EOT vs SPY
Eaton Vance National Municipal Opportunities 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 | EOT | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.79% | 0.09% | |
| AUM | $281M | $821.1B | |
| Dividend Yield | 4.58% | 1.01% | |
| Holdings | 181 | 505 | |
| YTD Return | +5.96% | +14.24% | |
| 1Y Return | +12.89% | +21.71% | |
| 3Y Return (annualized) | +6.12% | +22.10% | |
| 5Y Return (annualized) | -1.39% | +13.21% | |
| Volatility (annualized) | 11.9% | 15.3% | |
| Max Drawdown | -33.9% | -56.5% | |
| Fund Family | Eaton Vance | State Street Investment Management | |
| Category | Tax Preferred | Equity | |
| Inception | May 27, 2009 | Jan 22, 1993 |
EOT vs SPY Performance
Eaton Vance National Municipal Opportunities Trust (EOT) 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 EOT returned +12.89% while SPY returned +21.71%. Year to date, EOT is up 5.96% versus a gain of 14.24% for SPY.
Over three years, EOT compounded at +6.12% per year against +22.10% for SPY; over five years the annualized figures are -1.39% and +13.21% respectively. Across the full 17-year window we track, SPY has the edge at +8.86% annualized vs +0.62%. 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 11.9% for EOT. 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 -33.9% for EOT 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 0.25. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
EOT charges 0.79% per year while SPY charges 0.09%. On a $10,000 position that is $79 vs $9 annually, a gap of $70 per year that compounds over a long holding period. On income, EOT currently yields 4.58% against 1.01% for SPY.
Holdings Overlap
EOT and SPY share 0 holdings out of 589 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, EOT or SPY?
EOT has an expense ratio of 0.79% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $70 per year of difference.
Which performed better, EOT or SPY?
Over the past year EOT returned +12.89% vs +21.71% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (17 years), EOT annualized +0.62% vs +8.86% for SPY. Past performance does not guarantee future results.
Which is riskier, EOT or SPY?
SPY has been the more volatile fund at 15.3% annualized versus 11.9% for EOT. Worst drawdown: EOT -33.9% vs SPY -56.5%.
Should I hold both EOT and SPY?
EOT and SPY have a monthly-return correlation of 0.25, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between EOT and SPY?
EOT and SPY share 0 common holdings with a 0.0% weight overlap. Combined, they hold 589 unique securities.
Which pays a higher dividend, EOT or SPY?
EOT yields 4.58% while SPY yields 1.01%, so EOT currently pays the higher dividend yield.
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