MCSE vs. EVSM

Last updated Jun 23, 2026

MCSE (Martin Currie Sustainable International Equity ETF) and EVSM (Eaton Vance Short Duration Municipal Income ETF) are both exchange-traded funds - MCSE is a Foreign Large Cap Equities fund actively managed by Martin Currie, while EVSM is a Municipal Bonds fund tracking the ICE BofA 1-3 Year Municipal Securities Index. MCSE is actively managed, while EVSM is passively managed. Over the past year, MCSE returned 3.16% vs 3.77% for EVSM. At a 0.07 correlation, their price movements are largely independent. MCSE charges 0.59%/yr vs 0.19%/yr for EVSM.

Performance

MCSE vs. EVSM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Martin Currie Sustainable International Equity ETF (MCSE) and Eaton Vance Short Duration Municipal Income ETF (EVSM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MCSE achieves a 1.12% return, which is significantly lower than EVSM's 1.19% return.

MCSE

• 1D: 0.00%
• 1M: 0.00%
• YTD: 1.12%
• 6M: 1.32%
• 1Y: 3.16%
• 3Y*: 0.67%
• 5Y*: —
• 10Y*: —

EVSM

• 1D: -0.08%
• 1M: 0.56%
• YTD: 1.19%
• 6M: 1.28%
• 1Y: 3.77%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

MCSE vs. EVSM - Yearly Performance Comparison

	2026 (YTD)	2025	2024
MCSE Martin Currie Sustainable International Equity ETF	1.12%	7.79%	-15.91%
EVSM Eaton Vance Short Duration Municipal Income ETF	1.19%	4.24%	2.43%

Correlation

The correlation between MCSE and EVSM is -0.04, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.04
Correlation (All Time) Calculated using the full available price history since Mar 25, 2024	0.07

The correlation between MCSE and EVSM shifts across timeframes, from -0.04 (1 year) to 0.07 (all time), reflecting how their relationship changes across market environments.

Return for Risk

MCSE vs. EVSM — Risk / Return Rank

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

MCSE

MCSE Risk / Return Rank: 12
MCSE Sharpe Ratio Rank: 13
MCSE Sortino Ratio Rank: 11
MCSE Omega Ratio Rank: 13
MCSE Calmar Ratio Rank: 12
MCSE Martin Ratio Rank: 12

EVSM

EVSM Risk / Return Rank: 84
EVSM Sharpe Ratio Rank: 91
EVSM Sortino Ratio Rank: 94
EVSM Omega Ratio Rank: 93
EVSM Calmar Ratio Rank: 72
EVSM Martin Ratio Rank: 70

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.

MCSE vs. EVSM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Martin Currie Sustainable International Equity ETF (MCSE) and Eaton Vance Short Duration Municipal Income ETF (EVSM). 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.

	MCSE	EVSM	Difference
Sharpe ratio: Return per unit of total volatility	0.30	3.00	-2.70
Sortino ratio: Return per unit of downside risk	0.48	4.70	-4.21
Omega ratio: Gain probability vs. loss probability	1.07	1.63	-0.56
Calmar ratio: Return relative to maximum drawdown	0.33	3.52	-3.19
Martin ratio: Return relative to average drawdown	0.80	12.53	-11.73

MCSE vs. EVSM - Sharpe Ratio Comparison

The current MCSE Sharpe Ratio is 0.30, which is lower than the EVSM Sharpe Ratio of 3.00. The chart below compares the historical Sharpe Ratios of MCSE and EVSM, 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

MCSE vs. EVSM - Drawdown Comparison

The maximum MCSE drawdown since its inception was -26.36%, which is greater than EVSM's maximum drawdown of -1.50%. Use the drawdown chart below to compare losses from any high point for MCSE and EVSM.

Drawdown Indicators

	MCSE	EVSM	Difference
Max Drawdown Largest peak-to-trough decline	-26.36%	-1.50%	-24.86%
Max Drawdown (1Y) Largest decline over 1 year	-10.42%	-1.07%	-9.35%
Max Drawdown (3Y) Largest decline over 3 years	-26.36%	—	—
Current Drawdown Current decline from peak	-10.51%	-0.08%	-10.43%
Average Drawdown Average peak-to-trough decline	-8.74%	-0.24%	-8.50%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.20%	0.30%	+3.90%

Volatility

MCSE vs. EVSM - Volatility Comparison

The current volatility for Martin Currie Sustainable International Equity ETF (MCSE) is 0.00%, while Eaton Vance Short Duration Municipal Income ETF (EVSM) has a volatility of 0.33%. This indicates that MCSE experiences smaller price fluctuations and is considered to be less risky than EVSM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MCSE	EVSM	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.00%	0.33%	-0.33%
Volatility (6M) Calculated over the trailing 6-month period	5.17%	0.84%	+4.33%
Volatility (1Y) Calculated over the trailing 1-year period	11.73%	1.27%	+10.46%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.38%	1.91%	+17.47%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.38%	1.91%	+17.47%

MCSE vs. EVSM - Expense Ratio Comparison

MCSE has a 0.59% expense ratio, which is higher than EVSM's 0.19% expense ratio.

Dividends

MCSE vs. EVSM - Dividend Comparison

MCSE's dividend yield for the trailing twelve months is around 3.74%, more than EVSM's 3.00% yield.

Position	TTM	2025	2024	2023	2022
EVSM Eaton Vance Short Duration Municipal Income ETF	3.00%	3.12%	2.99%	0.00%	0.00%
MCSE Martin Currie Sustainable International Equity ETF	3.74%	3.78%	0.63%	0.57%	0.48%

Frequently Asked Questions

Can I hold both MCSE and EVSM in my portfolio?

MCSE and EVSM have a correlation of -0.04, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MCSE or EVSM?

EVSM has higher volatility (0.33%) compared to MCSE (0.00%). In terms of maximum drawdown, MCSE dropped -26.36% vs EVSM's -1.50%.

Which ETF is better, MCSE or EVSM?

On 1-year performance, EVSM leads with 3.77% vs 3.16% for MCSE. On fees, EVSM is cheaper at 0.19% per year. On volatility, MCSE has been the lower-risk option at 0.00%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MCSE or EVSM?

Over the 1-year period, EVSM has performed better with a 3.77% return vs 3.16%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MCSE or EVSM?

EVSM is cheaper with a 0.19% expense ratio, compared with 0.59% for MCSE.

Which ETF pays a higher dividend yield, MCSE or EVSM?

MCSE has the higher dividend yield at 3.74%, compared with 3.00% for EVSM.

What is the main difference between MCSE and EVSM?

MCSE is categorized as Foreign Large Cap Equities, while EVSM is Municipal Bonds. They also come from different issuers: Martin Currie and Eaton Vance. Their fees differ too: 0.59% for MCSE and 0.19% for EVSM.

Which has better risk-adjusted returns?

EVSM currently has the higher Sharpe Ratio (3.00 vs 0.30), 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.