EVSM vs. PXI

Last updated Jul 12, 2026

EVSM (Eaton Vance Short Duration Municipal Income ETF) and PXI (Invesco DWA Energy Momentum ETF) are both exchange-traded funds - EVSM is a Municipal Bonds fund tracking the ICE BofA 1-3 Year Municipal Securities Index, while PXI is a Momentum fund tracking the Dorsey Wright Energy Technical Leaders Index. Both are passively managed. Over the past year, EVSM returned 3.55% vs 30.13% for PXI. At a correlation of -0.13, they often move in opposite directions. EVSM charges 0.19%/yr vs 0.60%/yr for PXI.

Performance

EVSM vs. PXI - Performance Comparison

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

Returns By Period

In the year-to-date period, EVSM achieves a 1.37% return, which is significantly lower than PXI's 26.12% return.

EVSM

• 1D: 0.02%
• 1M: 0.23%
• 6M: 1.01%
• YTD: 1.37%
• 1Y: 3.55%
• 3Y*: —
• 5Y*: —
• 10Y*: —

PXI

• 1D: 0.50%
• 1M: -2.17%
• 6M: 21.43%
• YTD: 26.12%
• 1Y: 30.13%
• 3Y*: 12.92%
• 5Y*: 16.15%
• 10Y*: 5.39%

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

EVSM vs. PXI - Yearly Performance Comparison

	2026 (YTD)	2025	2024
EVSM Eaton Vance Short Duration Municipal Income ETF	1.37%	4.24%	2.43%
PXI Invesco DWA Energy Momentum ETF	26.12%	3.86%	-6.59%

Correlation

The correlation between EVSM and PXI is -0.20, 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	-0.20
Correlation (All Time) Calculated using the full available price history since Mar 25, 2024	-0.13

Return for Risk

EVSM vs. PXI — Risk / Return Rank

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

EVSM

EVSM Risk / Return Rank: 88
EVSM Sharpe Ratio Rank: 94
EVSM Sortino Ratio Rank: 95
EVSM Omega Ratio Rank: 95
EVSM Calmar Ratio Rank: 79
EVSM Martin Ratio Rank: 78

PXI

PXI Risk / Return Rank: 52
PXI Sharpe Ratio Rank: 51
PXI Sortino Ratio Rank: 47
PXI Omega Ratio Rank: 45
PXI Calmar Ratio Rank: 64
PXI Martin Ratio Rank: 51

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. PXI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Eaton Vance Short Duration Municipal Income ETF (EVSM) and Invesco DWA Energy Momentum ETF (PXI). 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	EVSM	PXI	Difference
Sharpe ratio: Return per unit of total volatility	2.76	1.41	+1.35
Sortino ratio: Return per unit of downside risk	4.25	1.92	+2.33
Omega ratio: Gain probability vs. loss probability	1.58	1.24	+0.34
Calmar ratio: Return relative to maximum drawdown	3.28	2.53	+0.75
Martin ratio: Return relative to average drawdown	11.65	6.90	+4.75

EVSM vs. PXI - Sharpe Ratio Comparison

The current EVSM Sharpe Ratio is 2.76, which is higher than the PXI Sharpe Ratio of 1.41. The chart below compares the historical Sharpe Ratios of EVSM and PXI, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

EVSM vs. PXI - Drawdown Comparison

The maximum EVSM drawdown since its inception was -1.50%, smaller than the maximum PXI drawdown of -85.08%. Use the drawdown chart below to compare losses from any high point for EVSM and PXI.

Drawdown Indicators

	EVSM	PXI	Difference
Max Drawdown Largest peak-to-trough decline	-1.50%	-85.08%	+83.58%
Max Drawdown (1Y) Largest decline over 1 year	-1.07%	-12.40%	+11.33%
Max Drawdown (3Y) Largest decline over 3 years	—	-30.74%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-33.47%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-79.55%	—
Current Drawdown Current decline from peak	-0.10%	-8.12%	+8.02%
Average Drawdown Average peak-to-trough decline	-0.23%	-29.33%	+29.10%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.30%	4.54%	-4.24%

Volatility

EVSM vs. PXI - Volatility Comparison

The current volatility for Eaton Vance Short Duration Municipal Income ETF (EVSM) is 0.38%, while Invesco DWA Energy Momentum ETF (PXI) has a volatility of 7.20%. This indicates that EVSM experiences smaller price fluctuations and is considered to be less risky than PXI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EVSM	PXI	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.38%	7.20%	-6.82%
Volatility (6M) Calculated over the trailing 6-month period	0.87%	17.45%	-16.58%
Volatility (1Y) Calculated over the trailing 1-year period	1.28%	22.26%	-20.98%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.90%	33.23%	-31.33%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.90%	37.02%	-35.12%

EVSM vs. PXI - Expense Ratio Comparison

EVSM has a 0.19% expense ratio, which is lower than PXI's 0.60% expense ratio.

Dividends

EVSM vs. PXI - Dividend Comparison

EVSM's dividend yield for the trailing twelve months is around 3.00%, more than PXI's 1.30% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EVSM Eaton Vance Short Duration Municipal Income ETF	3.00%	3.12%	2.99%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
PXI Invesco DWA Energy Momentum ETF	1.30%	1.81%	1.52%	1.82%	3.14%	0.57%	1.72%	2.80%	0.93%	0.80%	0.73%	2.07%

Frequently Asked Questions

Can I hold both EVSM and PXI in my portfolio?

EVSM and PXI have a correlation of -0.20, 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 PXI?

PXI has higher volatility (7.20%) compared to EVSM (0.38%). In terms of maximum drawdown, EVSM dropped -1.50% vs PXI's -85.08%.

Which ETF is better, EVSM or PXI?

On 1-year performance, PXI leads with 30.13% vs 3.55% for EVSM. On fees, EVSM is cheaper at 0.19% per year. On volatility, EVSM has been the lower-risk option at 0.38%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EVSM or PXI?

Over the 1-year period, PXI has performed better with a 30.13% return vs 3.55%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EVSM or PXI?

EVSM is cheaper with a 0.19% expense ratio, compared with 0.60% for PXI.

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

EVSM has the higher dividend yield at 3.00%, compared with 1.30% for PXI.

What is the main difference between EVSM and PXI?

EVSM is categorized as Municipal Bonds, while PXI is Momentum. EVSM tracks ICE BofA 1-3 Year Municipal Securities Index, while PXI tracks Dorsey Wright Energy Technical Leaders Index. They also come from different issuers: Eaton Vance and Invesco. Their fees differ too: 0.19% for EVSM and 0.60% for PXI.

Which has better risk-adjusted returns?

EVSM currently has the higher Sharpe Ratio (2.76 vs 1.41), 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.