TBUX vs. EVSD

Last updated Jun 14, 2026

TBUX (T. Rowe Price Ultra Short-Term Bond ETF) and EVSD (Eaton Vance Short Duration Income ETF) are both exchange-traded funds - TBUX is a Ultrashort Bond fund actively managed by T. Rowe Price, while EVSD is a Short-Term Bond fund actively managed by Eaton Vance. Both are actively managed. Over the past year, TBUX returned 4.79% vs 4.77% for EVSD. At a 0.46 correlation, their price movements are largely independent. TBUX charges 0.17%/yr vs 0.24%/yr for EVSD.

Performance

TBUX vs. EVSD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in T. Rowe Price Ultra Short-Term Bond ETF (TBUX) and Eaton Vance Short Duration Income ETF (EVSD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TBUX achieves a 1.83% return, which is significantly higher than EVSD's 0.91% return.

TBUX

• 1D: 0.00%
• 1M: 0.41%
• YTD: 1.83%
• 6M: 2.14%
• 1Y: 4.79%
• 3Y*: 5.89%
• 5Y*: —
• 10Y*: —

EVSD

• 1D: -0.03%
• 1M: 0.36%
• YTD: 0.91%
• 6M: 1.33%
• 1Y: 4.77%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

TBUX vs. EVSD - Yearly Performance Comparison

	2026 (YTD)	2025	2024
TBUX T. Rowe Price Ultra Short-Term Bond ETF	1.83%	5.37%	3.36%
EVSD Eaton Vance Short Duration Income ETF	0.91%	6.80%	3.86%

Correlation

The correlation between TBUX and EVSD is 0.51, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.51
Correlation (All Time) Calculated using the full available price history since Jun 17, 2024	0.46

The correlation between TBUX and EVSD has been stable across timeframes, ranging from 0.46 to 0.51 - a consistent structural relationship.

Return for Risk

TBUX vs. EVSD — Risk / Return Rank

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

TBUX

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

EVSD

EVSD Risk / Return Rank: 90
EVSD Sharpe Ratio Rank: 94
EVSD Sortino Ratio Rank: 95
EVSD Omega Ratio Rank: 95
EVSD Calmar Ratio Rank: 80
EVSD Martin Ratio Rank: 85

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.

TBUX vs. EVSD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price Ultra Short-Term Bond ETF (TBUX) and Eaton Vance Short Duration Income ETF (EVSD). 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.

	TBUX	EVSD	Difference
Sharpe ratio: Return per unit of total volatility	7.19	3.05	+4.14
Sortino ratio: Return per unit of downside risk	14.51	4.88	+9.63
Omega ratio: Gain probability vs. loss probability	3.12	1.65	+1.48
Calmar ratio: Return relative to maximum drawdown	48.17	3.72	+44.44
Martin ratio: Return relative to average drawdown	182.82	15.56	+167.26

TBUX vs. EVSD - Sharpe Ratio Comparison

The current TBUX Sharpe Ratio is 7.19, which is higher than the EVSD Sharpe Ratio of 3.05. The chart below compares the historical Sharpe Ratios of TBUX and EVSD, 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

TBUX vs. EVSD - Drawdown Comparison

The maximum TBUX drawdown since its inception was -1.82%, which is greater than EVSD's maximum drawdown of -1.26%. Use the drawdown chart below to compare losses from any high point for TBUX and EVSD.

Drawdown Indicators

	TBUX	EVSD	Difference
Max Drawdown Largest peak-to-trough decline	-1.82%	-1.26%	-0.56%
Max Drawdown (1Y) Largest decline over 1 year	-0.10%	-1.26%	+1.16%
Max Drawdown (3Y) Largest decline over 3 years	-0.33%	—	—
Current Drawdown Current decline from peak	0.00%	-0.04%	+0.04%
Average Drawdown Average peak-to-trough decline	-0.28%	-0.19%	-0.09%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.03%	0.30%	-0.27%

Volatility

TBUX vs. EVSD - Volatility Comparison

The current volatility for T. Rowe Price Ultra Short-Term Bond ETF (TBUX) is 0.22%, while Eaton Vance Short Duration Income ETF (EVSD) has a volatility of 0.55%. This indicates that TBUX experiences smaller price fluctuations and is considered to be less risky than EVSD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TBUX	EVSD	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.22%	0.55%	-0.33%
Volatility (6M) Calculated over the trailing 6-month period	0.46%	1.18%	-0.72%
Volatility (1Y) Calculated over the trailing 1-year period	0.67%	1.54%	-0.87%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.07%	1.94%	-0.87%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.07%	1.94%	-0.87%

TBUX vs. EVSD - Expense Ratio Comparison

TBUX has a 0.17% expense ratio, which is lower than EVSD's 0.24% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

TBUX vs. EVSD - Dividend Comparison

TBUX's dividend yield for the trailing twelve months is around 4.48%, less than EVSD's 4.61% yield.

Position	TTM	2025	2024	2023	2022	2021
EVSD Eaton Vance Short Duration Income ETF	4.61%	4.64%	2.91%	0.00%	0.00%	0.00%
TBUX T. Rowe Price Ultra Short-Term Bond ETF	4.48%	4.67%	5.39%	4.66%	2.58%	0.27%

Frequently Asked Questions

Can I hold both TBUX and EVSD in my portfolio?

TBUX and EVSD have a correlation of 0.51, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TBUX or EVSD?

EVSD has higher volatility (0.55%) compared to TBUX (0.22%). In terms of maximum drawdown, TBUX dropped -1.82% vs EVSD's -1.26%.

Which ETF is better, TBUX or EVSD?

On 1-year performance, TBUX leads with 4.79% vs 4.77% for EVSD. On fees, TBUX is cheaper at 0.17% per year. On volatility, TBUX has been the lower-risk option at 0.22%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TBUX or EVSD?

Over the 1-year period, TBUX has performed better with a 4.79% return vs 4.77%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TBUX or EVSD?

TBUX is cheaper with a 0.17% expense ratio, compared with 0.24% for EVSD.

Which ETF pays a higher dividend yield, TBUX or EVSD?

EVSD has the higher dividend yield at 4.61%, compared with 4.48% for TBUX.

What is the main difference between TBUX and EVSD?

TBUX is categorized as Ultrashort Bond, while EVSD is Short-Term Bond. They also come from different issuers: T. Rowe Price and Eaton Vance. Their fees differ too: 0.17% for TBUX and 0.24% for EVSD.

Which has better risk-adjusted returns?

TBUX currently has the higher Sharpe Ratio (7.19 vs 3.05), 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.