EVYM vs. HTAX

Last updated Jun 24, 2026

EVYM (Eaton Vance High Income Municipal ETF) and HTAX (Nomura National High-Yield Municipal Bond ETF) are both High Yield Muni funds. Both are actively managed. Over the past year, EVYM returned 10.04% vs 8.28% for HTAX. Their correlation of 0.83 suggests significant overlap in exposure. EVYM charges 0.40%/yr vs 0.49%/yr for HTAX.

Performance

EVYM vs. HTAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Eaton Vance High Income Municipal ETF (EVYM) and Nomura National High-Yield Municipal Bond ETF (HTAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with EVYM having a 3.83% return and HTAX slightly higher at 3.94%.

EVYM

• 1D: 0.13%
• 1M: 1.59%
• YTD: 3.83%
• 6M: 4.13%
• 1Y: 10.04%
• 3Y*: —
• 5Y*: —
• 10Y*: —

HTAX

• 1D: -0.06%
• 1M: 2.09%
• YTD: 3.94%
• 6M: 4.24%
• 1Y: 8.28%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

EVYM vs. HTAX - Yearly Performance Comparison

	2026 (YTD)	2025
EVYM Eaton Vance High Income Municipal ETF	3.83%	3.42%
HTAX Nomura National High-Yield Municipal Bond ETF	3.94%	0.92%

Correlation

The correlation between EVYM and HTAX is 0.78, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.78
Correlation (All Time) Calculated using the full available price history since Mar 6, 2025	0.83

The correlation between EVYM and HTAX has been stable across timeframes, ranging from 0.78 to 0.83 - a consistent structural relationship.

Return for Risk

EVYM vs. HTAX — Risk / Return Rank

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

EVYM

EVYM Risk / Return Rank: 86
EVYM Sharpe Ratio Rank: 90
EVYM Sortino Ratio Rank: 93
EVYM Omega Ratio Rank: 93
EVYM Calmar Ratio Rank: 77
EVYM Martin Ratio Rank: 78

HTAX

HTAX Risk / Return Rank: 59
HTAX Sharpe Ratio Rank: 58
HTAX Sortino Ratio Rank: 63
HTAX Omega Ratio Rank: 64
HTAX Calmar Ratio Rank: 59
HTAX 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.

EVYM vs. HTAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Eaton Vance High Income Municipal ETF (EVYM) and Nomura National High-Yield Municipal Bond ETF (HTAX). 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.

	EVYM	HTAX	Difference
Sharpe ratio: Return per unit of total volatility	2.74	1.78	+0.96
Sortino ratio: Return per unit of downside risk	4.19	2.63	+1.56
Omega ratio: Gain probability vs. loss probability	1.57	1.35	+0.22
Calmar ratio: Return relative to maximum drawdown	3.64	2.65	+0.99
Martin ratio: Return relative to average drawdown	13.77	8.08	+5.69

EVYM vs. HTAX - Sharpe Ratio Comparison

The current EVYM Sharpe Ratio is 2.74, which is higher than the HTAX Sharpe Ratio of 1.78. The chart below compares the historical Sharpe Ratios of EVYM and HTAX, 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

EVYM vs. HTAX - Drawdown Comparison

The maximum EVYM drawdown since its inception was -6.08%, roughly equal to the maximum HTAX drawdown of -6.10%. Use the drawdown chart below to compare losses from any high point for EVYM and HTAX.

Drawdown Indicators

	EVYM	HTAX	Difference
Max Drawdown Largest peak-to-trough decline	-6.08%	-6.10%	+0.02%
Max Drawdown (1Y) Largest decline over 1 year	-2.77%	-3.14%	+0.37%
Current Drawdown Current decline from peak	-0.16%	-0.35%	+0.19%
Average Drawdown Average peak-to-trough decline	-1.43%	-1.71%	+0.28%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.73%	1.03%	-0.30%

Volatility

EVYM vs. HTAX - Volatility Comparison

The current volatility for Eaton Vance High Income Municipal ETF (EVYM) is 1.03%, while Nomura National High-Yield Municipal Bond ETF (HTAX) has a volatility of 1.25%. This indicates that EVYM experiences smaller price fluctuations and is considered to be less risky than HTAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EVYM	HTAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.03%	1.25%	-0.22%
Volatility (6M) Calculated over the trailing 6-month period	2.68%	3.42%	-0.74%
Volatility (1Y) Calculated over the trailing 1-year period	3.67%	4.67%	-1.00%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.00%	6.41%	-0.41%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.00%	6.41%	-0.41%

EVYM vs. HTAX - Expense Ratio Comparison

EVYM has a 0.40% expense ratio, which is lower than HTAX's 0.49% expense ratio.

Dividends

EVYM vs. HTAX - Dividend Comparison

EVYM's dividend yield for the trailing twelve months is around 4.76%, more than HTAX's 4.46% yield.

Position	TTM	2025
EVYM Eaton Vance High Income Municipal ETF	4.76%	3.72%
HTAX Nomura National High-Yield Municipal Bond ETF	4.46%	3.67%

Frequently Asked Questions

Can I hold both EVYM and HTAX in my portfolio?

EVYM and HTAX have a correlation of 0.78, 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 HTAX?

HTAX has higher volatility (1.25%) compared to EVYM (1.03%). In terms of maximum drawdown, EVYM dropped -6.08% vs HTAX's -6.10%.

Which ETF is better, EVYM or HTAX?

On 1-year performance, EVYM leads with 10.04% vs 8.28% for HTAX. On fees, EVYM is cheaper at 0.40% per year. On volatility, EVYM has been the lower-risk option at 1.03%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EVYM or HTAX?

Over the 1-year period, EVYM has performed better with a 10.04% return vs 8.28%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EVYM or HTAX?

EVYM is cheaper with a 0.40% expense ratio, compared with 0.49% for HTAX.

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

EVYM has the higher dividend yield at 4.76%, compared with 4.46% for HTAX.

What is the main difference between EVYM and HTAX?

They also come from different issuers: Eaton Vance and Nomura. Their fees differ too: 0.40% for EVYM and 0.49% for HTAX.

Which has better risk-adjusted returns?

EVYM currently has the higher Sharpe Ratio (2.74 vs 1.78), 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.