EVSM vs. QIS

Last updated Jul 17, 2026

EVSM (Eaton Vance Short Duration Municipal Income ETF) and QIS (Simplify Multi-Qis Alternative ETF) are both exchange-traded funds - EVSM is a Municipal Bonds fund tracking the ICE BofA 1-3 Year Municipal Securities Index, while QIS is a Multistrategy fund actively managed by Simplify. EVSM is passively managed, while QIS is actively managed. Over the past year, EVSM returned 3.37% vs -51.81% for QIS. At a correlation of -0.02, they often move in opposite directions. EVSM charges 0.19%/yr vs 1.00%/yr for QIS.

Performance

EVSM vs. QIS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Eaton Vance Short Duration Municipal Income ETF (EVSM) and Simplify Multi-Qis Alternative ETF (QIS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EVSM achieves a 1.27% return, which is significantly higher than QIS's -32.48% return.

EVSM

• 1D: -0.04%
• 1M: -0.00%
• 6M: 0.82%
• YTD: 1.27%
• 1Y: 3.37%
• 3Y*: —
• 5Y*: —
• 10Y*: —

QIS

• 1D: -3.21%
• 1M: -5.60%
• 6M: -35.50%
• YTD: -32.48%
• 1Y: -51.81%
• 3Y*: -24.70%
• 5Y*: —
• 10Y*: —

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

EVSM vs. QIS - Yearly Performance Comparison

	2026 (YTD)	2025	2024
EVSM Eaton Vance Short Duration Municipal Income ETF	1.27%	4.24%	2.43%
QIS Simplify Multi-Qis Alternative ETF	-32.48%	-38.02%	-1.85%

Correlation

The correlation between EVSM and QIS is -0.22, 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	-0.22
Correlation (All Time) Calculated using the full available price history since Mar 25, 2024	-0.02

Over the past year, the inverse relationship between EVSM and QIS has strengthened: their correlation has moved from -0.02 to -0.22, meaning they now move in opposite directions more often than their long-term average.

Return for Risk

EVSM vs. QIS — Risk / Return Rank

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

EVSM

EVSM Risk / Return Rank: 87
EVSM Sharpe Ratio Rank: 93
EVSM Sortino Ratio Rank: 94
EVSM Omega Ratio Rank: 94
EVSM Calmar Ratio Rank: 77
EVSM Martin Ratio Rank: 76

QIS

QIS Risk / Return Rank: 0
QIS Sharpe Ratio Rank: 0
QIS Sortino Ratio Rank: 0
QIS Omega Ratio Rank: 0
QIS Calmar Ratio Rank: 1
QIS Martin Ratio Rank: 0

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. QIS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Eaton Vance Short Duration Municipal Income ETF (EVSM) and Simplify Multi-Qis Alternative ETF (QIS). 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	QIS	Difference
Sharpe ratio: Return per unit of total volatility	2.64	-1.35	+3.99
Sortino ratio: Return per unit of downside risk	4.05	-2.19	+6.24
Omega ratio: Gain probability vs. loss probability	1.54	0.75	+0.79
Calmar ratio: Return relative to maximum drawdown	3.15	-0.96	+4.11
Martin ratio: Return relative to average drawdown	11.15	-1.68	+12.82

EVSM vs. QIS - Sharpe Ratio Comparison

The current EVSM Sharpe Ratio is 2.64, which is higher than the QIS Sharpe Ratio of -1.35. The chart below compares the historical Sharpe Ratios of EVSM and QIS, 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. QIS - Drawdown Comparison

The maximum EVSM drawdown since its inception was -1.50%, smaller than the maximum QIS drawdown of -61.25%. Use the drawdown chart below to compare losses from any high point for EVSM and QIS.

Drawdown Indicators

	EVSM	QIS	Difference
Max Drawdown Largest peak-to-trough decline	-1.50%	-61.25%	+59.75%
Max Drawdown (1Y) Largest decline over 1 year	-1.07%	-53.92%	+52.85%
Max Drawdown (3Y) Largest decline over 3 years	—	-61.25%	—
Current Drawdown Current decline from peak	-0.20%	-60.41%	+60.21%
Average Drawdown Average peak-to-trough decline	-0.23%	-15.42%	+15.19%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.30%	30.89%	-30.59%

Volatility

EVSM vs. QIS - Volatility Comparison

The current volatility for Eaton Vance Short Duration Municipal Income ETF (EVSM) is 0.39%, while Simplify Multi-Qis Alternative ETF (QIS) has a volatility of 9.92%. This indicates that EVSM experiences smaller price fluctuations and is considered to be less risky than QIS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EVSM	QIS	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.39%	9.92%	-9.53%
Volatility (6M) Calculated over the trailing 6-month period	0.88%	31.16%	-30.28%
Volatility (1Y) Calculated over the trailing 1-year period	1.28%	38.39%	-37.11%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.90%	29.48%	-27.58%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.90%	29.48%	-27.58%

EVSM vs. QIS - Expense Ratio Comparison

EVSM has a 0.19% expense ratio, which is lower than QIS's 1.00% expense ratio.

Dividends

EVSM vs. QIS - Dividend Comparison

EVSM's dividend yield for the trailing twelve months is around 3.00%, more than QIS's 2.02% yield.

Position	TTM	2025	2024	2023
EVSM Eaton Vance Short Duration Municipal Income ETF	3.00%	3.12%	2.99%	0.00%
QIS Simplify Multi-Qis Alternative ETF	2.02%	3.37%	1.07%	3.29%

Frequently Asked Questions

Can I hold both EVSM and QIS in my portfolio?

EVSM and QIS have a correlation of -0.22, 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 QIS?

QIS has higher volatility (9.92%) compared to EVSM (0.39%). In terms of maximum drawdown, EVSM dropped -1.50% vs QIS's -61.25%.

Which ETF is better, EVSM or QIS?

On 1-year performance, EVSM leads with 3.37% vs -51.81% for QIS. On fees, EVSM is cheaper at 0.19% per year. On volatility, EVSM has been the lower-risk option at 0.39%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EVSM or QIS?

Over the 1-year period, EVSM has performed better with a 3.37% return vs -51.81%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EVSM or QIS?

EVSM is cheaper with a 0.19% expense ratio, compared with 1.00% for QIS.

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

EVSM has the higher dividend yield at 3.00%, compared with 2.02% for QIS.

What is the main difference between EVSM and QIS?

EVSM is categorized as Municipal Bonds, while QIS is Multistrategy. They also come from different issuers: Eaton Vance and Simplify. Their fees differ too: 0.19% for EVSM and 1.00% for QIS.

Which has better risk-adjusted returns?

EVSM currently has the higher Sharpe Ratio (2.64 vs -1.35), 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.