BOE vs SPY
BlackRock Enhanced Global Dividend Trust vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
SPY has a lower expense ratio. SPY delivered stronger 1-year returns. SPY offers more diversification with 505 holdings.
Side-by-Side Comparison
| Metric | BOE | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.90% | 0.09% | |
| AUM | $757M | $821.1B | |
| Dividend Yield | 7.56% | 1.01% | |
| Holdings | 169 | 505 | |
| YTD Return | +10.81% | +14.24% | |
| 1Y Return | +17.85% | +21.71% | |
| 3Y Return (annualized) | +16.95% | +22.10% | |
| 5Y Return (annualized) | +7.60% | +13.21% | |
| Volatility (annualized) | 19.3% | 15.3% | |
| Max Drawdown | -76.2% | -56.5% | |
| Fund Family | BlackRock, Inc. (US) | State Street Investment Management | |
| Category | Equity | Equity | |
| Inception | May 26, 2005 | Jan 22, 1993 |
BOE vs SPY Performance
BlackRock Enhanced Global Dividend Trust (BOE) is a ETF from BlackRock, Inc. (US) and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year BOE returned +17.85% while SPY returned +21.71%. Year to date, BOE is up 10.81% versus a gain of 14.24% for SPY.
Over three years, BOE compounded at +16.95% per year against +22.10% for SPY; over five years the annualized figures are +7.60% and +13.21% respectively. Across the full 21-year window we track, SPY has the edge at +8.86% annualized vs -1.31%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
BOE has been the more volatile fund, with annualized monthly volatility of 19.3% compared with 15.3% 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 -76.2% for BOE and -56.5% for SPY. Drawdown depth is worth weighing if you expect to sell during market stress rather than ride it out.
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
BOE charges 0.90% per year while SPY charges 0.09%. On a $10,000 position that is $90 vs $9 annually, a gap of $81 per year that compounds over a long holding period. On income, BOE currently yields 7.56% against 1.01% for SPY.
Holdings Overlap
BOE and SPY share 26 holdings out of 529 unique holdings combined, representing a 21.3% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Frequently Asked Questions
Which is cheaper, BOE or SPY?
BOE has an expense ratio of 0.90% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $81 per year of difference.
Which performed better, BOE or SPY?
Over the past year BOE returned +17.85% vs +21.71% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (21 years), BOE annualized -1.31% vs +8.86% for SPY. Past performance does not guarantee future results.
Which is riskier, BOE or SPY?
BOE has been the more volatile fund at 19.3% annualized versus 15.3% for SPY. Worst drawdown: BOE -76.2% vs SPY -56.5%.
Should I hold both BOE and SPY?
BOE and SPY have a monthly-return correlation of 0.76, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between BOE and SPY?
BOE and SPY share 26 common holdings with a 21.3% weight overlap. Combined, they hold 529 unique securities.
Which pays a higher dividend, BOE or SPY?
BOE yields 7.56% while SPY yields 1.01%, so BOE currently pays the higher dividend yield.
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