EVV vs. VSMIX

Last updated Jun 5, 2026

EVV (Eaton Vance Limited Duration Income Fund) and VSMIX (Vanguard Short-Term Investment-Grade Fund Investor Shares) are both Short-Term Bond funds. Over the past 10 years, EVV returned 5.44%/yr vs 18.01%/yr for VSMIX. At a 0.34 correlation, their price movements are largely independent. EVV charges 0.04%/yr vs 0.20%/yr for VSMIX.

Performance

EVV vs. VSMIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Eaton Vance Limited Duration Income Fund (EVV) and Vanguard Short-Term Investment-Grade Fund Investor Shares (VSMIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EVV achieves a -3.00% return, which is significantly lower than VSMIX's 30.87% return. Over the past 10 years, EVV has underperformed VSMIX with an annualized return of 5.44%, while VSMIX has yielded a comparatively higher 18.01% annualized return.

EVV

• 1D: -0.11%
• 1M: -1.16%
• YTD: -3.00%
• 6M: -4.78%
• 1Y: 0.83%
• 3Y*: 10.17%
• 5Y*: 3.03%
• 10Y*: 5.44%

VSMIX

• 1D: -0.46%
• 1M: 5.48%
• YTD: 30.87%
• 6M: 31.67%
• 1Y: 61.75%
• 3Y*: 32.81%
• 5Y*: 19.65%
• 10Y*: 18.01%

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

EVV vs. VSMIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EVV Eaton Vance Limited Duration Income Fund	-3.00%	10.72%	12.22%	13.33%	-19.94%	14.66%	4.67%	18.91%	-5.53%	6.77%
VSMIX Vanguard Short-Term Investment-Grade Fund Investor Shares	30.87%	18.01%	24.82%	23.14%	4.58%	36.67%	11.14%	32.32%	-25.45%	18.47%

Correlation

The correlation between EVV and VSMIX is 0.39, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.39
Correlation (3Y) Calculated over the trailing 3-year period	0.36
Correlation (5Y) Calculated over the trailing 5-year period	0.38
Correlation (10Y) Calculated over the trailing 10-year period	0.35
Correlation (All Time) Calculated using the full available price history since Aug 15, 2005	0.34

Return for Risk

EVV vs. VSMIX — Risk / Return Rank

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

EVV

EVV Risk / Return Rank: 3
EVV Sharpe Ratio Rank: 3
EVV Sortino Ratio Rank: 3
EVV Omega Ratio Rank: 3
EVV Calmar Ratio Rank: 3
EVV Martin Ratio Rank: 4

VSMIX

VSMIX Risk / Return Rank: 87
VSMIX Sharpe Ratio Rank: 91
VSMIX Sortino Ratio Rank: 80
VSMIX Omega Ratio Rank: 76
VSMIX Calmar Ratio Rank: 94
VSMIX Martin Ratio Rank: 92

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.

EVV vs. VSMIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Eaton Vance Limited Duration Income Fund (EVV) and Vanguard Short-Term Investment-Grade Fund Investor Shares (VSMIX). 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.

	EVV	VSMIX	Difference
Sharpe ratio: Return per unit of total volatility	0.09	3.03	-2.94
Sortino ratio: Return per unit of downside risk	0.20	3.80	-3.60
Omega ratio: Gain probability vs. loss probability	1.03	1.50	-0.47
Calmar ratio: Return relative to maximum drawdown	0.10	5.48	-5.38
Martin ratio: Return relative to average drawdown	0.32	19.41	-19.09
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

EVV vs. VSMIX - Sharpe Ratio Comparison

The current EVV Sharpe Ratio is 0.09, which is lower than the VSMIX Sharpe Ratio of 3.03. The chart below compares the historical Sharpe Ratios of EVV and VSMIX, 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

	EVV	VSMIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.09	3.03	-2.94
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.24	0.85	-0.61
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.35	0.68	-0.32
Sharpe Ratio (All Time) Calculated using the full available price history	0.33	0.49	-0.15

Drawdowns

EVV vs. VSMIX - Drawdown Comparison

The maximum EVV drawdown since its inception was -51.37%, smaller than the maximum VSMIX drawdown of -57.53%. Use the drawdown chart below to compare losses from any high point for EVV and VSMIX.

Drawdown Indicators

	EVV	VSMIX	Difference
Max Drawdown Largest peak-to-trough decline	-51.37%	-57.53%	+6.16%
Max Drawdown (1Y) Largest decline over 1 year	-8.65%	-11.39%	+2.74%
Max Drawdown (3Y) Largest decline over 3 years	-9.53%	-25.26%	+15.73%
Max Drawdown (5Y) Largest decline over 5 years	-25.91%	-25.26%	-0.65%
Max Drawdown (10Y) Largest decline over 10 years	-40.42%	-57.53%	+17.11%
Current Drawdown Current decline from peak	-4.79%	-0.46%	-4.33%
Average Drawdown Average peak-to-trough decline	-6.30%	-9.52%	+3.22%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.59%	3.20%	-0.61%

Volatility

EVV vs. VSMIX - Volatility Comparison

The current volatility for Eaton Vance Limited Duration Income Fund (EVV) is 3.01%, while Vanguard Short-Term Investment-Grade Fund Investor Shares (VSMIX) has a volatility of 6.35%. This indicates that EVV experiences smaller price fluctuations and is considered to be less risky than VSMIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EVV	VSMIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.01%	6.35%	-3.34%
Volatility (6M) Calculated over the trailing 6-month period	7.33%	15.86%	-8.53%
Volatility (1Y) Calculated over the trailing 1-year period	9.08%	20.67%	-11.59%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.57%	23.18%	-10.61%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.42%	26.71%	-11.29%

EVV vs. VSMIX - Expense Ratio Comparison

EVV has a 0.04% expense ratio, which is lower than VSMIX's 0.20% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

EVV vs. VSMIX - Dividend Comparison

EVV's dividend yield for the trailing twelve months is around 9.44%, more than VSMIX's 6.52% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EVV Eaton Vance Limited Duration Income Fund	9.44%	8.86%	9.78%	10.43%	12.78%	9.16%	9.58%	6.42%	8.44%	7.22%	8.46%	9.56%
VSMIX Vanguard Short-Term Investment-Grade Fund Investor Shares	6.52%	8.53%	7.40%	4.71%	9.53%	15.84%	0.40%	2.37%	26.83%	15.94%	1.65%	10.91%

Frequently Asked Questions

Can I hold both EVV and VSMIX in my portfolio?

EVV and VSMIX have a correlation of 0.39, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EVV or VSMIX?

VSMIX has higher volatility (6.35%) compared to EVV (3.01%). In terms of maximum drawdown, EVV dropped -51.37% vs VSMIX's -57.53%.

Which has better risk-adjusted returns?

VSMIX currently has the higher Sharpe Ratio (3.03 vs 0.09), 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.