ETJ vs SPY
Eaton Vance Risk-Managed Diversified Equity Income Fund vs State Street SPDR S&P 500 ETF Trust
Which is better, ETJ 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 47.0%.
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 | ETJ | SPY |
|---|---|---|
| Expense Ratio | 1.11% | 0.09%Best |
| AUM | $544M | $814.4B |
| Dividend Yield | 8.49% | 1.01% |
| Holdings | 74 | 505 |
| YTD Return | +1.47% | +13.34%Best |
| 1Y Return | +1.51% | +19.97%Best |
| 3Y Return (annualized) | +10.99% | +21.20%Best |
| 5Y Return (annualized) | +4.15% | +12.81%Best |
| Volatility (annualized) | 12.5%Best | 15.6% |
| Max Drawdown | -67.2% | -56.5%Best |
| $10,000 over 5 years | $12,255 | $18,270Best |
| Top 10 Weight | 47.0% | 38.0%Best |
| Fund Family | Eaton Vance | State Street Investment Management |
| Category | Alternative | Equity |
| Style | Multi Alternative | Large Cap Blend |
| Inception | Jul 31, 2007 | Jan 22, 1993 |
Volatility and max drawdown are measured over the window both funds cover: Jul 27, 2007 to Sep 4, 2026 (19.1 years).
ETJ 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 is available from the range buttons; it is not the opening view here because over the whole period one of these two funds moves so much further than the other that its line would sit flat on the axis.
ETJ vs SPY Performance
Eaton Vance Risk-Managed Diversified Equity Income Fund (ETJ) 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 ETJ returned +1.51% while SPY returned +19.97%. Year to date, ETJ is up 1.47% versus a gain of 13.34% for SPY.
Over three years, ETJ compounded at +10.99% per year against +21.20% for SPY; over five years the annualized figures are +4.15% and +12.81% respectively. Across the full 19-year window we track, SPY has the edge at +9.55% annualized vs -1.92%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 15.6% compared with 12.5% for ETJ. 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 -67.2% for ETJ 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 0.58. They move together some of the time, and apart the rest.
Fees and Cost Over Time
ETJ charges 1.11% per year while SPY charges 0.09%. On a $10,000 position that is $111 vs $9 annually, a gap of $102 per year that compounds over a long holding period. On income, ETJ currently yields 8.49% against 1.01% for SPY.
Holdings Overlap
85.3% of ETJ's money is in holdings SPY also owns. 42.5% of SPY's money is in holdings ETJ also owns.
Most of ETJ is already inside SPY. Owning both mostly buys the same companies twice.
The two holdings books were reported 126 days apart, ETJ as of Mar 31, 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 51 positions we hold weights for in ETJ and 504 in SPY, against full books of 74 and 505.
What only one of them owns
Our book lists 458 positions for SPY that do not appear in our book for ETJ (56.9% of the fund), and 8 for ETJ that do not appear in SPY (8.9%).
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 ETJ | Weight in SPY | Difference |
|---|---|---|---|
| NVDANvidia Corp. | 8.98% | 7.71% | 1.27% |
| AAPLApple, Inc | 6.27% | 6.83% | 0.56% |
| MSFTMicrosoft Corp 4.100 Feb 06 37 | 5.60% | 5.50% | 0.10% |
| GOOGAlphabet Inc. C | 6.30% | 2.67% | 3.63% |
| AMZNAmazon.Com Inc | 4.58% | 4.08% | 0.50% |
| AVGOBroadcom Inc | 3.70% | 2.97% | 0.73% |
| METAMeta Platform Inc | 2.96% | 1.94% | 1.02% |
| JPMJpmorgan Chase | 3.03% | 1.44% | 1.59% |
| LLYEli Lilly & Co. | 2.43% | 1.33% | 1.10% |
| VVisa Inc Class A | 2.55% | 0.92% | 1.63% |
85.3% of ETJ 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, ETJ or SPY?
ETJ has an expense ratio of 1.11% while SPY charges 0.09%. SPY is the cheaper option, by $102 a year on a $10,000 investment.
Which performed better, ETJ or SPY?
Over the past year ETJ returned +1.51% vs +19.97% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (19 years), ETJ annualized -1.92% vs +9.55% for SPY. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, ETJ or SPY?
SPY has been the more volatile fund at 15.6% annualized versus 12.5% for ETJ. Worst drawdown: ETJ -67.2% vs SPY -56.5%.
Should I hold both ETJ and SPY?
ETJ and SPY have a monthly-return correlation of 0.58, 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 ETJ and SPY?
85.3% of ETJ's money is in holdings SPY also owns. 42.5% of SPY's is in holdings ETJ also owns. They hold 38 positions in common, counted across the 51 positions we hold weights for in ETJ and 504 in SPY.
Which pays a higher dividend, ETJ or SPY?
ETJ yields 8.49% while SPY yields 1.01%, so ETJ currently pays the higher dividend yield.
Is SPY better than ETJ?
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 47.0%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.