ETCO vs SPY
Grayscale Ethereum Covered Call ETF 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 | ETCO | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.65% | 0.09% | |
| AUM | $4M | $789.1B | |
| Dividend Yield | 160.60% | 1.01% | |
| Holdings | 3 | 505 | |
| YTD Return | -34.52% | +13.68% | |
| 1Y Return | -49.77% | +21.53% | |
| 3Y Return (annualized) | - | +21.44% | |
| 5Y Return (annualized) | - | +13.18% | |
| Volatility (annualized) | - | 15.3% | |
| Max Drawdown | -59.4% | -56.5% | |
| Fund Family | Grayscale | State Street Investment Management | |
| Category | Alternative | Equity | |
| Inception | Sep 4, 2025 | Jan 22, 1993 |
ETCO vs SPY Performance
Grayscale Ethereum Covered Call ETF (ETCO) is a ETF from Grayscale and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year ETCO returned -49.77% while SPY returned +21.53%. Year to date, ETCO is down 34.52% versus a gain of 13.68% for SPY.
Risk: Volatility and Drawdowns
The deepest peak-to-trough decline in our data was -59.4% for ETCO and -56.5% for SPY. Drawdown depth is worth weighing if you expect to sell during market stress rather than ride it out.
Fees and Cost Over Time
ETCO charges 0.65% per year while SPY charges 0.09%. On a $10,000 position that is $65 vs $9 annually, a gap of $56 per year that compounds over a long holding period. On income, ETCO currently yields 160.60% against 1.01% for SPY.
Holdings Overlap
ETCO and SPY share 0 holdings out of 504 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, ETCO or SPY?
ETCO has an expense ratio of 0.65% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $56 per year of difference.
Which performed better, ETCO or SPY?
Over the past year ETCO returned -49.77% vs +21.53% for SPY, so SPY leads on 1-year performance. Past performance does not guarantee future results.
What is the holdings overlap between ETCO and SPY?
ETCO and SPY share 0 common holdings with a 0.0% weight overlap. Combined, they hold 504 unique securities.
Which pays a higher dividend, ETCO or SPY?
ETCO yields 160.60% while SPY yields 1.01%, so ETCO currently pays the higher dividend yield.
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