EVSM vs. IBMO
EVSM (Eaton Vance Short Duration Municipal Income ETF) and IBMO (iShares iBonds Dec 2026 Term Muni Bond ETF) are both Municipal Bonds funds - EVSM tracks the ICE BofA 1-3 Year Municipal Securities Index while IBMO tracks the S&P AMT-Free Municipal Series Callable-Adjusted Dec 2026 Index. Both are passively managed. Over the past year, EVSM returned 4.06% vs 2.71% for IBMO. At a 0.22 correlation, their price movements are largely independent. EVSM charges 0.19%/yr vs 0.18%/yr for IBMO.
Performance
EVSM vs. IBMO - Performance Comparison
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Returns By Period
In the year-to-date period, EVSM achieves a 1.15% return, which is significantly higher than IBMO's 0.94% return.
EVSM
- 1D
- 0.06%
- 1M
- 0.42%
- YTD
- 1.15%
- 6M
- 1.48%
- 1Y
- 4.06%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
IBMO
- 1D
- 0.01%
- 1M
- 0.26%
- YTD
- 0.94%
- 6M
- 1.23%
- 1Y
- 2.71%
- 3Y*
- 2.97%
- 5Y*
- 0.67%
- 10Y*
- —
EVSM vs. IBMO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
EVSM Eaton Vance Short Duration Municipal Income ETF | 1.15% | 4.24% | 2.52% |
IBMO iShares iBonds Dec 2026 Term Muni Bond ETF | 0.94% | 3.11% | 2.12% |
Correlation
The correlation between EVSM and IBMO is 0.16, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.16 |
Correlation (All Time) Calculated using the full available price history since Mar 26, 2024 | 0.22 |
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Return for Risk
EVSM vs. IBMO — Risk / Return Rank
EVSM
IBMO
EVSM vs. IBMO - 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 iBonds Dec 2026 Term Muni Bond ETF (IBMO). 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 | IBMO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.76 | ||
| Sortino ratioReturn per unit of downside risk | +1.16 | ||
| Omega ratioGain probability vs. loss probability | 1.70 | 1.51 | +0.20 |
| Calmar ratioReturn relative to maximum drawdown | 3.79 | 7.20 | -3.40 |
| Martin ratioReturn relative to average drawdown | 13.52 | 21.39 | -7.88 |
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 | IBMO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 3.23 | 2.47 | +0.76 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.31 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.89 | 0.41 | +1.49 |
Drawdowns
EVSM vs. IBMO - Drawdown Comparison
The maximum EVSM drawdown since its inception was -1.50%, smaller than the maximum IBMO drawdown of -14.77%. Use the drawdown chart below to compare losses from any high point for EVSM and IBMO.
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Drawdown Indicators
| EVSM | IBMO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -1.50% | -14.77% | +13.27% |
Max Drawdown (1Y)Largest decline over 1 year | -1.07% | -0.38% | -0.69% |
Max Drawdown (3Y)Largest decline over 3 years | — | -1.76% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -8.86% | — |
Current DrawdownCurrent decline from peak | -0.06% | 0.00% | -0.06% |
Average DrawdownAverage peak-to-trough decline | -0.24% | -2.32% | +2.08% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.30% | 0.13% | +0.17% |
Volatility
EVSM vs. IBMO - Volatility Comparison
Eaton Vance Short Duration Municipal Income ETF (EVSM) has a higher volatility of 0.33% compared to iShares iBonds Dec 2026 Term Muni Bond ETF (IBMO) at 0.21%. This indicates that EVSM's price experiences larger fluctuations and is considered to be riskier than IBMO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| EVSM | IBMO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.33% | 0.21% | +0.12% |
Volatility (6M)Calculated over the trailing 6-month period | 0.83% | 0.84% | -0.01% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.27% | 1.11% | +0.16% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 1.92% | 2.15% | -0.23% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 1.92% | 4.52% | -2.60% |
EVSM vs. IBMO - Expense Ratio Comparison
EVSM has a 0.19% expense ratio, which is higher than IBMO's 0.18% 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
EVSM vs. IBMO - Dividend Comparison
EVSM's dividend yield for the trailing twelve months is around 3.00%, more than IBMO's 2.39% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
EVSM Eaton Vance Short Duration Municipal Income ETF | 3.00% | 3.12% | 2.99% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
IBMO iShares iBonds Dec 2026 Term Muni Bond ETF | 2.39% | 2.37% | 2.15% | 1.65% | 0.89% | 0.62% | 1.03% | 1.01% |
Frequently Asked Questions
EVSM and IBMO have a correlation of 0.16, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
EVSM has higher volatility (0.33%) compared to IBMO (0.21%). In terms of maximum drawdown, EVSM dropped -1.50% vs IBMO's -14.77%.
On 1-year performance, EVSM leads with 4.06% vs 2.71% for IBMO. On fees, IBMO is cheaper at 0.18% per year. On volatility, IBMO has been the lower-risk option at 0.21%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, EVSM has performed better with a 4.06% return vs 2.71%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IBMO is cheaper with a 0.18% expense ratio, compared with 0.19% for EVSM.
EVSM has the higher dividend yield at 3.00%, compared with 2.39% for IBMO.
EVSM tracks ICE BofA 1-3 Year Municipal Securities Index, while IBMO tracks S&P AMT-Free Municipal Series Callable-Adjusted Dec 2026 Index. They also come from different issuers: Eaton Vance and iShares. Their fees differ too: 0.19% for EVSM and 0.18% for IBMO.
EVSM currently has the higher Sharpe Ratio (3.23 vs 2.47), 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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