ECF vs SPY
ECF vs SPY
Ellsworth Growth and Income Fund Ltd. 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 503 holdings.
Side-by-Side Comparison
| Metric | ECF | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 1.16% | 0.09% | |
| AUM | $218M | $789.1B | |
| Dividend Yield | 3.63% | 1.01% | |
| Holdings | 99 | 505 | |
| YTD Return | +8.05% | +13.79% | |
| 1Y Return | +20.45% | +23.66% | |
| 3Y Return (annualized) | +18.27% | +21.40% | |
| 5Y Return (annualized) | +3.16% | +13.37% | |
| Volatility (annualized) | 16.8% | 15.3% | |
| Max Drawdown | -83.1% | -56.5% | |
| Fund Family | Gabelli Funds | State Street Investment Management | |
| Category | Convertible | Equity | |
| Inception | Jun 30, 1986 | Jan 22, 1993 |
ECF vs SPY Performance
Ellsworth Growth and Income Fund Ltd. (ECF) is a ETF from Gabelli Funds and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year ECF returned +20.45% while SPY returned +23.66%. Year to date, ECF is up 8.05% versus a gain of 13.79% for SPY.
Over three years, ECF compounded at +18.27% per year against +21.40% for SPY; over five years the annualized figures are +3.16% and +13.37% respectively. Across the full 26-year window we track, SPY has the edge at +8.85% annualized vs +8.27%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
ECF has been the more volatile fund, with annualized monthly volatility of 16.8% 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 -83.1% for ECF 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 0.74. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
ECF charges 1.16% per year while SPY charges 0.09%. On a $10,000 position that is $116 vs $9 annually, a gap of $107 per year that compounds over a long holding period. On income, ECF currently yields 3.63% against 1.01% for SPY.
Holdings Overlap
ECF and SPY share 15 holdings out of 531 unique holdings combined, representing a 7.4% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Top Shared Holdings
| Stock | Weight in ECF | Weight in SPY | Difference |
|---|---|---|---|
| MSFT | 1.52% | 4.43% | 2.91% |
| AVGO | 3.09% | 2.73% | 0.36% |
| AMD | 1.19% | 1.39% | 0.20% |
| EQIX | Pro | Pro | Pro |
| HPE | Pro | Pro | Pro |
| MCHP | Pro | Pro | Pro |
| TMUS | Pro | Pro | Pro |
| VZ | Pro | Pro | Pro |
| NEE | Pro | Pro | Pro |
| T | Pro | Pro | Pro |
See all 10 holdings ECF shares with SPY Exact weights in each fund and the difference, for every overlapping position. X-ray my whole portfolio$99/yr Pro · 7-day refund | |||
Frequently Asked Questions
Which is cheaper, ECF or SPY?
ECF has an expense ratio of 1.16% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $107 per year of difference.
Which performed better, ECF or SPY?
Over the past year ECF returned +20.45% vs +23.66% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (26 years), ECF annualized +8.27% vs +8.85% for SPY. Past performance does not guarantee future results.
Which is riskier, ECF or SPY?
ECF has been the more volatile fund at 16.8% annualized versus 15.3% for SPY. Worst drawdown: ECF -83.1% vs SPY -56.5%.
Should I hold both ECF and SPY?
ECF and SPY have a monthly-return correlation of 0.74, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between ECF and SPY?
ECF and SPY share 15 common holdings with a 7.4% weight overlap. Combined, they hold 531 unique securities.
Which pays a higher dividend, ECF or SPY?
ECF yields 3.63% while SPY yields 1.01%, so ECF currently pays the higher dividend yield.
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