QIS vs. EVSM

Last updated Jun 23, 2026

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 -49.65% vs 3.77% for EVSM. At a correlation of -0.02, they often move in opposite directions. QIS charges 1.00%/yr vs 0.19%/yr for EVSM.

Performance

QIS vs. EVSM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Simplify Multi-Qis Alternative ETF (QIS) 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, QIS achieves a -28.64% return, which is significantly lower than EVSM's 1.19% return.

QIS

• 1D: -0.88%
• 1M: -19.76%
• YTD: -28.64%
• 6M: -29.46%
• 1Y: -49.65%
• 3Y*: —
• 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)

QIS vs. EVSM - Yearly Performance Comparison

	2026 (YTD)	2025	2024
QIS Simplify Multi-Qis Alternative ETF	-28.64%	-38.02%	-1.85%
EVSM Eaton Vance Short Duration Municipal Income ETF	1.19%	4.24%	2.43%

Correlation

The correlation between QIS and EVSM is -0.18, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.18
Correlation (All Time) Calculated using the full available price history since Mar 25, 2024	-0.02

The correlation between QIS and EVSM shifts across timeframes, from -0.18 (1 year) to -0.02 (all time), reflecting how their relationship changes across market environments.

Return for Risk

QIS vs. EVSM — Risk / Return Rank

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

QIS

QIS Risk / Return Rank: 1
QIS Sharpe Ratio Rank: 0
QIS Sortino Ratio Rank: 1
QIS Omega Ratio Rank: 0
QIS Calmar Ratio Rank: 1
QIS Martin Ratio Rank: 1

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.

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 ratio: Return per unit of total volatility	-1.28	3.00	-4.28
Sortino ratio: Return per unit of downside risk	-2.02	4.70	-6.72
Omega ratio: Gain probability vs. loss probability	0.77	1.63	-0.86
Calmar ratio: Return relative to maximum drawdown	-0.92	3.52	-4.44
Martin ratio: Return relative to average drawdown	-1.56	12.53	-14.09

QIS vs. EVSM - Sharpe Ratio Comparison

The current QIS Sharpe Ratio is -1.28, which is lower than the EVSM Sharpe Ratio of 3.00. The chart below compares the historical Sharpe Ratios of QIS 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

QIS vs. EVSM - Drawdown Comparison

The maximum QIS drawdown since its inception was -58.39%, 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.

Drawdown Indicators

	QIS	EVSM	Difference
Max Drawdown Largest peak-to-trough decline	-58.39%	-1.50%	-56.89%
Max Drawdown (1Y) Largest decline over 1 year	-54.12%	-1.07%	-53.05%
Current Drawdown Current decline from peak	-58.16%	-0.08%	-58.08%
Average Drawdown Average peak-to-trough decline	-14.39%	-0.24%	-14.15%
Ulcer Index Depth and duration of drawdowns from previous peaks	31.91%	0.30%	+31.61%

Volatility

QIS vs. EVSM - Volatility Comparison

Simplify Multi-Qis Alternative ETF (QIS) has a higher volatility of 11.73% compared to Eaton Vance Short Duration Municipal Income ETF (EVSM) at 0.33%. 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.

Volatility by Period

	QIS	EVSM	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.73%	0.33%	+11.40%
Volatility (6M) Calculated over the trailing 6-month period	30.32%	0.84%	+29.48%
Volatility (1Y) Calculated over the trailing 1-year period	38.95%	1.27%	+37.68%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	29.36%	1.91%	+27.45%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	29.36%	1.91%	+27.45%

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 1.89%, less than EVSM's 3.00% yield.

Position	TTM	2025	2024	2023
EVSM Eaton Vance Short Duration Municipal Income ETF	3.00%	3.12%	2.99%	0.00%
QIS Simplify Multi-Qis Alternative ETF	1.89%	3.37%	1.07%	3.29%

Frequently Asked Questions

Can I hold both QIS and EVSM in my portfolio?

QIS and EVSM have a correlation of -0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, QIS or EVSM?

QIS has higher volatility (11.73%) compared to EVSM (0.33%). In terms of maximum drawdown, QIS dropped -58.39% vs EVSM's -1.50%.

Which ETF is better, QIS or EVSM?

On 1-year performance, EVSM leads with 3.77% vs -49.65% for QIS. On fees, EVSM is cheaper at 0.19% per year. On volatility, EVSM has been the lower-risk option at 0.33%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, QIS or EVSM?

Over the 1-year period, EVSM has performed better with a 3.77% return vs -49.65%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, QIS or EVSM?

EVSM is cheaper with a 0.19% expense ratio, compared with 1.00% for QIS.

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

EVSM has the higher dividend yield at 3.00%, compared with 1.89% for QIS.

What is the main difference between QIS and EVSM?

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.

Which has better risk-adjusted returns?

EVSM currently has the higher Sharpe Ratio (3.00 vs -1.28), 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.