BDJ vs SPY
Blackrock Enhanced Equity Dividend Trust vs State Street SPDR S&P 500 ETF Trust
Which is better, BDJ or SPY?
Multi Alternative against Large Cap Blend.
SPY has a lower expense ratio. SPY led over 1Y, 3Y, 5Y and the full window. BDJ is less concentrated, with 25.2% of the fund in its ten largest positions against 38.0%.
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 | BDJ | SPY |
|---|---|---|
| Expense Ratio | 0.84% | 0.09%Best |
| AUM | $1.9B | $814.4B |
| Dividend Yield | 8.22% | 1.01% |
| Holdings | 307 | 505 |
| YTD Return | +11.27% | +13.78%Best |
| 1Y Return | +20.47% | +21.44%Best |
| 3Y Return (annualized) | +18.40% | +21.38%Best |
| 5Y Return (annualized) | +9.48% | +12.80%Best |
| Volatility (annualized) | 17.5% | 15.0%Best |
| Max Drawdown | -67.3% | -56.5%Best |
| $10,000 over 5 years | $15,728 | $18,262Best |
| Top 10 Weight | 25.2%Best | 38.0% |
| Fund Family | BlackRock, Inc. (US) | State Street Investment Management |
| Category | Alternative | Equity |
| Style | Multi Alternative | Large Cap Blend |
| Inception | Aug 26, 2005 | Jan 22, 1993 |
Volatility and max drawdown are measured over the window both funds cover: Aug 26, 2005 to Sep 3, 2026 (21 years).
BDJ vs SPY 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 is available from the range buttons; it is not the opening view here because over the whole period one of these two funds moves so much further than the other that its line would sit flat on the axis.
BDJ vs SPY Performance
Blackrock Enhanced Equity Dividend Trust (BDJ) is an ETF from BlackRock, Inc. (US) and State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management. Over the past year BDJ returned +20.47% while SPY returned +21.44%. Year to date, BDJ is up 11.27% versus a gain of 13.78% for SPY.
Over three years, BDJ compounded at +18.40% per year against +21.38% for SPY; over five years the annualized figures are +9.48% and +12.80% respectively. Across the full 21-year window we track, SPY has the edge at +9.62% annualized vs +0.48%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
BDJ has been the more volatile fund, with annualized monthly volatility of 17.5% compared with 15.0% for SPY. 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 -67.3% for BDJ and -56.5% for SPY. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.76. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
BDJ charges 0.84% per year while SPY charges 0.09%. On a $10,000 position that is $84 vs $9 annually, a gap of $75 per year that compounds over a long holding period. On income, BDJ currently yields 8.22% against 1.01% for SPY.
Holdings Overlap
74.3% of BDJ's money is in holdings SPY also owns. 26.8% of SPY's money is in holdings BDJ also owns.
Most of BDJ is already inside SPY. Owning both mostly buys the same companies twice.
The two holdings books were reported 126 days apart, BDJ as of Mar 31, 2026 and SPY as of Aug 4, 2026, so some of the difference between them is the time between the two reports rather than the funds.
60 positions in common, counted across the 85 positions we hold weights for in BDJ and 504 in SPY, against full books of 307 and 505.
What only one of them owns
Our book lists 436 positions for SPY that do not appear in our book for BDJ (72.7% of the fund), and 14 for BDJ that do not appear in SPY (11.8%).
Some of those will be the same company recorded under a different code in one of the two books, so the real difference in what you would own is no larger than this and may be smaller. We do not name the individual positions here for that reason.
Top Shared Holdings
| Stock | Weight in BDJ | Weight in SPY | Difference |
|---|---|---|---|
| MSFTMicrosoft Corp 4.100 Feb 06 37 | 2.72% | 5.50% | 2.78% |
| AMZNAmazon.Com Inc | 2.41% | 4.08% | 1.67% |
| GOOGAlphabet Inc. C | 2.09% | 2.67% | 0.58% |
| METAMeta Platform Inc | 2.03% | 1.94% | 0.09% |
| CCitigroup Inc. | 2.88% | 0.35% | 2.53% |
| WFCWells Fargo & Co. | 2.79% | 0.41% | 2.38% |
| ICEInternational Exchange, Inc. | 2.64% | 0.13% | 2.51% |
| JPMJpmorgan Chase | 1.11% | 1.44% | 0.33% |
| CVSCvs Health Corp. | 2.13% | 0.20% | 1.93% |
| MRKMerck & Company Inc | 1.84% | 0.47% | 1.37% |
74.3% of BDJ is already inside SPY.
You probably hold more than these two. Add the rest and see how much of the whole book is the same companies twice.
Free for up to 10 holdings. No account needed.
Frequently Asked Questions
Which is cheaper, BDJ or SPY?
BDJ has an expense ratio of 0.84% while SPY charges 0.09%. SPY is the cheaper option, by $75 a year on a $10,000 investment.
Which performed better, BDJ or SPY?
Over the past year BDJ returned +20.47% vs +21.44% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (21 years), BDJ annualized +0.48% vs +9.62% for SPY. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, BDJ or SPY?
BDJ has been the more volatile fund at 17.5% annualized versus 15.0% for SPY. Worst drawdown: BDJ -67.3% vs SPY -56.5%.
Should I hold both BDJ and SPY?
BDJ and SPY have a monthly-return correlation of 0.76, so their returns are far enough apart for the mix to behave differently from either one alone. This is information, not a recommendation.
What is the holdings overlap between BDJ and SPY?
74.3% of BDJ's money is in holdings SPY also owns. 26.8% of SPY's is in holdings BDJ also owns. They hold 60 positions in common, counted across the 85 positions we hold weights for in BDJ and 504 in SPY.
Which pays a higher dividend, BDJ or SPY?
BDJ yields 8.22% while SPY yields 1.01%, so BDJ currently pays the higher dividend yield.
Is SPY better than BDJ?
SPY has a lower expense ratio. SPY led over 1Y, 3Y, 5Y and the full window. BDJ is less concentrated, with 25.2% of the fund in its ten largest positions against 38.0%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.