OBTC vs. EVSM

Last updated Jun 26, 2026

OBTC (Osprey Bitcoin Trust) and EVSM (Eaton Vance Short Duration Municipal Income ETF) are both exchange-traded funds - OBTC is a Cryptocurrency fund tracking the Bitcoin (BTC), while EVSM is a Municipal Bonds fund tracking the ICE BofA 1-3 Year Municipal Securities Index. Both are passively managed. Over the past year, OBTC returned -39.69% vs 3.85% for EVSM. At a 0.00 correlation, their price movements are largely independent. OBTC charges 0.49%/yr vs 0.19%/yr for EVSM.

Performance

OBTC vs. EVSM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Osprey Bitcoin Trust (OBTC) 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, OBTC achieves a -32.48% return, which is significantly lower than EVSM's 1.35% return.

OBTC

• 1D: -1.11%
• 1M: -22.02%
• YTD: -32.48%
• 6M: -32.20%
• 1Y: -39.69%
• 3Y*: 42.23%
• 5Y*: 5.99%
• 10Y*: —

EVSM

• 1D: 0.00%
• 1M: 0.60%
• YTD: 1.35%
• 6M: 1.46%
• 1Y: 3.85%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

OBTC vs. EVSM - Yearly Performance Comparison

	2026 (YTD)	2025	2024
OBTC Osprey Bitcoin Trust	-32.48%	-1.87%	43.79%
EVSM Eaton Vance Short Duration Municipal Income ETF	1.35%	4.24%	2.43%

Correlation

The correlation between OBTC 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	0.00

Return for Risk

OBTC vs. EVSM — Risk / Return Rank

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

OBTC

OBTC Risk / Return Rank: 3
OBTC Sharpe Ratio Rank: 3
OBTC Sortino Ratio Rank: 3
OBTC Omega Ratio Rank: 3
OBTC Calmar Ratio Rank: 3
OBTC Martin Ratio Rank: 2

EVSM

EVSM Risk / Return Rank: 88
EVSM Sharpe Ratio Rank: 94
EVSM Sortino Ratio Rank: 96
EVSM Omega Ratio Rank: 95
EVSM Calmar Ratio Rank: 79
EVSM Martin Ratio Rank: 77

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.

OBTC vs. EVSM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Osprey Bitcoin Trust (OBTC) 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.

	OBTC	EVSM	Difference
Sharpe ratio: Return per unit of total volatility	-0.89	3.06	-3.95
Sortino ratio: Return per unit of downside risk	-1.25	4.80	-6.05
Omega ratio: Gain probability vs. loss probability	0.86	1.65	-0.78
Calmar ratio: Return relative to maximum drawdown	-0.81	3.60	-4.41
Martin ratio: Return relative to average drawdown	-1.45	12.80	-14.25

OBTC vs. EVSM - Sharpe Ratio Comparison

The current OBTC Sharpe Ratio is -0.89, which is lower than the EVSM Sharpe Ratio of 3.06. The chart below compares the historical Sharpe Ratios of OBTC 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

OBTC vs. EVSM - Drawdown Comparison

The maximum OBTC drawdown since its inception was -94.50%, which is greater than EVSM's maximum drawdown of -1.50%. Use the drawdown chart below to compare losses from any high point for OBTC and EVSM.

Drawdown Indicators

	OBTC	EVSM	Difference
Max Drawdown Largest peak-to-trough decline	-94.50%	-1.50%	-93.00%
Max Drawdown (1Y) Largest decline over 1 year	-49.13%	-1.07%	-48.06%
Max Drawdown (3Y) Largest decline over 3 years	-49.13%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-83.76%	—	—
Current Drawdown Current decline from peak	-66.28%	0.00%	-66.28%
Average Drawdown Average peak-to-trough decline	-69.52%	-0.24%	-69.28%
Ulcer Index Depth and duration of drawdowns from previous peaks	27.45%	0.30%	+27.15%

Volatility

OBTC vs. EVSM - Volatility Comparison

Osprey Bitcoin Trust (OBTC) has a higher volatility of 13.17% compared to Eaton Vance Short Duration Municipal Income ETF (EVSM) at 0.32%. This indicates that OBTC's price experiences larger fluctuations and is considered to be riskier than EVSM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	OBTC	EVSM	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.17%	0.32%	+12.85%
Volatility (6M) Calculated over the trailing 6-month period	34.90%	0.84%	+34.06%
Volatility (1Y) Calculated over the trailing 1-year period	44.83%	1.27%	+43.56%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	57.29%	1.91%	+55.38%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	76.82%	1.91%	+74.91%

OBTC vs. EVSM - Expense Ratio Comparison

OBTC has a 0.49% expense ratio, which is higher than EVSM's 0.19% expense ratio.

Dividends

OBTC vs. EVSM - Dividend Comparison

OBTC has not paid dividends to shareholders, while EVSM's dividend yield for the trailing twelve months is around 3.00%.

Position	TTM	2025	2024
EVSM Eaton Vance Short Duration Municipal Income ETF	3.00%	3.12%	2.99%
OBTC Osprey Bitcoin Trust	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both OBTC and EVSM in my portfolio?

OBTC 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, OBTC or EVSM?

OBTC has higher volatility (13.17%) compared to EVSM (0.32%). In terms of maximum drawdown, OBTC dropped -94.50% vs EVSM's -1.50%.

Which ETF is better, OBTC or EVSM?

On 1-year performance, EVSM leads with 3.85% vs -39.69% for OBTC. On fees, EVSM is cheaper at 0.19% per year. On volatility, EVSM has been the lower-risk option at 0.32%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, OBTC or EVSM?

Over the 1-year period, EVSM has performed better with a 3.85% return vs -39.69%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, OBTC or EVSM?

EVSM is cheaper with a 0.19% expense ratio, compared with 0.49% for OBTC.

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

EVSM has the higher dividend yield at 3.00%, compared with 0.00% for OBTC.

What is the main difference between OBTC and EVSM?

OBTC is categorized as Cryptocurrency, while EVSM is Municipal Bonds. OBTC tracks Bitcoin (BTC), while EVSM tracks ICE BofA 1-3 Year Municipal Securities Index. They also come from different issuers: Osprey Funds and Eaton Vance. Their fees differ too: 0.49% for OBTC and 0.19% for EVSM.

Which has better risk-adjusted returns?

EVSM currently has the higher Sharpe Ratio (3.06 vs -0.89), 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.