EVSM vs. GSG
EVSM (Eaton Vance Short Duration Municipal Income ETF) and GSG (iShares S&P GSCI Commodity-Indexed Trust) are both exchange-traded funds - EVSM is a Municipal Bonds fund tracking the ICE BofA 1-3 Year Municipal Securities Index, while GSG is a Commodities fund tracking the S&P GSCI Total Return Index. Both are passively managed. Over the past year, EVSM returned 4.06% vs 51.52% for GSG. At a correlation of -0.14, they often move in opposite directions. EVSM charges 0.19%/yr vs 0.75%/yr for GSG.
Performance
EVSM vs. GSG - Performance Comparison
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Returns By Period
In the year-to-date period, EVSM achieves a 1.15% return, which is significantly lower than GSG's 42.58% return.
EVSM
- 1D
- 0.06%
- 1M
- 0.42%
- YTD
- 1.15%
- 6M
- 1.48%
- 1Y
- 4.06%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
GSG
- 1D
- 0.77%
- 1M
- -4.83%
- YTD
- 42.58%
- 6M
- 41.06%
- 1Y
- 51.52%
- 3Y*
- 19.31%
- 5Y*
- 15.74%
- 10Y*
- 7.69%
EVSM vs. GSG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
EVSM Eaton Vance Short Duration Municipal Income ETF | 1.15% | 4.24% | 2.52% |
GSG iShares S&P GSCI Commodity-Indexed Trust | 42.58% | 5.93% | -0.96% |
Correlation
The correlation between EVSM and GSG is -0.19, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.19 |
Correlation (All Time) Calculated using the full available price history since Mar 26, 2024 | -0.14 |
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Return for Risk
EVSM vs. GSG — Risk / Return Rank
EVSM
GSG
EVSM vs. GSG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Eaton Vance Short Duration Municipal Income ETF (EVSM) and iShares S&P GSCI Commodity-Indexed Trust (GSG). 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 | GSG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.97 | ||
| Sortino ratioReturn per unit of downside risk | +2.26 | ||
| Omega ratioGain probability vs. loss probability | 1.70 | 1.40 | +0.30 |
| Calmar ratioReturn relative to maximum drawdown | 3.79 | 5.47 | -1.68 |
| Martin ratioReturn relative to average drawdown | 13.52 | 14.39 | -0.87 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| EVSM | GSG | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 3.23 | 2.26 | +0.97 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.70 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.35 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.89 | -0.09 | +1.98 |
Drawdowns
EVSM vs. GSG - Drawdown Comparison
The maximum EVSM drawdown since its inception was -1.50%, smaller than the maximum GSG drawdown of -89.62%. Use the drawdown chart below to compare losses from any high point for EVSM and GSG.
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Drawdown Indicators
| EVSM | GSG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -1.50% | -89.62% | +88.12% |
Max Drawdown (1Y)Largest decline over 1 year | -1.07% | -9.46% | +8.39% |
Max Drawdown (3Y)Largest decline over 3 years | — | -14.94% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -29.12% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -57.64% | — |
Current DrawdownCurrent decline from peak | -0.06% | -56.95% | +56.89% |
Average DrawdownAverage peak-to-trough decline | -0.24% | -63.71% | +63.47% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.30% | 3.59% | -3.29% |
Volatility
EVSM vs. GSG - Volatility Comparison
The current volatility for Eaton Vance Short Duration Municipal Income ETF (EVSM) is 0.33%, while iShares S&P GSCI Commodity-Indexed Trust (GSG) has a volatility of 7.65%. This indicates that EVSM experiences smaller price fluctuations and is considered to be less risky than GSG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| EVSM | GSG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.33% | 7.65% | -7.32% |
Volatility (6M)Calculated over the trailing 6-month period | 0.83% | 20.42% | -19.59% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.27% | 22.95% | -21.68% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 1.92% | 22.61% | -20.69% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 1.92% | 22.03% | -20.11% |
EVSM vs. GSG - Expense Ratio Comparison
EVSM has a 0.19% expense ratio, which is lower than GSG's 0.75% expense ratio.
Dividends
EVSM vs. GSG - Dividend Comparison
EVSM's dividend yield for the trailing twelve months is around 3.00%, while GSG has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 |
|---|---|---|---|
EVSM Eaton Vance Short Duration Municipal Income ETF | 3.00% | 3.12% | 2.99% |
GSG iShares S&P GSCI Commodity-Indexed Trust | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
EVSM and GSG have a correlation of -0.19, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GSG has higher volatility (7.65%) compared to EVSM (0.33%). In terms of maximum drawdown, EVSM dropped -1.50% vs GSG's -89.62%.
On 1-year performance, GSG leads with 51.52% 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.
Over the 1-year period, GSG has performed better with a 51.52% return vs 4.06%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
EVSM is cheaper with a 0.19% expense ratio, compared with 0.75% for GSG.
EVSM has the higher dividend yield at 3.00%, compared with 0.00% for GSG.
EVSM is categorized as Municipal Bonds, while GSG is Commodities. EVSM tracks ICE BofA 1-3 Year Municipal Securities Index, while GSG tracks S&P GSCI Total Return Index. They also come from different issuers: Eaton Vance and iShares. Their fees differ too: 0.19% for EVSM and 0.75% for GSG.
EVSM currently has the higher Sharpe Ratio (3.23 vs 2.26), 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.
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