EFT vs SPY
Eaton Vance Floating Rate Income 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 | EFT | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 5.35% | 0.09% | |
| AUM | $380M | $821.1B | |
| Dividend Yield | 7.92% | 1.01% | |
| Holdings | 501 | 505 | |
| YTD Return | +1.70% | +14.24% | |
| 1Y Return | -1.99% | +21.71% | |
| 3Y Return (annualized) | +6.05% | +22.10% | |
| 5Y Return (annualized) | +3.12% | +13.21% | |
| Volatility (annualized) | 14.1% | 15.3% | |
| Max Drawdown | -66.4% | -56.5% | |
| Fund Family | Eaton Vance | State Street Investment Management | |
| Category | Fixed Income | Equity | |
| Inception | Jun 29, 2004 | Jan 22, 1993 |
EFT vs SPY Performance
Eaton Vance Floating Rate Income Trust (EFT) 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 EFT returned -1.99% while SPY returned +21.71%. Year to date, EFT is up 1.70% versus a gain of 14.24% for SPY.
Over three years, EFT compounded at +6.05% per year against +22.10% for SPY; over five years the annualized figures are +3.12% and +13.21% respectively. Across the full 22-year window we track, SPY has the edge at +8.86% annualized vs -0.56%. 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 14.1% for EFT. 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 -66.4% for EFT 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 0.60. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
EFT charges 5.35% per year while SPY charges 0.09%. On a $10,000 position that is $535 vs $9 annually, a gap of $526 per year that compounds over a long holding period. On income, EFT currently yields 7.92% against 1.01% for SPY.
Holdings Overlap
EFT and SPY share 0 holdings out of 679 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, EFT or SPY?
EFT has an expense ratio of 5.35% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $526 per year of difference.
Which performed better, EFT or SPY?
Over the past year EFT returned -1.99% vs +21.71% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (22 years), EFT annualized -0.56% vs +8.86% for SPY. Past performance does not guarantee future results.
Which is riskier, EFT or SPY?
SPY has been the more volatile fund at 15.3% annualized versus 14.1% for EFT. Worst drawdown: EFT -66.4% vs SPY -56.5%.
Should I hold both EFT and SPY?
EFT and SPY have a monthly-return correlation of 0.60, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between EFT and SPY?
EFT and SPY share 0 common holdings with a 0.0% weight overlap. Combined, they hold 679 unique securities.
Which pays a higher dividend, EFT or SPY?
EFT yields 7.92% while SPY yields 1.01%, so EFT currently pays the higher dividend yield.
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