EWHYX vs. ETY
EWHYX (Eaton Vance High Yield Municipal Income Fund Class W) and ETY (Eaton Vance Tax Managed Diversified Equity Income Closed Fund) are both mutual funds - EWHYX is a High Yield Muni fund actively managed by Eaton Vance, while ETY is a Large Cap Growth Equities fund actively managed by Eaton Vance. Both are actively managed. Over the past 3 years, EWHYX returned 5.63%/yr vs 14.03%/yr for ETY. At a 0.15 correlation, their price movements are largely independent. EWHYX charges 0.18%/yr vs 1.06%/yr for ETY.
Performance
EWHYX vs. ETY - Performance Comparison
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Returns By Period
In the year-to-date period, EWHYX achieves a 3.73% return, which is significantly higher than ETY's -5.11% return.
EWHYX
- 1D
- 0.12%
- 1M
- 1.68%
- YTD
- 3.73%
- 6M
- 4.31%
- 1Y
- 10.07%
- 3Y*
- 5.63%
- 5Y*
- —
- 10Y*
- —
ETY
- 1D
- -1.20%
- 1M
- -5.53%
- YTD
- -5.11%
- 6M
- -4.80%
- 1Y
- -1.17%
- 3Y*
- 14.03%
- 5Y*
- 8.51%
- 10Y*
- 12.63%
EWHYX vs. ETY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
EWHYX Eaton Vance High Yield Municipal Income Fund Class W | 3.73% | 3.59% | 5.42% | 7.74% | -11.72% | 0.21% |
ETY Eaton Vance Tax Managed Diversified Equity Income Closed Fund | -5.11% | 11.02% | 33.11% | 21.83% | -21.21% | 2.15% |
Correlation
The correlation between EWHYX and ETY is 0.14, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.14 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.16 |
Correlation (All Time) Calculated using the full available price history since Nov 17, 2021 | 0.15 |
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Return for Risk
EWHYX vs. ETY — Risk / Return Rank
EWHYX
ETY
EWHYX vs. ETY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Eaton Vance High Yield Municipal Income Fund Class W (EWHYX) and Eaton Vance Tax Managed Diversified Equity Income Closed Fund (ETY). 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.
| EWHYX | ETY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.84 | ||
| Sortino ratioReturn per unit of downside risk | +4.71 | ||
| Omega ratioGain probability vs. loss probability | 1.68 | 1.00 | +0.68 |
| Calmar ratioReturn relative to maximum drawdown | 3.32 | -0.08 | +3.40 |
| Martin ratioReturn relative to average drawdown | 11.36 | -0.30 | +11.66 |
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Drawdowns
EWHYX vs. ETY - Drawdown Comparison
The maximum EWHYX drawdown since its inception was -16.52%, smaller than the maximum ETY drawdown of -53.06%. Use the drawdown chart below to compare losses from any high point for EWHYX and ETY.
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Drawdown Indicators
| EWHYX | ETY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -16.52% | -53.06% | +36.54% |
Max Drawdown (1Y)Largest decline over 1 year | -3.04% | -14.40% | +11.36% |
Max Drawdown (3Y)Largest decline over 3 years | -7.54% | -21.28% | +13.74% |
Max Drawdown (5Y)Largest decline over 5 years | — | -24.06% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -42.46% | — |
Current DrawdownCurrent decline from peak | 0.00% | -7.20% | +7.20% |
Average DrawdownAverage peak-to-trough decline | -5.30% | -7.58% | +2.28% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.89% | 3.89% | -3.00% |
Volatility
EWHYX vs. ETY - Volatility Comparison
The current volatility for Eaton Vance High Yield Municipal Income Fund Class W (EWHYX) is 0.97%, while Eaton Vance Tax Managed Diversified Equity Income Closed Fund (ETY) has a volatility of 4.20%. This indicates that EWHYX experiences smaller price fluctuations and is considered to be less risky than ETY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| EWHYX | ETY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.97% | 4.20% | -3.23% |
Volatility (6M)Calculated over the trailing 6-month period | 2.56% | 10.84% | -8.28% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.68% | 13.40% | -9.72% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.21% | 17.95% | -12.74% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.21% | 19.91% | -14.70% |
EWHYX vs. ETY - Expense Ratio Comparison
EWHYX has a 0.18% expense ratio, which is lower than ETY's 1.06% expense ratio.
Dividends
EWHYX vs. ETY - Dividend Comparison
EWHYX's dividend yield for the trailing twelve months is around 5.09%, less than ETY's 8.52% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ETY Eaton Vance Tax Managed Diversified Equity Income Closed Fund | 8.52% | 7.76% | 7.59% | 7.92% | 10.04% | 7.01% | 8.26% | 8.08% | 9.92% | 8.30% | 9.77% | 9.03% |
EWHYX Eaton Vance High Yield Municipal Income Fund Class W | 5.09% | 5.06% | 4.92% | 3.97% | 4.60% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
EWHYX and ETY have a correlation of 0.14, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ETY has higher volatility (4.20%) compared to EWHYX (0.97%). In terms of maximum drawdown, EWHYX dropped -16.52% vs ETY's -53.06%.
EWHYX currently has the higher Sharpe Ratio (2.76 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.
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