EVSM has a 0.19% expense ratio, which is lower than EVMO's 0.45% expense ratio.

EVMO

Eaton Vance Mortgage Opportunities ETF

EVSM

Eaton Vance Short Duration Municipal Income ETF

Return for Risk

EVSM vs. EVMO — Risk / Return Rank

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

EVSM

EVSM Risk / Return Rank: 85
EVSM Sharpe Ratio Rank: 85
EVSM Sortino Ratio Rank: 82
EVSM Omega Ratio Rank: 94
EVSM Calmar Ratio Rank: 81
EVSM Martin Ratio Rank: 81

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. EVMO - Risk-Adjusted Trends Comparison

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

	EVSM	EVMO	Difference
Sharpe ratio Return per unit of total volatility	1.83	—	—
Sortino ratio Return per unit of downside risk	2.27	—	—
Omega ratio Gain probability vs. loss probability	1.46	—	—
Calmar ratio Return relative to maximum drawdown	2.58	—	—
Martin ratio Return relative to average drawdown	10.08	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	EVSM	EVMO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.83	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.81	2.06	-0.24

Correlation

The correlation between EVSM and EVMO is 0.32, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

EVSM vs. EVMO - Dividend Comparison

EVSM's dividend yield for the trailing twelve months is around 3.02%, less than EVMO's 3.17% yield.

	TTM	2025	2024
EVSM Eaton Vance Short Duration Municipal Income ETF	3.02%	3.12%	2.99%
EVMO Eaton Vance Mortgage Opportunities ETF	3.17%	1.95%	0.00%

Drawdowns

EVSM vs. EVMO - Drawdown Comparison

The maximum EVSM drawdown since its inception was -1.50%, smaller than the maximum EVMO drawdown of -1.89%. Use the drawdown chart below to compare losses from any high point for EVSM and EVMO.

Drawdown Indicators

	EVSM	EVMO	Difference
Max Drawdown Largest peak-to-trough decline	-1.50%	-1.89%	+0.39%
Max Drawdown (1Y) Largest decline over 1 year	-1.50%	—	—
Current Drawdown Current decline from peak	-0.78%	-1.26%	+0.48%
Average Drawdown Average peak-to-trough decline	-0.22%	-0.25%	+0.03%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.38%	—	—

Volatility

Volatility by Period

	EVSM	EVMO	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.49%	—	—
Volatility (6M) Calculated over the trailing 6-month period	0.90%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	2.03%	2.78%	-0.75%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.98%	2.78%	-0.80%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.98%	2.78%	-0.80%