EVSM vs. SGOV

Last updated Jun 3, 2026

EVSM (Eaton Vance Short Duration Municipal Income ETF) and SGOV (iShares 0-3 Month Treasury Bond ETF) are both exchange-traded funds - EVSM is a Municipal Bonds fund tracking the ICE BofA 1-3 Year Municipal Securities Index, while SGOV is a Ultrashort Bond fund tracking the ICE 0-3 Month US Treasury Securities Index. Both are passively managed. Over the past year, EVSM returned 4.14% vs 3.95% for SGOV. At a 0.12 correlation, their price movements are largely independent. EVSM charges 0.19%/yr vs 0.09%/yr for SGOV.

Performance

EVSM vs. SGOV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Eaton Vance Short Duration Municipal Income ETF (EVSM) and iShares 0-3 Month Treasury Bond ETF (SGOV). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EVSM achieves a 1.09% return, which is significantly lower than SGOV's 1.51% return.

EVSM

• 1D: 0.04%
• 1M: 0.36%
• YTD: 1.09%
• 6M: 1.48%
• 1Y: 4.14%
• 3Y*: —
• 5Y*: —
• 10Y*: —

SGOV

• 1D: 0.01%
• 1M: 0.29%
• YTD: 1.51%
• 6M: 1.80%
• 1Y: 3.95%
• 3Y*: 4.72%
• 5Y*: 3.54%
• 10Y*: —

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

EVSM vs. SGOV - Yearly Performance Comparison

	2026 (YTD)	2025	2024
EVSM Eaton Vance Short Duration Municipal Income ETF	1.09%	4.24%	2.52%
SGOV iShares 0-3 Month Treasury Bond ETF	1.51%	4.24%	3.99%

Correlation

The correlation between EVSM and SGOV is 0.03, 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 (1Y) Calculated over the trailing 1-year period	0.03
Correlation (All Time) Calculated using the full available price history since Mar 26, 2024	0.12

Return for Risk

EVSM vs. SGOV — 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: 95
EVSM Calmar Ratio Rank: 76
EVSM Martin Ratio Rank: 73

SGOV

SGOV Risk / Return Rank: 100
SGOV Sharpe Ratio Rank: 100
SGOV Sortino Ratio Rank: 100
SGOV Omega Ratio Rank: 100
SGOV Calmar Ratio Rank: 100
SGOV Martin Ratio Rank: 100

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. SGOV - 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 0-3 Month Treasury Bond ETF (SGOV). 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	SGOV	Difference
Sharpe ratio Return per unit of total volatility	3.28	20.28	-17.00
Sortino ratio Return per unit of downside risk	5.24	275.69	-270.45
Omega ratio Gain probability vs. loss probability	1.72	195.55	-193.84
Calmar ratio Return relative to maximum drawdown	3.92	398.20	-394.28
Martin ratio Return relative to average drawdown	13.98	4,462.00	-4,448.02
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

EVSM vs. SGOV - Sharpe Ratio Comparison

The current EVSM Sharpe Ratio is 3.28, which is lower than the SGOV Sharpe Ratio of 20.28. The chart below compares the historical Sharpe Ratios of EVSM and SGOV, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	EVSM	SGOV	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.28	20.28	-17.00
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	14.73	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.88	12.48	-10.60

Drawdowns

EVSM vs. SGOV - Drawdown Comparison

The maximum EVSM drawdown since its inception was -1.50%, which is greater than SGOV's maximum drawdown of -0.03%. Use the drawdown chart below to compare losses from any high point for EVSM and SGOV.

Drawdown Indicators

	EVSM	SGOV	Difference
Max Drawdown Largest peak-to-trough decline	-1.50%	-0.03%	-1.47%
Max Drawdown (1Y) Largest decline over 1 year	-1.07%	-0.01%	-1.06%
Max Drawdown (3Y) Largest decline over 3 years	—	-0.01%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-0.03%	—
Current Drawdown Current decline from peak	-0.12%	0.00%	-0.12%
Average Drawdown Average peak-to-trough decline	-0.24%	-0.00%	-0.24%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.30%	0.00%	+0.30%

Volatility

EVSM vs. SGOV - Volatility Comparison

Eaton Vance Short Duration Municipal Income ETF (EVSM) has a higher volatility of 0.32% compared to iShares 0-3 Month Treasury Bond ETF (SGOV) at 0.05%. This indicates that EVSM's price experiences larger fluctuations and is considered to be riskier than SGOV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EVSM	SGOV	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.32%	0.05%	+0.27%
Volatility (6M) Calculated over the trailing 6-month period	0.83%	0.13%	+0.70%
Volatility (1Y) Calculated over the trailing 1-year period	1.27%	0.20%	+1.07%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.92%	0.24%	+1.68%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.92%	0.24%	+1.68%

EVSM vs. SGOV - Expense Ratio Comparison

EVSM has a 0.19% expense ratio, which is higher than SGOV's 0.09% 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. SGOV - Dividend Comparison

EVSM's dividend yield for the trailing twelve months is around 3.00%, less than SGOV's 3.86% yield.

Position	TTM	2025	2024	2023	2022	2021	2020
EVSM Eaton Vance Short Duration Municipal Income ETF	3.00%	3.12%	2.99%	0.00%	0.00%	0.00%	0.00%
SGOV iShares 0-3 Month Treasury Bond ETF	3.86%	4.10%	5.10%	4.87%	1.45%	0.03%	0.05%

Frequently Asked Questions

Can I hold both EVSM and SGOV in my portfolio?

EVSM and SGOV have a correlation of 0.03, 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 SGOV?

EVSM has higher volatility (0.32%) compared to SGOV (0.05%). In terms of maximum drawdown, EVSM dropped -1.50% vs SGOV's -0.03%.

Which ETF is better, EVSM or SGOV?

On 1-year performance, EVSM leads with 4.14% vs 3.95% for SGOV. On fees, SGOV is cheaper at 0.09% per year. On volatility, SGOV has been the lower-risk option at 0.05%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EVSM or SGOV?

Over the 1-year period, EVSM has performed better with a 4.14% return vs 3.95%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EVSM or SGOV?

SGOV is cheaper with a 0.09% expense ratio, compared with 0.19% for EVSM.

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

SGOV has the higher dividend yield at 3.86%, compared with 3.00% for EVSM.

What is the main difference between EVSM and SGOV?

EVSM is categorized as Municipal Bonds, while SGOV is Ultrashort Bond. EVSM tracks ICE BofA 1-3 Year Municipal Securities Index, while SGOV tracks ICE 0-3 Month US Treasury Securities Index. They also come from different issuers: Eaton Vance and iShares. Their fees differ too: 0.19% for EVSM and 0.09% for SGOV.

Which has better risk-adjusted returns?

SGOV currently has the higher Sharpe Ratio (20.28 vs 3.28), 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.