CII vs SPY
BlackRock Enhanced Capital and Income Fund, Inc vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
SPY has a lower expense ratio. CII delivered stronger 1-year returns. SPY offers more diversification with 504 holdings.
Side-by-Side Comparison
| Metric | CII | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.91% | 0.09% | |
| AUM | $1.1B | $821.1B | |
| Dividend Yield | 16.48% | 1.01% | |
| Holdings | 147 | 505 | |
| YTD Return | +10.52% | +14.24% | |
| 1Y Return | +30.48% | +21.71% | |
| 3Y Return (annualized) | +21.30% | +22.10% | |
| 5Y Return (annualized) | +13.28% | +13.21% | |
| Volatility (annualized) | 17.9% | 15.3% | |
| Max Drawdown | -64.8% | -56.5% | |
| Fund Family | BlackRock, Inc. (US) | State Street Investment Management | |
| Category | Alternative | Equity | |
| Inception | Apr 27, 2004 | Jan 22, 1993 |
CII vs SPY Performance
BlackRock Enhanced Capital and Income Fund, Inc (CII) 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 CII returned +30.48% while SPY returned +21.71%. Year to date, CII is up 10.52% versus a gain of 14.24% for SPY.
Over three years, CII compounded at +21.30% per year against +22.10% for SPY; over five years the annualized figures are +13.28% and +13.21% respectively. Across the full 22-year window we track, SPY has the edge at +8.86% annualized vs +3.26%. 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 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 -64.8% for CII 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 0.80. 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
CII and SPY share 30 holdings out of 511 unique holdings combined, representing a 35.5% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
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. On a $10,000 investment, that is $82 per year of difference.
Which performed better, CII or SPY?
Over the past year CII returned +30.48% vs +21.71% for SPY, so CII leads on 1-year performance. Over the longest common window we track (22 years), CII annualized +3.26% vs +8.86% for SPY. Past performance does not guarantee future results.
Which is riskier, CII or SPY?
CII has been the more volatile fund at 17.9% annualized versus 15.3% 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 combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between CII and SPY?
CII and SPY share 30 common holdings with a 35.5% weight overlap. Combined, they hold 511 unique securities.
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.
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