NUSB vs. EVSB

Last updated Jun 23, 2026

NUSB (Nuveen Ultra Short Income ETF) and EVSB (Eaton Vance Ultra-Short Income ETF) are both Ultrashort Bond funds. Both are actively managed. Over the past year, NUSB returned 4.24% vs 4.57% for EVSB. At a 0.23 correlation, their price movements are largely independent. Both charge a 0.17% expense ratio.

Performance

NUSB vs. EVSB - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Nuveen Ultra Short Income ETF (NUSB) and Eaton Vance Ultra-Short Income ETF (EVSB). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, NUSB achieves a 1.69% return, which is significantly lower than EVSB's 1.86% return.

NUSB

• 1D: 0.00%
• 1M: 0.30%
• YTD: 1.69%
• 6M: 1.77%
• 1Y: 4.24%
• 3Y*: —
• 5Y*: —
• 10Y*: —

EVSB

• 1D: 0.03%
• 1M: 0.36%
• YTD: 1.86%
• 6M: 2.04%
• 1Y: 4.57%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

NUSB vs. EVSB - Yearly Performance Comparison

	2026 (YTD)	2025	2024
NUSB Nuveen Ultra Short Income ETF	1.69%	4.71%	4.48%
EVSB Eaton Vance Ultra-Short Income ETF	1.86%	5.12%	5.05%

Correlation

The correlation between NUSB and EVSB is 0.17, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.17
Correlation (All Time) Calculated using the full available price history since Mar 6, 2024	0.23

Return for Risk

NUSB vs. EVSB — Risk / Return Rank

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

NUSB

NUSB Risk / Return Rank: 99
NUSB Sharpe Ratio Rank: 100
NUSB Sortino Ratio Rank: 99
NUSB Omega Ratio Rank: 99
NUSB Calmar Ratio Rank: 100
NUSB Martin Ratio Rank: 100

EVSB

EVSB Risk / Return Rank: 99
EVSB Sharpe Ratio Rank: 98
EVSB Sortino Ratio Rank: 99
EVSB Omega Ratio Rank: 99
EVSB Calmar Ratio Rank: 99
EVSB Martin Ratio Rank: 99

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.

NUSB vs. EVSB - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Nuveen Ultra Short Income ETF (NUSB) and Eaton Vance Ultra-Short Income ETF (EVSB). 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.

	NUSB	EVSB	Difference
Sharpe ratio: Return per unit of total volatility	11.52	5.90	+5.62
Sortino ratio: Return per unit of downside risk	30.56	10.40	+20.16
Omega ratio: Gain probability vs. loss probability	8.46	2.67	+5.79
Calmar ratio: Return relative to maximum drawdown	71.59	18.04	+53.55
Martin ratio: Return relative to average drawdown	380.34	103.18	+277.16

NUSB vs. EVSB - Sharpe Ratio Comparison

The current NUSB Sharpe Ratio is 11.52, which is higher than the EVSB Sharpe Ratio of 5.90. The chart below compares the historical Sharpe Ratios of NUSB and EVSB, 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

NUSB vs. EVSB - Drawdown Comparison

The maximum NUSB drawdown since its inception was -0.16%, smaller than the maximum EVSB drawdown of -0.31%. Use the drawdown chart below to compare losses from any high point for NUSB and EVSB.

Drawdown Indicators

	NUSB	EVSB	Difference
Max Drawdown Largest peak-to-trough decline	-0.16%	-0.31%	+0.15%
Max Drawdown (1Y) Largest decline over 1 year	-0.06%	-0.25%	+0.19%
Current Drawdown Current decline from peak	-0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-0.00%	-0.02%	+0.02%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.01%	0.04%	-0.03%

Volatility

NUSB vs. EVSB - Volatility Comparison

The current volatility for Nuveen Ultra Short Income ETF (NUSB) is 0.09%, while Eaton Vance Ultra-Short Income ETF (EVSB) has a volatility of 0.23%. This indicates that NUSB experiences smaller price fluctuations and is considered to be less risky than EVSB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NUSB	EVSB	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.09%	0.23%	-0.14%
Volatility (6M) Calculated over the trailing 6-month period	0.23%	0.54%	-0.31%
Volatility (1Y) Calculated over the trailing 1-year period	0.37%	0.78%	-0.41%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.39%	0.82%	-0.43%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.39%	0.82%	-0.43%

NUSB vs. EVSB - Expense Ratio Comparison

Both NUSB and EVSB have an expense ratio of 0.17%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.

Dividends

NUSB vs. EVSB - Dividend Comparison

NUSB's dividend yield for the trailing twelve months is around 4.29%, less than EVSB's 4.62% yield.

Position	TTM	2025	2024	2023
EVSB Eaton Vance Ultra-Short Income ETF	4.62%	4.63%	5.18%	1.21%
NUSB Nuveen Ultra Short Income ETF	4.29%	4.51%	3.61%	0.00%

Frequently Asked Questions

Can I hold both NUSB and EVSB in my portfolio?

NUSB and EVSB have a correlation of 0.17, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NUSB or EVSB?

EVSB has higher volatility (0.23%) compared to NUSB (0.09%). In terms of maximum drawdown, NUSB dropped -0.16% vs EVSB's -0.31%.

Which ETF is better, NUSB or EVSB?

On 1-year performance, EVSB leads with 4.57% vs 4.24% for NUSB. Both ETFs have the same 0.17% expense ratio. On volatility, NUSB has been the lower-risk option at 0.09%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NUSB or EVSB?

Over the 1-year period, EVSB has performed better with a 4.57% return vs 4.24%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NUSB or EVSB?

NUSB and EVSB have the same expense ratio: 0.17% per year.

Which ETF pays a higher dividend yield, NUSB or EVSB?

EVSB has the higher dividend yield at 4.62%, compared with 4.29% for NUSB.

What is the main difference between NUSB and EVSB?

They also come from different issuers: Nuveen and Eaton Vance.

Which has better risk-adjusted returns?

NUSB currently has the higher Sharpe Ratio (11.52 vs 5.90), 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.