EFR vs SPY
Eaton Vance Senior Floating-Rate Trust vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
SPY has a lower expense ratio. SPY delivered stronger 1-year returns. EFR offers more diversification with 511 holdings.
Side-by-Side Comparison
| Metric | EFR | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 5.17% | 0.09% | |
| AUM | $374M | $821.1B | |
| Dividend Yield | 7.72% | 1.01% | |
| Holdings | 511 | 505 | |
| YTD Return | +1.32% | +13.17% | |
| 1Y Return | -0.75% | +21.53% | |
| 3Y Return (annualized) | +5.69% | +22.06% | |
| 5Y Return (annualized) | +3.68% | +13.35% | |
| Volatility (annualized) | 15.0% | 15.3% | |
| Max Drawdown | -66.8% | -56.5% | |
| Fund Family | Eaton Vance | State Street Investment Management | |
| Category | Fixed Income | Equity | |
| Inception | Nov 24, 2003 | Jan 22, 1993 |
EFR vs SPY Performance
Eaton Vance Senior Floating-Rate Trust (EFR) is a ETF from Eaton Vance and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year EFR returned -0.75% while SPY returned +21.53%. Year to date, EFR is up 1.32% versus a gain of 13.17% for SPY.
Over three years, EFR compounded at +5.69% per year against +22.06% for SPY; over five years the annualized figures are +3.68% and +13.35% respectively. Across the full 23-year window we track, SPY has the edge at +8.82% annualized vs -0.60%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 15.3% compared with 15.0% for EFR. 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 -66.8% for EFR 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 0.54. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
EFR charges 5.17% per year while SPY charges 0.09%. On a $10,000 position that is $517 vs $9 annually, a gap of $508 per year that compounds over a long holding period. On income, EFR currently yields 7.72% against 1.01% for SPY.
Holdings Overlap
EFR and SPY share 0 holdings out of 684 unique holdings combined, representing a 0.0% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Frequently Asked Questions
Which is cheaper, EFR or SPY?
EFR has an expense ratio of 5.17% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $508 per year of difference.
Which performed better, EFR or SPY?
Over the past year EFR returned -0.75% vs +21.53% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (23 years), EFR annualized -0.60% vs +8.82% for SPY. Past performance does not guarantee future results.
Which is riskier, EFR or SPY?
SPY has been the more volatile fund at 15.3% annualized versus 15.0% for EFR. Worst drawdown: EFR -66.8% vs SPY -56.5%.
Should I hold both EFR and SPY?
EFR and SPY have a monthly-return correlation of 0.54, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between EFR and SPY?
EFR and SPY share 0 common holdings with a 0.0% weight overlap. Combined, they hold 684 unique securities.
Which pays a higher dividend, EFR or SPY?
EFR yields 7.72% while SPY yields 1.01%, so EFR currently pays the higher dividend yield.
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