EOS vs SPY
Eaton Vance Enhanced Equity Income Fund II vs State Street SPDR S&P 500 ETF Trust
Which is better, EOS or SPY?
Mid Cap Growth 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 61.0%.
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 | EOS | SPY |
|---|---|---|
| Expense Ratio | 1.09% | 0.09%Best |
| AUM | $850M | $814.4B |
| Dividend Yield | 7.73% | 1.01% |
| Holdings | 96 | 505 |
| YTD Return | -1.32% | +13.78%Best |
| 1Y Return | -2.01% | +21.44%Best |
| 3Y Return (annualized) | +14.77% | +21.38%Best |
| 5Y Return (annualized) | +5.45% | +12.80%Best |
| Volatility (annualized) | 18.2% | 14.9%Best |
| Max Drawdown | -63.6% | -56.5%Best |
| $10,000 over 5 years | $13,039 | $18,262Best |
| Top 10 Weight | 61.0% | 38.0%Best |
| Fund Family | Eaton Vance | State Street Investment Management |
| Category | Equity | Equity |
| Style | Mid Cap Growth | Large Cap Blend |
| Inception | Jan 26, 2005 | Jan 22, 1993 |
Volatility and max drawdown are measured over the window both funds cover: Jan 27, 2005 to Sep 3, 2026 (21.6 years).
EOS 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 21.6 years both funds cover.
EOS vs SPY Performance
Eaton Vance Enhanced Equity Income Fund II (EOS) 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 EOS returned -2.01% while SPY returned +21.44%. Year to date, EOS is down 1.32% versus a gain of 13.78% for SPY.
Over three years, EOS compounded at +14.77% per year against +21.38% for SPY; over five years the annualized figures are +5.45% and +12.80% respectively. Across the full 22-year window we track, SPY has the edge at +9.49% annualized vs +2.39%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
EOS has been the more volatile fund, with annualized monthly volatility of 18.2% compared with 14.9% 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 -63.6% for EOS 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 0.84. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
EOS charges 1.09% per year while SPY charges 0.09%. On a $10,000 position that is $109 vs $9 annually, a gap of $100 per year that compounds over a long holding period. On income, EOS currently yields 7.73% against 1.01% for SPY.
Holdings Overlap
92.7% of EOS's money is in holdings SPY also owns. 46.8% of SPY's money is in holdings EOS also owns.
Most of EOS is already inside SPY. Owning both mostly buys the same companies twice.
43 positions in common, counted across the 58 positions we hold weights for in EOS and 504 in SPY, against full books of 96 and 505.
What only one of them owns
Our book lists 453 positions for SPY that do not appear in our book for EOS (52.7% of the fund), and 8 for EOS that do not appear in SPY (6.1%).
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 EOS | Weight in SPY | Difference |
|---|---|---|---|
| NVDANvidia Corp. | 12.69% | 7.71% | 4.98% |
| AAPLApple, Inc | 7.02% | 6.83% | 0.19% |
| MSFTMicrosoft Corp 4.100 Feb 06 37 | 6.43% | 5.50% | 0.93% |
| GOOGAlphabet Inc. C | 8.24% | 2.67% | 5.57% |
| AMZNAmazon.Com Inc | 6.23% | 4.08% | 2.15% |
| AVGOBroadcom Inc | 7.00% | 2.97% | 4.03% |
| METAMeta Platform Inc | 3.48% | 1.94% | 1.54% |
| LLYEli Lilly & Co. | 3.70% | 1.33% | 2.37% |
| LRCXLam Research Corp | 3.59% | 0.60% | 2.99% |
| VVisa Inc Class A | 2.23% | 0.92% | 1.31% |
92.7% of EOS 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, EOS or SPY?
EOS has an expense ratio of 1.09% while SPY charges 0.09%. SPY is the cheaper option, by $100 a year on a $10,000 investment.
Which performed better, EOS or SPY?
Over the past year EOS returned -2.01% vs +21.44% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (22 years), EOS annualized +2.39% vs +9.49% for SPY. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, EOS or SPY?
EOS has been the more volatile fund at 18.2% annualized versus 14.9% for SPY. Worst drawdown: EOS -63.6% vs SPY -56.5%.
Should I hold both EOS and SPY?
EOS and SPY have a monthly-return correlation of 0.84, 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 EOS and SPY?
92.7% of EOS's money is in holdings SPY also owns. 46.8% of SPY's is in holdings EOS also owns. They hold 43 positions in common, counted across the 58 positions we hold weights for in EOS and 504 in SPY.
Which pays a higher dividend, EOS or SPY?
EOS yields 7.73% while SPY yields 1.01%, so EOS currently pays the higher dividend yield.
Is SPY better than EOS?
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 61.0%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.