EOI vs SPY
Eaton Vance Enhanced Equity Income Fund vs State Street SPDR S&P 500 ETF Trust
Which is better, EOI or SPY?
Multi Alternative against Large Cap Blend.
SPY has a lower expense ratio. SPY led over 1Y, 3Y, 5Y and the full window. SPY is less concentrated, with 38.0% of the fund in its ten largest positions against 49.6%.
MarketXLS is not an investment adviser. This comparison is generated automatically from market data and is for information only. A Best mark means the better reading on that one measure, not a recommendation to buy.
Side-by-Side Comparison
| Metric | EOI | SPY |
|---|---|---|
| Expense Ratio | 1.10% | 0.09%Best |
| AUM | $613M | $814.4B |
| Dividend Yield | 7.62% | 1.01% |
| Holdings | 95 | 505 |
| YTD Return | +3.22% | +13.78%Best |
| 1Y Return | +1.56% | +21.44%Best |
| 3Y Return (annualized) | +15.44% | +21.38%Best |
| 5Y Return (annualized) | +9.14% | +12.80%Best |
| Volatility (annualized) | 16.9% | 14.8%Best |
| Max Drawdown | -61.7% | -56.5%Best |
| $10,000 over 5 years | $15,485 | $18,262Best |
| Top 10 Weight | 49.6% | 38.0%Best |
| Fund Family | Eaton Vance | State Street Investment Management |
| Category | Alternative | Equity |
| Style | Multi Alternative | Large Cap Blend |
| Inception | Oct 26, 2004 | Jan 22, 1993 |
Volatility and max drawdown are measured over the window both funds cover: Oct 27, 2004 to Sep 3, 2026 (21.9 years).
EOI vs SPY growth
Month-end closes. Both lines start at 0% in the first month shown, so the gap between them is the difference in growth across that window. The full view covers the 21.9 years both funds cover.
EOI vs SPY Performance
Eaton Vance Enhanced Equity Income Fund (EOI) is an ETF from Eaton Vance and State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management. Over the past year EOI returned +1.56% while SPY returned +21.44%. Year to date, EOI is up 3.22% versus a gain of 13.78% for SPY.
Over three years, EOI compounded at +15.44% per year against +21.38% for SPY; over five years the annualized figures are +9.14% and +12.80% respectively. Across the full 22-year window we track, SPY has the edge at +9.58% 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 14.8% 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 what each fund did in the worst stretch of the window measured above.
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 7.62% against 1.01% for SPY.
Holdings Overlap
88.5% of EOI's money is in holdings SPY also owns. 42.4% of SPY's money is in holdings EOI also owns.
Most of EOI is already inside SPY. Owning both mostly buys the same companies twice.
The two holdings books were reported 158 days apart, EOI as of Feb 27, 2026 and SPY as of Aug 4, 2026, so some of the difference between them is the time between the two reports rather than the funds.
38 positions in common, counted across the 49 positions we hold weights for in EOI and 504 in SPY, against full books of 95 and 505.
What only one of them owns
Our book lists 458 positions for SPY that do not appear in our book for EOI (57.1% of the fund), and 7 for EOI that do not appear in SPY (7.6%).
Some of those will be the same company recorded under a different code in one of the two books, so the real difference in what you would own is no larger than this and may be smaller. We do not name the individual positions here for that reason.
Top Shared Holdings
| Stock | Weight in EOI | Weight in SPY | Difference |
|---|---|---|---|
| NVDANvidia Corp. | 9.07% | 7.71% | 1.36% |
| AAPLApple, Inc | 6.63% | 6.83% | 0.20% |
| MSFTMicrosoft Corp 4.100 Feb 06 37 | 6.04% | 5.50% | 0.54% |
| GOOGAlphabet Inc. C | 6.84% | 2.67% | 4.17% |
| AMZNAmazon.Com Inc | 4.67% | 4.08% | 0.59% |
| AVGOBroadcom Inc | 4.01% | 2.97% | 1.04% |
| METAMeta Platform Inc | 3.86% | 1.94% | 1.92% |
| JPMJpmorgan Chase | 2.94% | 1.44% | 1.50% |
| LLYEli Lilly & Co. | 2.77% | 1.33% | 1.44% |
| VVisa Inc Class A | 2.56% | 0.92% | 1.64% |
88.5% of EOI is already inside SPY.
You probably hold more than these two. Add the rest and see how much of the whole book is the same companies twice.
Free for up to 10 holdings. No account needed.
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, by $101 a year on a $10,000 investment.
Which performed better, EOI or SPY?
Over the past year EOI returned +1.56% vs +21.44% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (22 years), EOI annualized +2.00% vs +9.58% for SPY. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, EOI or SPY?
EOI has been the more volatile fund at 16.9% annualized versus 14.8% 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 their returns are far enough apart for the mix to behave differently from either one alone. This is information, not a recommendation.
What is the holdings overlap between EOI and SPY?
88.5% of EOI's money is in holdings SPY also owns. 42.4% of SPY's is in holdings EOI also owns. They hold 38 positions in common, counted across the 49 positions we hold weights for in EOI and 504 in SPY.
Which pays a higher dividend, EOI or SPY?
EOI yields 7.62% while SPY yields 1.01%, so EOI currently pays the higher dividend yield.
Is SPY better than EOI?
SPY has a lower expense ratio. SPY led over 1Y, 3Y, 5Y and the full window. SPY is less concentrated, with 38.0% of the fund in its ten largest positions against 49.6%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.