EVSM vs. NUG

Last updated Jun 4, 2026

EVSM (Eaton Vance Short Duration Municipal Income ETF) and NUG (Leverage Shares 2X Long NU Daily ETF) are both exchange-traded funds - EVSM is a Municipal Bonds fund tracking the ICE BofA 1-3 Year Municipal Securities Index, while NUG is a Leveraged Equities fund actively managed by Leverage Shares. EVSM is passively managed, while NUG is actively managed. At a 0.08 correlation, their price movements are largely independent. EVSM charges 0.19%/yr vs 0.75%/yr for NUG.

Performance

EVSM vs. NUG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Eaton Vance Short Duration Municipal Income ETF (EVSM) and Leverage Shares 2X Long NU Daily ETF (NUG). 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 NUG's -57.59% return.

EVSM

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

NUG

• 1D: -4.30%
• 1M: -34.47%
• YTD: -57.59%
• 6M: -61.72%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

EVSM vs. NUG - Yearly Performance Comparison

	2026 (YTD)	2025
EVSM Eaton Vance Short Duration Municipal Income ETF	1.15%	0.49%
NUG Leverage Shares 2X Long NU Daily ETF	-57.59%	11.88%

Correlation

The correlation between EVSM and NUG is 0.08, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (All Time) Calculated using the full available price history since Nov 18, 2025	0.08

Return for Risk

EVSM vs. NUG — 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

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. NUG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Eaton Vance Short Duration Municipal Income ETF (EVSM) and Leverage Shares 2X Long NU Daily ETF (NUG). 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	NUG	Difference
Sharpe ratio: Return per unit of total volatility	3.23	—	—
Sortino ratio: Return per unit of downside risk	5.13	—	—
Omega ratio: Gain probability vs. loss probability	1.70	—	—
Calmar ratio: Return relative to maximum drawdown	3.79	—	—
Martin ratio: Return relative to average drawdown	13.52	—	—
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	NUG	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.23	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.89	-0.94	+2.83

Drawdowns

EVSM vs. NUG - Drawdown Comparison

The maximum EVSM drawdown since its inception was -1.50%, smaller than the maximum NUG drawdown of -65.69%. Use the drawdown chart below to compare losses from any high point for EVSM and NUG.

Drawdown Indicators

	EVSM	NUG	Difference
Max Drawdown Largest peak-to-trough decline	-1.50%	-65.69%	+64.19%
Max Drawdown (1Y) Largest decline over 1 year	-1.07%	—	—
Current Drawdown Current decline from peak	-0.06%	-65.69%	+65.63%
Average Drawdown Average peak-to-trough decline	-0.24%	-29.27%	+29.03%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.30%	—	—

Volatility

Volatility by Period

	EVSM	NUG	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.33%	—	—
Volatility (6M) Calculated over the trailing 6-month period	0.83%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	1.27%	80.36%	-79.09%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.92%	80.36%	-78.44%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.92%	80.36%	-78.44%

EVSM vs. NUG - Expense Ratio Comparison

EVSM has a 0.19% expense ratio, which is lower than NUG's 0.75% expense ratio.

Dividends

EVSM vs. NUG - Dividend Comparison

EVSM's dividend yield for the trailing twelve months is around 3.00%, while NUG has not paid dividends to shareholders.

Position	TTM	2025	2024
EVSM Eaton Vance Short Duration Municipal Income ETF	3.00%	3.12%	2.99%
NUG Leverage Shares 2X Long NU Daily ETF	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both EVSM and NUG in my portfolio?

EVSM and NUG have a correlation of 0.08, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, EVSM or NUG?

On fees, EVSM is cheaper at 0.19% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, EVSM or NUG?

EVSM is cheaper with a 0.19% expense ratio, compared with 0.75% for NUG.

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

EVSM has the higher dividend yield at 3.00%, compared with 0.00% for NUG.

What is the main difference between EVSM and NUG?

EVSM is categorized as Municipal Bonds, while NUG is Leveraged Equities. They also come from different issuers: Eaton Vance and Leverage Shares. Their fees differ too: 0.19% for EVSM and 0.75% for NUG.