GWMEX vs. EWHYX

Last updated Apr 1, 2026

Compare and contrast key facts about AMG GW&K Municipal Enhanced Yield Fund (GWMEX) and Eaton Vance High Yield Municipal Income Fund Class W (EWHYX).

GWMEX is managed by AMG. It was launched on Dec 29, 2005. EWHYX is an actively managed fund by Eaton Vance. It was launched on May 9, 2007.

Performance

GWMEX vs. EWHYX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in AMG GW&K Municipal Enhanced Yield Fund (GWMEX) and Eaton Vance High Yield Municipal Income Fund Class W (EWHYX). The values are adjusted to include any dividend payments, if applicable.

GWMEX vs. EWHYX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
GWMEX AMG GW&K Municipal Enhanced Yield Fund	-1.47%	2.50%	2.61%	10.89%	-17.86%	11.66%
EWHYX Eaton Vance High Yield Municipal Income Fund Class W	-0.00%	3.59%	5.42%	7.74%	-11.72%	0.21%

Returns By Period

GWMEX

• 1D: 0.35%
• 1M: -3.61%
• YTD: -1.47%
• 6M: 0.39%
• 1Y: 2.09%
• 3Y*: 3.07%
• 5Y*: 1.70%
• 10Y*: 3.39%

EWHYX

• 1D: 0.25%
• 1M: -2.80%
• YTD: -0.00%
• 6M: 1.92%
• 1Y: 3.60%
• 3Y*: 4.75%
• 5Y*: —
• 10Y*: —

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

GWMEX vs. EWHYX - Expense Ratio Comparison

GWMEX has a 0.64% expense ratio, which is higher than EWHYX's 0.18% expense ratio.

GWMEX

AMG GW&K Municipal Enhanced Yield Fund

EWHYX

Eaton Vance High Yield Municipal Income Fund Class W

Return for Risk

GWMEX vs. EWHYX — Risk / Return Rank

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

GWMEX

GWMEX Risk / Return Rank: 12
GWMEX Sharpe Ratio Rank: 13
GWMEX Sortino Ratio Rank: 10
GWMEX Omega Ratio Rank: 15
GWMEX Calmar Ratio Rank: 12
GWMEX Martin Ratio Rank: 10

EWHYX

EWHYX Risk / Return Rank: 24
EWHYX Sharpe Ratio Rank: 25
EWHYX Sortino Ratio Rank: 21
EWHYX Omega Ratio Rank: 35
EWHYX Calmar Ratio Rank: 23
EWHYX Martin Ratio Rank: 17

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.

GWMEX vs. EWHYX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for AMG GW&K Municipal Enhanced Yield Fund (GWMEX) and Eaton Vance High Yield Municipal Income Fund Class W (EWHYX). 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.

	GWMEX	EWHYX	Difference
Sharpe ratio Return per unit of total volatility	0.32	0.65	-0.33
Sortino ratio Return per unit of downside risk	0.47	0.90	-0.43
Omega ratio Gain probability vs. loss probability	1.09	1.17	-0.08
Calmar ratio Return relative to maximum drawdown	0.30	0.71	-0.41
Martin ratio Return relative to average drawdown	0.79	1.85	-1.07
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GWMEX vs. EWHYX - Sharpe Ratio Comparison

The current GWMEX Sharpe Ratio is 0.32, which is lower than the EWHYX Sharpe Ratio of 0.65. The chart below compares the historical Sharpe Ratios of GWMEX and EWHYX, 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

	GWMEX	EWHYX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.32	0.65	-0.33
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.22	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.50	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.63	0.18	+0.45

Correlation

The correlation between GWMEX and EWHYX is 0.87, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

GWMEX vs. EWHYX - Dividend Comparison

GWMEX's dividend yield for the trailing twelve months is around 3.48%, less than EWHYX's 4.75% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GWMEX AMG GW&K Municipal Enhanced Yield Fund	3.48%	3.67%	3.38%	3.10%	3.33%	13.26%	3.63%	4.59%	5.82%	2.97%	7.96%	4.77%
EWHYX Eaton Vance High Yield Municipal Income Fund Class W	4.75%	5.06%	4.92%	3.97%	4.60%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Drawdowns

GWMEX vs. EWHYX - Drawdown Comparison

The maximum GWMEX drawdown since its inception was -36.30%, which is greater than EWHYX's maximum drawdown of -16.52%. Use the drawdown chart below to compare losses from any high point for GWMEX and EWHYX.

Drawdown Indicators

	GWMEX	EWHYX	Difference
Max Drawdown Largest peak-to-trough decline	-36.30%	-16.52%	-19.78%
Max Drawdown (1Y) Largest decline over 1 year	-7.14%	-6.59%	-0.55%
Max Drawdown (5Y) Largest decline over 5 years	-24.06%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-24.06%	—	—
Current Drawdown Current decline from peak	-5.69%	-2.80%	-2.89%
Average Drawdown Average peak-to-trough decline	-5.72%	-5.55%	-0.17%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.76%	2.52%	+0.24%

Volatility

GWMEX vs. EWHYX - Volatility Comparison

AMG GW&K Municipal Enhanced Yield Fund (GWMEX) has a higher volatility of 1.73% compared to Eaton Vance High Yield Municipal Income Fund Class W (EWHYX) at 1.13%. This indicates that GWMEX's price experiences larger fluctuations and is considered to be riskier than EWHYX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GWMEX	EWHYX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.73%	1.13%	+0.60%
Volatility (6M) Calculated over the trailing 6-month period	2.41%	2.14%	+0.27%
Volatility (1Y) Calculated over the trailing 1-year period	7.30%	6.63%	+0.67%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.77%	5.27%	+2.50%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.73%	5.27%	+1.46%