EWHYX vs. NSIOX

Last updated Jun 24, 2026

EWHYX (Eaton Vance High Yield Municipal Income Fund Class W) and NSIOX (Nuveen Strategic Municipal Opportunities Fund) are both High Yield Muni funds. Over the past 3 years, EWHYX returned 5.58%/yr vs 4.35%/yr for NSIOX. Their correlation of 0.88 suggests significant overlap in exposure. EWHYX charges 0.18%/yr vs 0.56%/yr for NSIOX.

Performance

EWHYX vs. NSIOX - 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 Strategic Municipal Opportunities Fund (NSIOX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EWHYX achieves a 3.60% return, which is significantly higher than NSIOX's 1.63% return.

EWHYX

• 1D: 0.00%
• 1M: 2.19%
• YTD: 3.60%
• 6M: 4.18%
• 1Y: 9.65%
• 3Y*: 5.58%
• 5Y*: —
• 10Y*: —

NSIOX

• 1D: -0.10%
• 1M: 1.60%
• YTD: 1.63%
• 6M: 2.13%
• 1Y: 5.81%
• 3Y*: 4.35%
• 5Y*: 0.50%
• 10Y*: 2.88%

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

EWHYX vs. NSIOX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
EWHYX Eaton Vance High Yield Municipal Income Fund Class W	3.60%	3.59%	5.42%	7.74%	-11.72%	0.21%
NSIOX Nuveen Strategic Municipal Opportunities Fund	1.63%	3.19%	4.61%	7.17%	-13.81%	0.49%

Correlation

The correlation between EWHYX and NSIOX is 0.85, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.85
Correlation (3Y) Calculated over the trailing 3-year period	0.89
Correlation (All Time) Calculated using the full available price history since Nov 17, 2021	0.88

The correlation between EWHYX and NSIOX has been stable across timeframes, ranging from 0.85 to 0.89 - a consistent structural relationship.

Return for Risk

EWHYX vs. NSIOX — Risk / Return Rank

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

EWHYX

EWHYX Risk / Return Rank: 82
EWHYX Sharpe Ratio Rank: 88
EWHYX Sortino Ratio Rank: 94
EWHYX Omega Ratio Rank: 92
EWHYX Calmar Ratio Rank: 75
EWHYX Martin Ratio Rank: 59

NSIOX

NSIOX Risk / Return Rank: 53
NSIOX Sharpe Ratio Rank: 56
NSIOX Sortino Ratio Rank: 70
NSIOX Omega Ratio Rank: 80
NSIOX Calmar Ratio Rank: 33
NSIOX Martin Ratio Rank: 28

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. NSIOX - 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 Strategic Municipal Opportunities Fund (NSIOX). 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	NSIOX	Difference
Sharpe ratio: Return per unit of total volatility	2.67	2.04	+0.63
Sortino ratio: Return per unit of downside risk	4.53	3.18	+1.35
Omega ratio: Gain probability vs. loss probability	1.65	1.48	+0.17
Calmar ratio: Return relative to maximum drawdown	3.23	2.05	+1.18
Martin ratio: Return relative to average drawdown	11.04	6.06	+4.98

EWHYX vs. NSIOX - Sharpe Ratio Comparison

The current EWHYX Sharpe Ratio is 2.67, which is higher than the NSIOX Sharpe Ratio of 2.04. The chart below compares the historical Sharpe Ratios of EWHYX and NSIOX, 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

EWHYX vs. NSIOX - Drawdown Comparison

The maximum EWHYX drawdown since its inception was -16.52%, smaller than the maximum NSIOX drawdown of -18.38%. Use the drawdown chart below to compare losses from any high point for EWHYX and NSIOX.

Drawdown Indicators

	EWHYX	NSIOX	Difference
Max Drawdown Largest peak-to-trough decline	-16.52%	-18.38%	+1.86%
Max Drawdown (1Y) Largest decline over 1 year	-3.04%	-2.91%	-0.13%
Max Drawdown (3Y) Largest decline over 3 years	-7.54%	-6.17%	-1.37%
Max Drawdown (5Y) Largest decline over 5 years	—	-18.38%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-18.38%	—
Current Drawdown Current decline from peak	0.00%	-0.46%	+0.46%
Average Drawdown Average peak-to-trough decline	-5.31%	-3.56%	-1.75%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.89%	0.98%	-0.09%

Volatility

EWHYX vs. NSIOX - Volatility Comparison

Eaton Vance High Yield Municipal Income Fund Class W (EWHYX) has a higher volatility of 0.98% compared to Nuveen Strategic Municipal Opportunities Fund (NSIOX) at 0.78%. This indicates that EWHYX's price experiences larger fluctuations and is considered to be riskier than NSIOX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EWHYX	NSIOX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.98%	0.78%	+0.20%
Volatility (6M) Calculated over the trailing 6-month period	2.57%	2.12%	+0.45%
Volatility (1Y) Calculated over the trailing 1-year period	3.69%	2.93%	+0.76%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.21%	4.50%	+0.71%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.21%	4.69%	+0.52%

EWHYX vs. NSIOX - Expense Ratio Comparison

EWHYX has a 0.18% expense ratio, which is lower than NSIOX's 0.56% expense ratio.

Dividends

EWHYX vs. NSIOX - Dividend Comparison

EWHYX's dividend yield for the trailing twelve months is around 5.10%, more than NSIOX's 4.18% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EWHYX Eaton Vance High Yield Municipal Income Fund Class W	5.10%	5.06%	4.92%	3.97%	4.60%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
NSIOX Nuveen Strategic Municipal Opportunities Fund	4.18%	4.53%	3.91%	3.85%	4.20%	4.25%	2.88%	3.25%	3.12%	3.22%	4.09%	2.48%

Frequently Asked Questions

Can I hold both EWHYX and NSIOX in my portfolio?

EWHYX and NSIOX have a correlation of 0.85, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EWHYX or NSIOX?

EWHYX has higher volatility (0.98%) compared to NSIOX (0.78%). In terms of maximum drawdown, EWHYX dropped -16.52% vs NSIOX's -18.38%.

Which has better risk-adjusted returns?

EWHYX currently has the higher Sharpe Ratio (2.67 vs 2.04), 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.