EVYM vs. APRJ

Last updated Jun 4, 2026

EVYM (Eaton Vance High Income Municipal ETF) and APRJ (Innovator Premium Income 30 Barrier ETF - April) are both exchange-traded funds - EVYM is a High Yield Muni fund actively managed by Eaton Vance, while APRJ is a Options Trading fund actively managed by Innovator. Both are actively managed. Over the past year, EVYM returned 10.52% vs 6.91% for APRJ. At a 0.02 correlation, their price movements are largely independent. EVYM charges 0.40%/yr vs 0.79%/yr for APRJ.

Performance

EVYM vs. APRJ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Eaton Vance High Income Municipal ETF (EVYM) and Innovator Premium Income 30 Barrier ETF - April (APRJ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with EVYM having a 3.30% return and APRJ slightly lower at 3.18%.

EVYM

• 1D: -0.15%
• 1M: 1.16%
• YTD: 3.30%
• 6M: 3.97%
• 1Y: 10.52%
• 3Y*: —
• 5Y*: —
• 10Y*: —

APRJ

• 1D: -0.10%
• 1M: 0.70%
• YTD: 3.18%
• 6M: 3.64%
• 1Y: 6.91%
• 3Y*: 6.35%
• 5Y*: —
• 10Y*: —

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

EVYM vs. APRJ - Yearly Performance Comparison

	2026 (YTD)	2025
EVYM Eaton Vance High Income Municipal ETF	3.30%	3.70%
APRJ Innovator Premium Income 30 Barrier ETF - April	3.18%	4.94%

Correlation

The correlation between EVYM and APRJ is 0.01, 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	0.01
Correlation (All Time) Calculated using the full available price history since Feb 28, 2025	0.02

Return for Risk

EVYM vs. APRJ — Risk / Return Rank

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

EVYM

EVYM Risk / Return Rank: 85
EVYM Sharpe Ratio Rank: 87
EVYM Sortino Ratio Rank: 92
EVYM Omega Ratio Rank: 91
EVYM Calmar Ratio Rank: 77
EVYM Martin Ratio Rank: 77

APRJ

APRJ Risk / Return Rank: 98
APRJ Sharpe Ratio Rank: 97
APRJ Sortino Ratio Rank: 99
APRJ Omega Ratio Rank: 98
APRJ Calmar Ratio Rank: 99
APRJ Martin Ratio Rank: 99

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.

EVYM vs. APRJ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Eaton Vance High Income Municipal ETF (EVYM) and Innovator Premium Income 30 Barrier ETF - April (APRJ). 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.

	EVYM	APRJ	Difference
Sharpe ratio: Return per unit of total volatility	2.87	4.63	-1.76
Sortino ratio: Return per unit of downside risk	4.44	9.47	-5.03
Omega ratio: Gain probability vs. loss probability	1.60	2.20	-0.60
Calmar ratio: Return relative to maximum drawdown	3.81	34.55	-30.74
Martin ratio: Return relative to average drawdown	14.44	103.47	-89.03
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

EVYM vs. APRJ - Sharpe Ratio Comparison

The current EVYM Sharpe Ratio is 2.87, which is lower than the APRJ Sharpe Ratio of 4.63. The chart below compares the historical Sharpe Ratios of EVYM and APRJ, 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

	EVYM	APRJ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.87	4.63	-1.76
Sharpe Ratio (All Time) Calculated using the full available price history	0.93	1.80	-0.88

Drawdowns

EVYM vs. APRJ - Drawdown Comparison

The maximum EVYM drawdown since its inception was -6.08%, which is greater than APRJ's maximum drawdown of -4.68%. Use the drawdown chart below to compare losses from any high point for EVYM and APRJ.

Drawdown Indicators

	EVYM	APRJ	Difference
Max Drawdown Largest peak-to-trough decline	-6.08%	-4.68%	-1.40%
Max Drawdown (1Y) Largest decline over 1 year	-2.77%	-0.20%	-2.57%
Max Drawdown (3Y) Largest decline over 3 years	—	-4.68%	—
Current Drawdown Current decline from peak	-0.15%	-0.12%	-0.03%
Average Drawdown Average peak-to-trough decline	-1.49%	-0.12%	-1.37%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.73%	0.07%	+0.66%

Volatility

EVYM vs. APRJ - Volatility Comparison

Eaton Vance High Income Municipal ETF (EVYM) has a higher volatility of 0.94% compared to Innovator Premium Income 30 Barrier ETF - April (APRJ) at 0.47%. This indicates that EVYM's price experiences larger fluctuations and is considered to be riskier than APRJ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EVYM	APRJ	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.94%	0.47%	+0.47%
Volatility (6M) Calculated over the trailing 6-month period	2.59%	1.14%	+1.45%
Volatility (1Y) Calculated over the trailing 1-year period	3.69%	1.50%	+2.19%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.08%	3.63%	+2.45%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.08%	3.63%	+2.45%

EVYM vs. APRJ - Expense Ratio Comparison

EVYM has a 0.40% expense ratio, which is lower than APRJ's 0.79% expense ratio.

Dividends

EVYM vs. APRJ - Dividend Comparison

EVYM's dividend yield for the trailing twelve months is around 4.78%, less than APRJ's 5.27% yield.

Position	TTM	2025	2024	2023
APRJ Innovator Premium Income 30 Barrier ETF - April	5.27%	5.46%	5.88%	4.88%
EVYM Eaton Vance High Income Municipal ETF	4.78%	3.72%	0.00%	0.00%

Frequently Asked Questions

Can I hold both EVYM and APRJ in my portfolio?

EVYM and APRJ have a correlation of 0.01, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EVYM or APRJ?

EVYM has higher volatility (0.94%) compared to APRJ (0.47%). In terms of maximum drawdown, EVYM dropped -6.08% vs APRJ's -4.68%.

Which ETF is better, EVYM or APRJ?

On 1-year performance, EVYM leads with 10.52% vs 6.91% for APRJ. On fees, EVYM is cheaper at 0.40% per year. On volatility, APRJ has been the lower-risk option at 0.47%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EVYM or APRJ?

Over the 1-year period, EVYM has performed better with a 10.52% return vs 6.91%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EVYM or APRJ?

EVYM is cheaper with a 0.40% expense ratio, compared with 0.79% for APRJ.

Which ETF pays a higher dividend yield, EVYM or APRJ?

APRJ has the higher dividend yield at 5.27%, compared with 4.78% for EVYM.

What is the main difference between EVYM and APRJ?

EVYM is categorized as High Yield Muni, while APRJ is Options Trading. They also come from different issuers: Eaton Vance and Innovator. Their fees differ too: 0.40% for EVYM and 0.79% for APRJ.

Which has better risk-adjusted returns?

APRJ currently has the higher Sharpe Ratio (4.63 vs 2.87), 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.