VYSAX vs. ETMGX

Last updated Jul 17, 2026

VYSAX (Voya MI Dynamic Small Cap Fund Class I) and ETMGX (Eaton Vance Tax-Managed Small-Cap Fund) are both Small Cap Growth Equities funds. Over the past 10 years, VYSAX returned 8.87%/yr vs 8.14%/yr for ETMGX. Their correlation of 0.91 suggests significant overlap in exposure. VYSAX charges 0.86%/yr vs 1.11%/yr for ETMGX.

Performance

VYSAX vs. ETMGX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Voya MI Dynamic Small Cap Fund Class I (VYSAX) and Eaton Vance Tax-Managed Small-Cap Fund (ETMGX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VYSAX achieves a 16.86% return, which is significantly higher than ETMGX's 8.37% return. Over the past 10 years, VYSAX has outperformed ETMGX with an annualized return of 8.87%, while ETMGX has yielded a comparatively lower 8.14% annualized return.

VYSAX

• 1D: 0.30%
• 1M: 1.89%
• 6M: 11.86%
• YTD: 16.86%
• 1Y: 27.70%
• 3Y*: 14.53%
• 5Y*: 7.78%
• 10Y*: 8.87%

ETMGX

• 1D: 0.17%
• 1M: 2.58%
• 6M: 1.65%
• YTD: 8.37%
• 1Y: 3.72%
• 3Y*: 4.26%
• 5Y*: 2.91%
• 10Y*: 8.14%

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

VYSAX vs. ETMGX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VYSAX Voya MI Dynamic Small Cap Fund Class I	16.86%	8.38%	10.56%	17.97%	-16.32%	14.00%	12.20%	25.90%	-16.35%	11.20%
ETMGX Eaton Vance Tax-Managed Small-Cap Fund	8.37%	-6.63%	11.43%	11.06%	-16.53%	20.91%	12.33%	27.32%	-5.86%	15.26%

Correlation

The correlation between VYSAX and ETMGX is 0.71, 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	0.71
Correlation (3Y) Calculated over the trailing 3-year period	0.81
Correlation (5Y) Calculated over the trailing 5-year period	0.87
Correlation (10Y) Calculated over the trailing 10-year period	0.90
Correlation (All Time) Calculated using the full available price history since Aug 3, 2012	0.91

Over the past year, the correlation between VYSAX and ETMGX has dropped to 0.71 - well below their long-term average of 0.91, suggesting their price drivers have been diverging.

Return for Risk

VYSAX vs. ETMGX — Risk / Return Rank

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

VYSAX

VYSAX Risk / Return Rank: 54
VYSAX Sharpe Ratio Rank: 55
VYSAX Sortino Ratio Rank: 57
VYSAX Omega Ratio Rank: 45
VYSAX Calmar Ratio Rank: 62
VYSAX Martin Ratio Rank: 52

ETMGX

ETMGX Risk / Return Rank: 5
ETMGX Sharpe Ratio Rank: 5
ETMGX Sortino Ratio Rank: 5
ETMGX Omega Ratio Rank: 5
ETMGX Calmar Ratio Rank: 5
ETMGX Martin Ratio Rank: 5

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.

VYSAX vs. ETMGX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Voya MI Dynamic Small Cap Fund Class I (VYSAX) and Eaton Vance Tax-Managed Small-Cap Fund (ETMGX). 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.

	VYSAX	ETMGX	Difference
Sharpe ratio: Return per unit of total volatility	1.75	0.26	+1.49
Sortino ratio: Return per unit of downside risk	2.50	0.51	+1.99
Omega ratio: Gain probability vs. loss probability	1.29	1.06	+0.24
Calmar ratio: Return relative to maximum drawdown	2.55	0.31	+2.23
Martin ratio: Return relative to average drawdown	8.90	0.70	+8.20

VYSAX vs. ETMGX - Sharpe Ratio Comparison

The current VYSAX Sharpe Ratio is 1.75, which is higher than the ETMGX Sharpe Ratio of 0.26. The chart below compares the historical Sharpe Ratios of VYSAX and ETMGX, 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

VYSAX vs. ETMGX - Drawdown Comparison

The maximum VYSAX drawdown since its inception was -54.76%, which is greater than ETMGX's maximum drawdown of -37.02%. Use the drawdown chart below to compare losses from any high point for VYSAX and ETMGX.

Drawdown Indicators

	VYSAX	ETMGX	Difference
Max Drawdown Largest peak-to-trough decline	-54.76%	-37.02%	-17.74%
Max Drawdown (1Y) Largest decline over 1 year	-12.47%	-13.14%	+0.67%
Max Drawdown (3Y) Largest decline over 3 years	-24.40%	-22.28%	-2.12%
Max Drawdown (5Y) Largest decline over 5 years	-38.82%	-25.14%	-13.68%
Max Drawdown (10Y) Largest decline over 10 years	-43.28%	-37.02%	-6.26%
Current Drawdown Current decline from peak	-1.53%	-7.12%	+5.59%
Average Drawdown Average peak-to-trough decline	-11.81%	-6.60%	-5.21%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.45%	5.92%	-2.47%

Volatility

VYSAX vs. ETMGX - Volatility Comparison

The current volatility for Voya MI Dynamic Small Cap Fund Class I (VYSAX) is 3.53%, while Eaton Vance Tax-Managed Small-Cap Fund (ETMGX) has a volatility of 4.33%. This indicates that VYSAX experiences smaller price fluctuations and is considered to be less risky than ETMGX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VYSAX	ETMGX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.53%	4.33%	-0.80%
Volatility (6M) Calculated over the trailing 6-month period	13.59%	11.52%	+2.07%
Volatility (1Y) Calculated over the trailing 1-year period	18.29%	16.34%	+1.95%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	27.30%	18.78%	+8.52%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.37%	19.88%	+5.49%

VYSAX vs. ETMGX - Expense Ratio Comparison

VYSAX has a 0.86% expense ratio, which is lower than ETMGX's 1.11% expense ratio.

Dividends

VYSAX vs. ETMGX - Dividend Comparison

VYSAX's dividend yield for the trailing twelve months is around 10.43%, more than ETMGX's 6.50% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ETMGX Eaton Vance Tax-Managed Small-Cap Fund	6.50%	7.04%	2.85%	1.36%	2.80%	8.28%	0.09%	6.50%	7.75%	11.87%	6.00%	5.50%
VYSAX Voya MI Dynamic Small Cap Fund Class I	10.43%	12.19%	13.06%	0.43%	0.43%	24.83%	0.14%	0.26%	19.83%	12.11%	6.53%	17.31%

Frequently Asked Questions

Can I hold both VYSAX and ETMGX in my portfolio?

VYSAX and ETMGX have a correlation of 0.71, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VYSAX or ETMGX?

ETMGX has higher volatility (4.33%) compared to VYSAX (3.53%). In terms of maximum drawdown, VYSAX dropped -54.76% vs ETMGX's -37.02%.

Which has better risk-adjusted returns?

VYSAX currently has the higher Sharpe Ratio (1.75 vs 0.26), 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.