GNMA vs. EVMO
GNMA (iShares GNMA Bond ETF) and EVMO (Eaton Vance Mortgage Opportunities ETF) are both Mortgage Backed Securities funds. GNMA is passively managed, while EVMO is actively managed. A 0.56 correlation means they provide meaningful diversification when combined. GNMA charges 0.15%/yr vs 0.45%/yr for EVMO.
Performance
GNMA vs. EVMO - Performance Comparison
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Returns By Period
In the year-to-date period, GNMA achieves a 0.67% return, which is significantly lower than EVMO's 0.83% return.
GNMA
- 1D
- 0.11%
- 1M
- 0.08%
- YTD
- 0.67%
- 6M
- 1.08%
- 1Y
- 5.88%
- 3Y*
- 4.33%
- 5Y*
- 0.55%
- 10Y*
- 1.23%
EVMO
- 1D
- 0.10%
- 1M
- 0.18%
- YTD
- 0.83%
- 6M
- 1.04%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
GNMA vs. EVMO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
GNMA iShares GNMA Bond ETF | 0.67% | 3.52% |
EVMO Eaton Vance Mortgage Opportunities ETF | 0.83% | 3.33% |
Correlation
The correlation between GNMA and EVMO is 0.56, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Aug 5, 2025 | 0.56 |
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Return for Risk
GNMA vs. EVMO — Risk / Return Rank
GNMA
EVMO
GNMA vs. EVMO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares GNMA Bond ETF (GNMA) and Eaton Vance Mortgage Opportunities ETF (EVMO). 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.
| GNMA | EVMO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | 1.25 | — | — |
| Calmar ratioReturn relative to maximum drawdown | 2.26 | — | — |
| Martin ratioReturn relative to average drawdown | 7.20 | — | — |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| GNMA | EVMO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.40 | — | — |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.08 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.24 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.25 | 1.79 | -1.54 |
Drawdowns
GNMA vs. EVMO - Drawdown Comparison
The maximum GNMA drawdown since its inception was -17.09%, which is greater than EVMO's maximum drawdown of -1.89%. Use the drawdown chart below to compare losses from any high point for GNMA and EVMO.
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Drawdown Indicators
| GNMA | EVMO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -17.09% | -1.89% | -15.20% |
Max Drawdown (1Y)Largest decline over 1 year | -2.61% | — | — |
Max Drawdown (3Y)Largest decline over 3 years | -7.13% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -15.83% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -17.09% | — | — |
Current DrawdownCurrent decline from peak | -1.30% | -0.81% | -0.49% |
Average DrawdownAverage peak-to-trough decline | -3.66% | -0.39% | -3.27% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.82% | — | — |
Volatility
GNMA vs. EVMO - Volatility Comparison
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Volatility by Period
| GNMA | EVMO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.54% | — | — |
Volatility (6M)Calculated over the trailing 6-month period | 3.14% | — | — |
Volatility (1Y)Calculated over the trailing 1-year period | 4.29% | 2.82% | +1.47% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.61% | 2.82% | +3.79% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.13% | 2.82% | +2.31% |
GNMA vs. EVMO - Expense Ratio Comparison
GNMA has a 0.15% expense ratio, which is lower than EVMO's 0.45% expense ratio.
Dividends
GNMA vs. EVMO - Dividend Comparison
GNMA's dividend yield for the trailing twelve months is around 4.23%, more than EVMO's 4.07% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EVMO Eaton Vance Mortgage Opportunities ETF | 4.07% | 1.95% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
GNMA iShares GNMA Bond ETF | 4.23% | 4.19% | 4.15% | 3.43% | 2.01% | 0.64% | 1.89% | 2.61% | 2.41% | 2.15% | 1.89% | 1.50% |
Frequently Asked Questions
GNMA and EVMO have a correlation of 0.56, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, GNMA is cheaper at 0.15% per year. The better choice depends on whether you care most about return, fees, risk, or income.
GNMA is cheaper with a 0.15% expense ratio, compared with 0.45% for EVMO.
GNMA has the higher dividend yield at 4.23%, compared with 4.07% for EVMO.
They also come from different issuers: iShares and Eaton Vance. Their fees differ too: 0.15% for GNMA and 0.45% for EVMO.
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