In plain terms — Eaton Vance Short Duration Diversified Income Fund
Shares currently cost about 6.1% less than the value of the assets behind them (a discount).
Over the past year it has averaged a 4.1% discount, so today's level is somewhat wide for this fund (Z-score -1.4). That describes the past; it does not predict where the discount goes next.
It pays regular distributions worth about 8.4% a year of the share price (7.9% of the assets). That is a payout rate, not a return: part of it may be capital being handed back.
Because the shares trade below the value of their assets, each dollar of reinvested distributions buys about $1.06 of assets — a ReinvestCapture™ rate of 8.9%, more than the payout rate itself. That is buying power, not a return.
The assets themselves grew 3.3% over the past year including distributions (NAV total return).
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Price and NAV, past year
Snapshot
Valuation vs. history
| Window | Average prem/disc | Std. dev. | Z-score | Observations |
|---|---|---|---|---|
| 3 months | -5.17% | 1.48% | -0.50 | 55 |
| 6 months | -4.66% | 1.25% | -1.01 | 107 |
| 1 year | -4.15% | 1.28% | -1.38 | 208 |
| 3 years | -3.10% | — | — | — |
| 5 years | -3.30% | — | — | — |
Current contemporaneous premium/discount -5.91% (close Oct 14, 2026 vs NAV Oct 13, 2026). 1-year range -8.34% to -0.97%. A negative Z-score means a wider discount than the window average — not that the fund is undervalued.
Performance
| Series | 1M | 3M | YTD | 1Y | 3Y (ann.) | 5Y (ann.) |
|---|---|---|---|---|---|---|
| Market price return | -2.22% | -7.08% | -7.42% | -9.65% | -0.07% | -6.09% |
| Market price total return | -1.53% | -5.13% | -1.51% | -1.90% | +8.69% | +2.78% |
| NAV return | -1.46% | -3.22% | -4.83% | -4.58% | +0.69% | -4.26% |
| NAV total return | -0.80% | -1.28% | +0.99% | +3.28% | +9.23% | +4.50% |
Through Oct 14, 2026. Total return reinvests distributions at the series value on the ex-date. Cumulative ≤ 1 year, annualised beyond.
About the fund
Managed by Eaton Vance Management, this closed-end mutual fund focuses on diversified fixed-income opportunities. It primarily allocates capital within the U.S. fixed income market, constructing its portfolio with a focus on senior, secured floating-rate loans, foreign-currency denominated bank deposits, debt obligations from international governments and corporations, and mortgage-backed securities. The fund diversifies its fixed income holdings across numerous economic sectors. The underlying fixed income assets typically feature an average duration of 1.76 years and an average credit quality of at least BBB-. Performance is measured against the S&P/LSTA Leveraged Loan Index. Formed in the United States on February 28, 2005, the fund was formerly designated as the Eaton Vance Low Duration Diversified Income Fund.
CEF Explorer research page for Eaton Vance Short Duration Diversified Income Fund. Figures carry their own dates and sources; a discount to NAV does not guarantee convergence or any return. This is not investment advice.