EVSM vs MMD
Eaton Vance Short Duration Municipal Income ETF vs NYLIM MacKay DefinedTerm Muni Opportunities Fund
Which is better, EVSM or MMD?
EVSM has been ahead.
EVSM has a lower expense ratio. EVSM led over 1Y and the full window.
MarketXLS is not an investment adviser. This comparison is generated automatically from market data and is for information only. A Best mark means the better reading on that one measure, not a recommendation to buy.
Side-by-Side Comparison
| Metric | EVSM | MMD |
|---|---|---|
| Expense Ratio | 0.19%Best | 2.33% |
| AUM | $892M | $478M |
| Dividend Yield | 3.02% | 4.82% |
| Holdings | 784 | 96 |
| YTD Return | +0.32%Best | -3.70% |
| 1Y Return | +0.73%Best | -3.89% |
| 3Y Return (annualized) | - | +2.13% |
| 5Y Return (annualized) | - | -3.67% |
| Volatility (annualized) | 1.8%Best | 10.6% |
| Max Drawdown | -2.0%Best | -17.1% |
| $10,000 over 2.6 years | $10,739Best | $9,574 |
| Fund Family | Eaton Vance | New York Life Investments |
| Category | Tax Preferred | Tax Preferred |
| Style | Municipal Bond | Municipal Bond |
| Inception | Mar 25, 2024 | Jun 27, 2012 |
Not shown on this pair: Top 10 Weight.
Volatility and max drawdown, and the $10,000 over 2.6 years row, are measured over the window both funds cover: Mar 25, 2024 to Oct 13, 2026 (2.6 years).
EVSM vs MMD growth
Month-end closes. Both lines start at 0% in the first month shown, so the gap between them is the difference in growth across that window. The full view covers the 2.6 years both funds cover.
EVSM vs MMD Performance
Eaton Vance Short Duration Municipal Income ETF (EVSM) is an ETF from Eaton Vance and NYLIM MacKay DefinedTerm Muni Opportunities Fund (MMD) is an ETF from New York Life Investments. Over the past year EVSM returned +0.73% while MMD returned -3.89%. Year to date, EVSM is up 0.32% versus a loss of 3.70% for MMD.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
MMD has been the more volatile fund, with annualized monthly volatility of 10.6% compared with 1.8% for EVSM. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -2.0% for EVSM and -17.1% for MMD. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.78. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
EVSM charges 0.19% per year while MMD charges 2.33%. On a $10,000 position that is $19 vs $233 annually, a gap of $214 per year that compounds over a long holding period. On income, EVSM currently yields 3.02% against 4.82% for MMD.
Holdings Overlap
We hold position weights for 99 holdings in EVSM and 34 in MMD, totalling 27.8% and 46.5% of the two funds. Neither is a share of a fund we can divide by, so no overlap percentage is shown here. Within what we can see, 1 positions appear in both.
The two holdings books were reported 77 days apart, EVSM as of Sep 15, 2026 and MMD as of Jun 30, 2026, so some of the difference between them is the time between the two reports rather than the funds.
1 positions in common, counted across the 99 positions we hold weights for in EVSM and 34 in MMD, against full books of 784 and 96.
Top Shared Holdings
| Stock | Weight in EVSM | Weight in MMD | Difference |
|---|---|---|---|
| IL MPNFAC 5 06/15/20Metropolitan Pier & Exposition Authority 0.05 06/15/2057 | 0.19% | 1.51% | 1.32% |
You are not choosing between two funds in isolation.
Whichever of EVSM and MMD you pick has to sit alongside everything else you own. Add the rest and see what the combination actually holds.
Free for up to 10 holdings. No account needed.
Frequently Asked Questions
Which is cheaper, EVSM or MMD?
EVSM has an expense ratio of 0.19% while MMD charges 2.33%. EVSM is the cheaper option, by $214 a year on a $10,000 investment.
Which performed better, EVSM or MMD?
Over the past year EVSM returned +0.73% vs -3.89% for MMD, so EVSM leads on 1-year performance. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, EVSM or MMD?
MMD has been the more volatile fund at 10.6% annualized versus 1.8% for EVSM. Worst drawdown: EVSM -2.0% vs MMD -17.1%.
Should I hold both EVSM and MMD?
EVSM and MMD have a monthly-return correlation of 0.78, so their returns are far enough apart for the mix to behave differently from either one alone. This is information, not a recommendation.
Which pays a higher dividend, EVSM or MMD?
EVSM yields 3.02% while MMD yields 4.82%, so MMD currently pays the higher dividend yield.
Is MMD better than EVSM?
EVSM has a lower expense ratio. EVSM led over 1Y and the full window. Which one suits a particular account depends on what it is for. This is information, not a recommendation.