HTAX vs. EVYM

Last updated Jun 24, 2026

HTAX (Nomura National High-Yield Municipal Bond ETF) and EVYM (Eaton Vance High Income Municipal ETF) are both High Yield Muni funds. Both are actively managed. Over the past year, HTAX returned 8.28% vs 10.04% for EVYM. Their correlation of 0.83 suggests significant overlap in exposure. HTAX charges 0.49%/yr vs 0.40%/yr for EVYM.

Performance

HTAX vs. EVYM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Nomura National High-Yield Municipal Bond ETF (HTAX) and Eaton Vance High Income Municipal ETF (EVYM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with HTAX having a 3.94% return and EVYM slightly lower at 3.83%.

HTAX

• 1D: -0.06%
• 1M: 2.09%
• YTD: 3.94%
• 6M: 4.24%
• 1Y: 8.28%
• 3Y*: —
• 5Y*: —
• 10Y*: —

EVYM

• 1D: 0.13%
• 1M: 1.59%
• YTD: 3.83%
• 6M: 4.13%
• 1Y: 10.04%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

HTAX vs. EVYM - Yearly Performance Comparison

	2026 (YTD)	2025
HTAX Nomura National High-Yield Municipal Bond ETF	3.94%	0.92%
EVYM Eaton Vance High Income Municipal ETF	3.83%	3.42%

Correlation

The correlation between HTAX and EVYM is 0.78, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.78
Correlation (All Time) Calculated using the full available price history since Mar 6, 2025	0.83

The correlation between HTAX and EVYM has been stable across timeframes, ranging from 0.78 to 0.83 - a consistent structural relationship.

Return for Risk

HTAX vs. EVYM — Risk / Return Rank

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

HTAX

HTAX Risk / Return Rank: 59
HTAX Sharpe Ratio Rank: 58
HTAX Sortino Ratio Rank: 63
HTAX Omega Ratio Rank: 64
HTAX Calmar Ratio Rank: 59
HTAX Martin Ratio Rank: 51

EVYM

EVYM Risk / Return Rank: 86
EVYM Sharpe Ratio Rank: 90
EVYM Sortino Ratio Rank: 93
EVYM Omega Ratio Rank: 93
EVYM Calmar Ratio Rank: 77
EVYM Martin Ratio Rank: 78

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.

HTAX vs. EVYM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Nomura National High-Yield Municipal Bond ETF (HTAX) and Eaton Vance High Income Municipal ETF (EVYM). 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.

	HTAX	EVYM	Difference
Sharpe ratio: Return per unit of total volatility	1.78	2.74	-0.96
Sortino ratio: Return per unit of downside risk	2.63	4.19	-1.56
Omega ratio: Gain probability vs. loss probability	1.35	1.57	-0.22
Calmar ratio: Return relative to maximum drawdown	2.65	3.64	-0.99
Martin ratio: Return relative to average drawdown	8.08	13.77	-5.69

HTAX vs. EVYM - Sharpe Ratio Comparison

The current HTAX Sharpe Ratio is 1.78, which is lower than the EVYM Sharpe Ratio of 2.74. The chart below compares the historical Sharpe Ratios of HTAX and EVYM, 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

HTAX vs. EVYM - Drawdown Comparison

The maximum HTAX drawdown since its inception was -6.10%, roughly equal to the maximum EVYM drawdown of -6.08%. Use the drawdown chart below to compare losses from any high point for HTAX and EVYM.

Drawdown Indicators

	HTAX	EVYM	Difference
Max Drawdown Largest peak-to-trough decline	-6.10%	-6.08%	-0.02%
Max Drawdown (1Y) Largest decline over 1 year	-3.14%	-2.77%	-0.37%
Current Drawdown Current decline from peak	-0.35%	-0.16%	-0.19%
Average Drawdown Average peak-to-trough decline	-1.71%	-1.43%	-0.28%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.03%	0.73%	+0.30%

Volatility

HTAX vs. EVYM - Volatility Comparison

Nomura National High-Yield Municipal Bond ETF (HTAX) has a higher volatility of 1.25% compared to Eaton Vance High Income Municipal ETF (EVYM) at 1.03%. This indicates that HTAX's price experiences larger fluctuations and is considered to be riskier than EVYM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HTAX	EVYM	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.25%	1.03%	+0.22%
Volatility (6M) Calculated over the trailing 6-month period	3.42%	2.68%	+0.74%
Volatility (1Y) Calculated over the trailing 1-year period	4.67%	3.67%	+1.00%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.41%	6.00%	+0.41%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.41%	6.00%	+0.41%

HTAX vs. EVYM - Expense Ratio Comparison

HTAX has a 0.49% expense ratio, which is higher than EVYM's 0.40% expense ratio.

Dividends

HTAX vs. EVYM - Dividend Comparison

HTAX's dividend yield for the trailing twelve months is around 4.46%, less than EVYM's 4.76% yield.

Position	TTM	2025
EVYM Eaton Vance High Income Municipal ETF	4.76%	3.72%
HTAX Nomura National High-Yield Municipal Bond ETF	4.46%	3.67%

Frequently Asked Questions

Can I hold both HTAX and EVYM in my portfolio?

HTAX and EVYM have a correlation of 0.78, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, HTAX or EVYM?

HTAX has higher volatility (1.25%) compared to EVYM (1.03%). In terms of maximum drawdown, HTAX dropped -6.10% vs EVYM's -6.08%.

Which ETF is better, HTAX or EVYM?

On 1-year performance, EVYM leads with 10.04% vs 8.28% for HTAX. On fees, EVYM is cheaper at 0.40% per year. On volatility, EVYM has been the lower-risk option at 1.03%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, HTAX or EVYM?

Over the 1-year period, EVYM has performed better with a 10.04% return vs 8.28%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, HTAX or EVYM?

EVYM is cheaper with a 0.40% expense ratio, compared with 0.49% for HTAX.

Which ETF pays a higher dividend yield, HTAX or EVYM?

EVYM has the higher dividend yield at 4.76%, compared with 4.46% for HTAX.

What is the main difference between HTAX and EVYM?

They also come from different issuers: Nomura and Eaton Vance. Their fees differ too: 0.49% for HTAX and 0.40% for EVYM.

Which has better risk-adjusted returns?

EVYM currently has the higher Sharpe Ratio (2.74 vs 1.78), 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.