EOI vs SPY
Eaton Vance Enhanced Equity Income Fund 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 | EOI | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 1.10% | 0.09% | |
| AUM | $613M | $789.1B | |
| Dividend Yield | 7.61% | 1.01% | |
| Holdings | 95 | 505 | |
| YTD Return | +3.16% | +13.75% | |
| 1Y Return | +3.79% | +22.91% | |
| 3Y Return (annualized) | +16.08% | +21.67% | |
| 5Y Return (annualized) | +9.47% | +13.32% | |
| Volatility (annualized) | 16.9% | 15.3% | |
| Max Drawdown | -61.7% | -56.5% | |
| Fund Family | Eaton Vance | State Street Investment Management | |
| Category | Alternative | Equity | |
| Inception | Oct 26, 2004 | Jan 22, 1993 |
EOI vs SPY Performance
Eaton Vance Enhanced Equity Income Fund (EOI) 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 EOI returned +3.79% while SPY returned +22.91%. Year to date, EOI is up 3.16% versus a gain of 13.75% for SPY.
Over three years, EOI compounded at +16.08% per year against +21.67% for SPY; over five years the annualized figures are +9.47% and +13.32% respectively. Across the full 22-year window we track, SPY has the edge at +8.85% annualized vs +2.00%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
EOI has been the more volatile fund, with annualized monthly volatility of 16.9% 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 -61.7% for EOI 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 0.83. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
EOI charges 1.10% per year while SPY charges 0.09%. On a $10,000 position that is $110 vs $9 annually, a gap of $101 per year that compounds over a long holding period. On income, EOI currently yields 7.61% against 1.01% for SPY.
Holdings Overlap
EOI and SPY share 38 holdings out of 515 unique holdings combined, representing a 40.5% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Frequently Asked Questions
Which is cheaper, EOI or SPY?
EOI has an expense ratio of 1.10% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $101 per year of difference.
Which performed better, EOI or SPY?
Over the past year EOI returned +3.79% vs +22.91% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (22 years), EOI annualized +2.00% vs +8.85% for SPY. Past performance does not guarantee future results.
Which is riskier, EOI or SPY?
EOI has been the more volatile fund at 16.9% annualized versus 15.3% for SPY. Worst drawdown: EOI -61.7% vs SPY -56.5%.
Should I hold both EOI and SPY?
EOI and SPY have a monthly-return correlation of 0.83, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between EOI and SPY?
EOI and SPY share 38 common holdings with a 40.5% weight overlap. Combined, they hold 515 unique securities.
Which pays a higher dividend, EOI or SPY?
EOI yields 7.61% while SPY yields 1.01%, so EOI currently pays the higher dividend yield.
Popular ETF Comparisons
Get Full ETF Analytics
Access complete holdings data, overlap analysis, screener tools, and more with FundXLS.