EVSM vs. EVSD

Last updated Jun 4, 2026

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

Performance

EVSM vs. EVSD - 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 Short Duration Income ETF (EVSD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

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

EVSM

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

EVSD

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

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

EVSM vs. EVSD - Yearly Performance Comparison

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

Correlation

The correlation between EVSM and EVSD 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

EVSM vs. EVSD — Risk / Return Rank

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

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

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

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. EVSD - 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 Short Duration Income ETF (EVSD). 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	EVSD	Difference
Sharpe ratio: Return per unit of total volatility	3.23	3.16	+0.07
Sortino ratio: Return per unit of downside risk	5.13	5.08	+0.05
Omega ratio: Gain probability vs. loss probability	1.70	1.67	+0.03
Calmar ratio: Return relative to maximum drawdown	3.79	3.86	-0.06
Martin ratio: Return relative to average drawdown	13.52	16.16	-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.

EVSM vs. EVSD - Sharpe Ratio Comparison

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

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

Drawdowns

EVSM vs. EVSD - Drawdown Comparison

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

Drawdown Indicators

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

Volatility

EVSM vs. EVSD - Volatility Comparison

The current volatility for Eaton Vance Short Duration Municipal Income ETF (EVSM) is 0.33%, while Eaton Vance Short Duration Income ETF (EVSD) has a volatility of 0.47%. This indicates that EVSM experiences smaller price fluctuations and is considered to be less risky than EVSD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

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

EVSM vs. EVSD - Expense Ratio Comparison

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

Dividends

EVSM vs. EVSD - Dividend Comparison

EVSM's dividend yield for the trailing twelve months is around 3.00%, less than EVSD's 4.62% 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 EVSM and EVSD in my portfolio?

EVSM and EVSD 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, EVSM or EVSD?

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

Which ETF is better, EVSM or EVSD?

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, EVSM or EVSD?

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, EVSM or EVSD?

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

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

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

What is the main difference between EVSM and EVSD?

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

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.