CII vs SPY
BlackRock Enhanced Capital and Income Fund, Inc vs State Street SPDR S&P 500 ETF Trust
Which is better, CII or SPY?
Multi Alternative against Large Cap Blend.
SPY has a lower expense ratio. CII led over 1Y and 5Y, SPY over 3Y and the full window. SPY is less concentrated, with 38.0% of the fund in its ten largest positions against 46.5%.
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 | CII | SPY |
|---|---|---|
| Expense Ratio | 0.91% | 0.09%Best |
| AUM | $1.1B | $814.4B |
| Dividend Yield | 16.48% | 1.01% |
| Holdings | 147 | 505 |
| YTD Return | +10.30% | +13.34%Best |
| 1Y Return | +27.39%Best | +19.97% |
| 3Y Return (annualized) | +19.78% | +21.20%Best |
| 5Y Return (annualized) | +12.82%Best | +12.81% |
| Volatility (annualized) | 17.9% | 14.7%Best |
| Max Drawdown | -64.8% | -56.5%Best |
| $10,000 over 5 years | $18,278Best | $18,270 |
| Top 10 Weight | 46.5% | 38.0%Best |
| Fund Family | BlackRock, Inc. (US) | State Street Investment Management |
| Category | Alternative | Equity |
| Style | Multi Alternative | Large Cap Blend |
| Inception | Apr 27, 2004 | Jan 22, 1993 |
Volatility and max drawdown are measured over the window both funds cover: Apr 28, 2004 to Sep 4, 2026 (22.4 years).
CII 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 covers the 22.4 years both funds cover.
CII vs SPY Performance
BlackRock Enhanced Capital and Income Fund, Inc (CII) 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 CII returned +27.39% while SPY returned +19.97%. Year to date, CII is up 10.30% versus a gain of 13.34% for SPY.
Over three years, CII compounded at +19.78% per year against +21.20% for SPY; over five years the annualized figures are +12.82% and +12.81% respectively. Across the full 22-year window we track, SPY has the edge at +9.34% annualized vs +3.24%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
CII has been the more volatile fund, with annualized monthly volatility of 17.9% compared with 14.7% 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 -64.8% for CII 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 0.80. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
CII charges 0.91% per year while SPY charges 0.09%. On a $10,000 position that is $91 vs $9 annually, a gap of $82 per year that compounds over a long holding period. On income, CII currently yields 16.48% against 1.01% for SPY.
Holdings Overlap
87.7% of CII's money is in holdings SPY also owns. 41.0% of SPY's money is in holdings CII also owns.
Most of CII is already inside SPY. Owning both mostly buys the same companies twice.
The two holdings books were reported 126 days apart, CII 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.
30 positions in common, counted across the 37 positions we hold weights for in CII and 504 in SPY, against full books of 147 and 505.
What only one of them owns
Our book lists 466 positions for SPY that do not appear in our book for CII (58.5% of the fund), and 6 for CII that do not appear in SPY (11.4%).
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 CII | Weight in SPY | Difference |
|---|---|---|---|
| NVDANvidia Corp. | 7.11% | 7.71% | 0.60% |
| MSFTMicrosoft Corp 4.100 Feb 06 37 | 5.31% | 5.50% | 0.19% |
| AMZNAmazon.Com Inc | 6.53% | 4.08% | 2.45% |
| AAPLApple, Inc | 3.72% | 6.83% | 3.11% |
| GOOGLAlphabet Inc.Class A | 4.90% | 3.33% | 1.57% |
| METAMeta Platform Inc | 4.60% | 1.94% | 2.66% |
| AVGOBroadcom Inc Sr Un**exchange & Consent* | 2.60% | 2.97% | 0.37% |
| VVisa Inc Class A | 3.24% | 0.92% | 2.32% |
| MUMicron Technology, Inc. | 2.64% | 1.51% | 1.13% |
| CIENCiena Corp | 3.92% | 0.09% | 3.83% |
87.7% of CII 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, CII or SPY?
CII has an expense ratio of 0.91% while SPY charges 0.09%. SPY is the cheaper option, by $82 a year on a $10,000 investment.
Which performed better, CII or SPY?
Over the past year CII returned +27.39% vs +19.97% for SPY, so CII leads on 1-year performance. Over the longest common window we track (22 years), CII annualized +3.24% vs +9.34% for SPY. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, CII or SPY?
CII has been the more volatile fund at 17.9% annualized versus 14.7% for SPY. Worst drawdown: CII -64.8% vs SPY -56.5%.
Should I hold both CII and SPY?
CII and SPY have a monthly-return correlation of 0.80, 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 CII and SPY?
87.7% of CII's money is in holdings SPY also owns. 41.0% of SPY's is in holdings CII also owns. They hold 30 positions in common, counted across the 37 positions we hold weights for in CII and 504 in SPY.
Which pays a higher dividend, CII or SPY?
CII yields 16.48% while SPY yields 1.01%, so CII currently pays the higher dividend yield.
Is SPY better than CII?
SPY has a lower expense ratio. CII led over 1Y and 5Y, SPY over 3Y and the full window. SPY is less concentrated, with 38.0% of the fund in its ten largest positions against 46.5%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.