ETO vs SPY
Eaton Vance Tax-Advantage Global Dividend Opportunity Fund vs State Street SPDR S&P 500 ETF Trust
Which is better, ETO or SPY?
Allocation/Balanced against Large Cap Blend.
SPY has a lower expense ratio. ETO led over 1Y, SPY over 3Y, 5Y and the full window.
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 | ETO | SPY |
|---|---|---|
| Expense Ratio | 1.15% | 0.09%Best |
| AUM | $388M | $814.4B |
| Dividend Yield | 6.07% | 1.01% |
| Holdings | 195 | 505 |
| YTD Return | +11.85% | +13.34%Best |
| 1Y Return | +23.92%Best | +19.97% |
| 3Y Return (annualized) | +20.20% | +21.20%Best |
| 5Y Return (annualized) | +7.04% | +12.81%Best |
| Volatility (annualized) | 23.1% | 14.7%Best |
| Max Drawdown | -75.2% | -56.5%Best |
| $10,000 over 5 years | $14,052 | $18,270Best |
| Fund Family | Eaton Vance | State Street Investment Management |
| Category | Allocation/Balanced | Equity |
| Style | Allocation/Balanced | Large Cap Blend |
| Inception | Apr 30, 2004 | Jan 22, 1993 |
Not shown on this pair: Top 10 Weight.
Volatility and max drawdown are measured over the window both funds cover: Apr 28, 2004 to Sep 4, 2026 (22.4 years).
ETO 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 22.4 years both funds cover.
ETO vs SPY Performance
Eaton Vance Tax-Advantage Global Dividend Opportunity Fund (ETO) 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 ETO returned +23.92% while SPY returned +19.97%. Year to date, ETO is up 11.85% versus a gain of 13.34% for SPY.
Over three years, ETO compounded at +20.20% per year against +21.20% for SPY; over five years the annualized figures are +7.04% and +12.81% respectively. Across the full 22-year window we track, SPY has the edge at +9.34% annualized vs +3.96%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
ETO has been the more volatile fund, with annualized monthly volatility of 23.1% compared with 14.7% 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 -75.2% for ETO 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 0.87. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
ETO charges 1.15% per year while SPY charges 0.09%. On a $10,000 position that is $115 vs $9 annually, a gap of $106 per year that compounds over a long holding period. On income, ETO currently yields 6.07% against 1.01% for SPY.
Holdings Overlap
At least 42.3% of SPY's money is in holdings ETO also owns.
Stated as a floor: for ETO, our book for it covers 92.9% of that fund, so a holding it does not list is one we cannot count as shared. The real figure is this or higher.
The two portfolios partly overlap.
The two holdings books were reported 158 days apart, ETO 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.
54 positions in common, counted across the 156 positions we hold weights for in ETO and 504 in SPY, against full books of 195 and 505.
Top Shared Holdings
| Stock | Weight in ETO | Weight in SPY | Difference |
|---|---|---|---|
| NVDANvidia Corp. | 3.93% | 7.71% | 3.78% |
| AAPLApple, Inc | 1.73% | 6.83% | 5.10% |
| MSFTMicrosoft Corp 4.100 Feb 06 37 | 2.40% | 5.50% | 3.10% |
| GOOGAlphabet Inc. C | 4.97% | 2.67% | 2.30% |
| AMZNAmazon.Com Inc | 2.04% | 4.08% | 2.04% |
| MUMicron Technology, Inc. | 3.54% | 1.51% | 2.03% |
| AVGOBroadcom Inc | 1.07% | 2.97% | 1.90% |
| LLYEli Lilly & Co. | 1.03% | 1.33% | 0.30% |
| XOMExxon Mobil Corp. | 0.96% | 0.96% | 0.00% |
| JPMJpmorgan Chase | 0.45% | 1.44% | 0.99% |
42.3% of SPY is already inside ETO.
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, ETO or SPY?
ETO has an expense ratio of 1.15% while SPY charges 0.09%. SPY is the cheaper option, by $106 a year on a $10,000 investment.
Which performed better, ETO or SPY?
Over the past year ETO returned +23.92% vs +19.97% for SPY, so ETO leads on 1-year performance. Over the longest common window we track (22 years), ETO annualized +3.96% vs +9.34% for SPY. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, ETO or SPY?
ETO has been the more volatile fund at 23.1% annualized versus 14.7% for SPY. Worst drawdown: ETO -75.2% vs SPY -56.5%.
Should I hold both ETO and SPY?
ETO and SPY have a monthly-return correlation of 0.87, 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 ETO and SPY?
At least 42.3% of SPY's money is in holdings ETO also owns. Our book for ETO is partial, so the real figure is this or higher. They hold 54 positions in common, counted across the 156 positions we hold weights for in ETO and 504 in SPY.
Which pays a higher dividend, ETO or SPY?
ETO yields 6.07% while SPY yields 1.01%, so ETO currently pays the higher dividend yield.
Is SPY better than ETO?
SPY has a lower expense ratio. ETO led over 1Y, SPY over 3Y, 5Y and the full window. Which one suits a particular account depends on what it is for. This is information, not a recommendation.