QIS vs. EVSM
QIS (Simplify Multi-Qis Alternative ETF) and EVSM (Eaton Vance Short Duration Municipal Income ETF) are both exchange-traded funds - QIS is a Multistrategy fund actively managed by Simplify, while EVSM is a Municipal Bonds fund tracking the ICE BofA 1-3 Year Municipal Securities Index. QIS is actively managed, while EVSM is passively managed. Over the past year, QIS returned -48.32% vs 2.57% for EVSM. Their -0.03 correlation means they have often moved in opposite directions in the past. QIS charges 1.00%/yr vs 0.19%/yr for EVSM.
Performance
QIS vs. EVSM - Performance Comparison
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Returns By Period
In the year-to-date period, QIS achieves a -31.94% return, which is significantly lower than EVSM's 1.05% return.
QIS
- 1D
- 2.58%
- 1M
- 2.94%
- 6M
- -34.00%
- YTD
- -31.94%
- 1Y
- -48.32%
- 3Y*
- -24.55%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- -24.05%
EVSM
- 1D
- 0.00%
- 1M
- -0.33%
- 6M
- 0.43%
- YTD
- 1.05%
- 1Y
- 2.57%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 3.29%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $5.49M | $5.32M | $5.28M | |
| $8.01K | $6.87K | $26.74K |
QIS vs. EVSM - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
QIS Simplify Multi-Qis Alternative ETF | -31.94% | -38.02% | -1.85% |
EVSM Eaton Vance Short Duration Municipal Income ETF | 1.05% | 4.24% | 2.43% |
Correlation
The correlation between QIS and EVSM is -0.24, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.24 |
Correlation (All Time) Calculated using the full available price history since Mar 25, 2024 | -0.03 |
Over the past year, the inverse relationship between QIS and EVSM has strengthened: their correlation has moved from -0.03 to -0.24, meaning they now move in opposite directions more often than their long-term average.
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Return for Risk
QIS vs. EVSM — Risk / Return Rank
QIS
EVSM
QIS vs. EVSM - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Simplify Multi-Qis Alternative ETF (QIS) 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.
| QIS | EVSM | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.47 | ||
| Sortino ratioReturn per unit of downside risk | -5.32 | ||
| Omega ratioGain probability vs. loss probability | 0.77 | 1.44 | -0.67 |
| Calmar ratioReturn relative to maximum drawdown | -0.93 | 2.67 | -3.60 |
| Martin ratioReturn relative to average drawdown | -1.62 | 9.06 | -10.69 |
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Drawdowns
QIS vs. EVSM - Drawdown Comparison
The maximum QIS drawdown since its inception was -62.82%, which is greater than EVSM's maximum drawdown of -1.50%. Use the drawdown chart below to compare losses from any high point for QIS and EVSM.
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Drawdown Indicators
| QIS | EVSM | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -62.82% | -1.50% | -61.32% |
Max Drawdown (1Y)Largest decline over 1 year | -54.47% | -1.07% | -53.40% |
Max Drawdown (3Y)Largest decline over 3 years | -62.82% | — | — |
Current DrawdownCurrent decline from peak | -60.09% | -0.41% | -59.68% |
Average DrawdownAverage peak-to-trough decline | -16.05% | -0.24% | -15.81% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 31.13% | 0.32% | +30.81% |
Volatility
QIS vs. EVSM - Volatility Comparison
Simplify Multi-Qis Alternative ETF (QIS) has a higher volatility of 14.48% compared to Eaton Vance Short Duration Municipal Income ETF (EVSM) at 0.42%. This indicates that QIS'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.
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Volatility by Period
| QIS | EVSM | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 14.48% | 0.42% | +14.06% |
Volatility (6M)Calculated over the trailing 6-month period | 32.96% | 0.91% | +32.05% |
Volatility (1Y)Calculated over the trailing 1-year period | 40.15% | 1.30% | +38.85% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 30.10% | 1.89% | +28.21% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 30.10% | 1.89% | +28.21% |
QIS vs. EVSM - Expense Ratio Comparison
QIS has a 1.00% expense ratio, which is higher than EVSM's 0.19% expense ratio.
Dividends
QIS vs. EVSM - Dividend Comparison
QIS's dividend yield for the trailing twelve months is around 2.00%, less than EVSM's 3.02% yield.
| Position | TTM | 2025 | 2024 | 2023 |
|---|---|---|---|---|
EVSM Eaton Vance Short Duration Municipal Income ETF | 3.02% | 3.12% | 2.99% | 0.00% |
QIS Simplify Multi-Qis Alternative ETF | 2.00% | 3.37% | 1.07% | 3.29% |
Frequently Asked Questions
QIS and EVSM have a correlation of -0.24, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
QIS has higher volatility (14.48%) compared to EVSM (0.42%). In terms of maximum drawdown, QIS dropped -62.82% vs EVSM's -1.50%.
On 1-year performance, EVSM leads with 2.57% vs -48.32% for QIS. On fees, EVSM is cheaper at 0.19% per year. On volatility, EVSM has been the lower-risk option at 0.42%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, EVSM has performed better with a 2.57% return vs -48.32%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
EVSM is cheaper with a 0.19% expense ratio, compared with 1.00% for QIS.
EVSM has the higher dividend yield at 3.02%, compared with 2.00% for QIS.
QIS is categorized as Multistrategy, while EVSM is Municipal Bonds. They also come from different issuers: Simplify and Eaton Vance. Their fees differ too: 1.00% for QIS and 0.19% for EVSM.
EVSM currently has the higher Sharpe Ratio (2.21 vs -1.26), 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.
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