EZMAX vs. APUSX

Last updated Aug 1, 2026

EZMAX (Eaton Vance Short Duration Municipal Opportunities Fund) and APUSX (Cavanal Hill Ultra Short Tax-Free Income Fund) are both Municipal Bonds funds. Over the past 5 years, EZMAX returned 0.81%/yr vs 2.10%/yr for APUSX. Their 0.26 correlation means their historical movements had little consistent relationship. EZMAX charges 1.41%/yr vs 0.60%/yr for APUSX.

Performance

EZMAX vs. APUSX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Eaton Vance Short Duration Municipal Opportunities Fund (EZMAX) and Cavanal Hill Ultra Short Tax-Free Income Fund (APUSX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EZMAX achieves a -0.16% return, which is significantly lower than APUSX's 0.90% return.

EZMAX

• 1D: -0.11%
• 1M: -1.36%
• 6M: -0.74%
• YTD: -0.16%
• 1Y: 2.74%
• 3Y*: 3.15%
• 5Y*: 0.81%
• 10Y*: 1.29%
• ALL TIME*: 2.43%

APUSX

• 1D: 0.00%
• 1M: -0.10%
• 6M: 0.76%
• YTD: 0.90%
• 1Y: 2.01%
• 3Y*: 3.22%
• 5Y*: 2.10%
• 10Y*: —
• ALL TIME*: 1.60%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
APUSX Cavanal Hill Ultra Short Tax-Free Income Fund	$0.00	$0.00	$0.00
EZMAX Eaton Vance Short Duration Municipal Opportunities Fund	$0.00	$0.00	$0.00

EZMAX vs. APUSX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
EZMAX Eaton Vance Short Duration Municipal Opportunities Fund	-0.16%	4.72%	3.26%	3.09%	-5.73%	1.01%	1.33%
APUSX Cavanal Hill Ultra Short Tax-Free Income Fund	0.90%	3.88%	3.65%	2.63%	-0.18%	-0.40%	0.15%

Correlation

The correlation between EZMAX and APUSX is 0.33, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.33
Correlation (3Y) Balances recent behavior with more history.	0.23
Correlation (5Y) Shows whether the relationship held over a longer period.	0.27
Correlation (All Time) Calculated using the full available price history since Jan 2, 2020	0.26

Return for Risk

EZMAX vs. APUSX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

EZMAX

EZMAX Risk / Return Rank: 59
EZMAX Sharpe Ratio Rank: 73
EZMAX Sortino Ratio Rank: 73
EZMAX Omega Ratio Rank: 86
EZMAX Calmar Ratio Rank: 34
EZMAX Martin Ratio Rank: 29

APUSX

APUSX Risk / Return Rank: 23
APUSX Sharpe Ratio Rank: 7
APUSX Sortino Ratio Rank: 7
APUSX Omega Ratio Rank: 72
APUSX Calmar Ratio Rank: 7
APUSX Martin Ratio Rank: 25

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

EZMAX vs. APUSX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Eaton Vance Short Duration Municipal Opportunities Fund (EZMAX) and Cavanal Hill Ultra Short Tax-Free Income Fund (APUSX). 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.

	EZMAX	APUSX	Difference
Sharpe ratio: Return per unit of total volatility	1.74	0.14	+1.60
Sortino ratio: Return per unit of downside risk	2.53	0.33	+2.20
Omega ratio: Gain probability vs. loss probability	1.43	1.31	+0.12
Calmar ratio: Return relative to maximum drawdown	1.50	0.22	+1.28
Martin ratio: Return relative to average drawdown	4.32	3.42	+0.90

EZMAX vs. APUSX - Sharpe Ratio Comparison

The current EZMAX Sharpe Ratio is 1.74, which is higher than the APUSX Sharpe Ratio of 0.14. The chart below compares the historical Sharpe Ratios of EZMAX and APUSX, 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

EZMAX vs. APUSX - Drawdown Comparison

The maximum EZMAX drawdown since its inception was -9.90%, roughly equal to the maximum APUSX drawdown of -10.36%. Use the drawdown chart below to compare losses from any high point for EZMAX and APUSX.

Drawdown Indicators

	EZMAX	APUSX	Difference
Max Drawdown Largest peak-to-trough decline	-9.90%	-10.36%	+0.46%
Max Drawdown (1Y) Largest decline over 1 year	-2.27%	-10.36%	+8.09%
Max Drawdown (3Y) Largest decline over 3 years	-2.96%	-10.36%	+7.40%
Max Drawdown (5Y) Largest decline over 5 years	-8.34%	-10.36%	+2.02%
Max Drawdown (10Y) Largest decline over 10 years	-8.34%	—	—
Current Drawdown Current decline from peak	-1.75%	-0.10%	-1.65%
Average Drawdown Average peak-to-trough decline	-1.63%	-0.29%	-1.34%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.78%	0.65%	+0.13%

Volatility

EZMAX vs. APUSX - Volatility Comparison

The current volatility for Eaton Vance Short Duration Municipal Opportunities Fund (EZMAX) is 0.71%, while Cavanal Hill Ultra Short Tax-Free Income Fund (APUSX) has a volatility of 11.12%. This indicates that EZMAX experiences smaller price fluctuations and is considered to be less risky than APUSX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EZMAX	APUSX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.71%	11.12%	-10.41%
Volatility (6M) Calculated over the trailing 6-month period	1.62%	15.66%	-14.04%
Volatility (1Y) Calculated over the trailing 1-year period	1.95%	15.75%	-13.80%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.20%	7.14%	-4.94%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.25%	6.23%	-3.98%

EZMAX vs. APUSX - Expense Ratio Comparison

EZMAX has a 1.41% expense ratio, which is higher than APUSX's 0.60% expense ratio.

Dividends

EZMAX vs. APUSX - Dividend Comparison

EZMAX's dividend yield for the trailing twelve months is around 2.09%, less than APUSX's 2.19% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
APUSX Cavanal Hill Ultra Short Tax-Free Income Fund	2.19%	3.69%	3.68%	1.69%	0.33%	0.00%	0.25%	0.00%	0.00%	0.00%	0.00%	0.00%
EZMAX Eaton Vance Short Duration Municipal Opportunities Fund	2.09%	2.88%	2.46%	1.62%	0.92%	0.39%	0.90%	1.52%	1.51%	1.36%	1.83%	1.87%

Frequently Asked Questions

Can I hold both EZMAX and APUSX in my portfolio?

EZMAX and APUSX have a correlation of 0.33, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EZMAX or APUSX?

APUSX has higher volatility (11.12%) compared to EZMAX (0.71%). In terms of maximum drawdown, EZMAX dropped -9.90% vs APUSX's -10.36%.

Which has better risk-adjusted returns?

EZMAX currently has the higher Sharpe Ratio (1.74 vs 0.14), 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.