EWHYX vs. NMCO

Last updated Apr 2, 2026

Compare and contrast key facts about Eaton Vance High Yield Municipal Income Fund Class W (EWHYX) and Nuveen Municipal Credit Opportunities Fund (NMCO).

EWHYX is an actively managed fund by Eaton Vance. It was launched on May 9, 2007. NMCO is managed by Nuveen. It was launched on Apr 18, 2019.

Performance

EWHYX vs. NMCO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Eaton Vance High Yield Municipal Income Fund Class W (EWHYX) and Nuveen Municipal Credit Opportunities Fund (NMCO). The values are adjusted to include any dividend payments, if applicable.

EWHYX vs. NMCO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
EWHYX Eaton Vance High Yield Municipal Income Fund Class W	0.37%	3.59%	5.42%	7.74%	-11.72%	0.21%
NMCO Nuveen Municipal Credit Opportunities Fund	6.43%	4.18%	13.64%	-4.19%	-25.66%	2.02%

Returns By Period

In the year-to-date period, EWHYX achieves a 0.37% return, which is significantly lower than NMCO's 6.43% return.

EWHYX

• 1D: 0.38%
• 1M: -2.08%
• YTD: 0.37%
• 6M: 2.18%
• 1Y: 3.60%
• 3Y*: 4.88%
• 5Y*: —
• 10Y*: —

NMCO

• 1D: 0.95%
• 1M: -1.65%
• YTD: 6.43%
• 6M: 1.82%
• 1Y: 7.40%
• 3Y*: 4.68%
• 5Y*: 0.59%
• 10Y*: —

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

EWHYX vs. NMCO - Expense Ratio Comparison

EWHYX has a 0.18% expense ratio, which is higher than NMCO's 0.04% 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%.

EWHYX

Eaton Vance High Yield Municipal Income Fund Class W

NMCO

Nuveen Municipal Credit Opportunities Fund

Return for Risk

EWHYX vs. NMCO — Risk / Return Rank

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

EWHYX

EWHYX Risk / Return Rank: 17
EWHYX Sharpe Ratio Rank: 17
EWHYX Sortino Ratio Rank: 14
EWHYX Omega Ratio Rank: 25
EWHYX Calmar Ratio Rank: 16
EWHYX Martin Ratio Rank: 13

NMCO

NMCO Risk / Return Rank: 18
NMCO Sharpe Ratio Rank: 20
NMCO Sortino Ratio Rank: 18
NMCO Omega Ratio Rank: 16
NMCO Calmar Ratio Rank: 21
NMCO Martin Ratio Rank: 16

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.

EWHYX vs. NMCO - 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 Nuveen Municipal Credit Opportunities Fund (NMCO). 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.

	EWHYX	NMCO	Difference
Sharpe ratio Return per unit of total volatility	0.61	0.67	-0.06
Sortino ratio Return per unit of downside risk	0.84	0.95	-0.10
Omega ratio Gain probability vs. loss probability	1.16	1.13	+0.03
Calmar ratio Return relative to maximum drawdown	0.71	0.90	-0.19
Martin ratio Return relative to average drawdown	1.85	2.43	-0.58
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

EWHYX vs. NMCO - Sharpe Ratio Comparison

The current EWHYX Sharpe Ratio is 0.61, which is comparable to the NMCO Sharpe Ratio of 0.67. The chart below compares the historical Sharpe Ratios of EWHYX and NMCO, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	EWHYX	NMCO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.61	0.67	-0.06
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.04	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.19	0.02	+0.17

Correlation

The correlation between EWHYX and NMCO is 0.41, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

EWHYX vs. NMCO - Dividend Comparison

EWHYX's dividend yield for the trailing twelve months is around 4.73%, less than NMCO's 7.70% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019
EWHYX Eaton Vance High Yield Municipal Income Fund Class W	4.73%	5.06%	4.92%	3.97%	4.60%	0.00%	0.00%	0.00%
NMCO Nuveen Municipal Credit Opportunities Fund	7.70%	8.04%	6.79%	5.96%	6.65%	4.75%	5.57%	0.83%

Drawdowns

EWHYX vs. NMCO - Drawdown Comparison

The maximum EWHYX drawdown since its inception was -16.52%, smaller than the maximum NMCO drawdown of -42.03%. Use the drawdown chart below to compare losses from any high point for EWHYX and NMCO.

Drawdown Indicators

	EWHYX	NMCO	Difference
Max Drawdown Largest peak-to-trough decline	-16.52%	-42.03%	+25.51%
Max Drawdown (1Y) Largest decline over 1 year	-6.59%	-8.68%	+2.09%
Max Drawdown (5Y) Largest decline over 5 years	—	-39.82%	—
Current Drawdown Current decline from peak	-2.43%	-11.48%	+9.05%
Average Drawdown Average peak-to-trough decline	-5.55%	-16.19%	+10.64%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.53%	3.26%	-0.73%

Volatility

EWHYX vs. NMCO - Volatility Comparison

The current volatility for Eaton Vance High Yield Municipal Income Fund Class W (EWHYX) is 1.21%, while Nuveen Municipal Credit Opportunities Fund (NMCO) has a volatility of 3.52%. This indicates that EWHYX experiences smaller price fluctuations and is considered to be less risky than NMCO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EWHYX	NMCO	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.21%	3.52%	-2.31%
Volatility (6M) Calculated over the trailing 6-month period	2.17%	6.63%	-4.46%
Volatility (1Y) Calculated over the trailing 1-year period	6.62%	11.15%	-4.53%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.27%	14.08%	-8.81%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.27%	19.71%	-14.44%