ETX vs SPY
Eaton Vance Municipal Income 2028 Term 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 | ETX | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 1.86% | 0.09% | |
| AUM | $206M | $821.1B | |
| Dividend Yield | 5.18% | 1.01% | |
| Holdings | 126 | 505 | |
| YTD Return | -0.24% | +12.93% | |
| 1Y Return | +1.51% | +20.62% | |
| 3Y Return (annualized) | +7.11% | +22.00% | |
| 5Y Return (annualized) | +0.10% | +13.33% | |
| Volatility (annualized) | 11.0% | 15.3% | |
| Max Drawdown | -32.8% | -56.5% | |
| Fund Family | Eaton Vance | State Street Investment Management | |
| Category | Tax Preferred | Equity | |
| Inception | Mar 26, 2013 | Jan 22, 1993 |
ETX vs SPY Performance
Eaton Vance Municipal Income 2028 Term Trust (ETX) 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 ETX returned +1.51% while SPY returned +20.62%. Year to date, ETX is down 0.24% versus a gain of 12.93% for SPY.
Over three years, ETX compounded at +7.11% per year against +22.00% for SPY; over five years the annualized figures are +0.10% and +13.33% respectively. Across the full 13-year window we track, SPY has the edge at +8.82% annualized vs +1.15%. 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 11.0% for ETX. 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 -32.8% for ETX 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 0.19. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
ETX charges 1.86% per year while SPY charges 0.09%. On a $10,000 position that is $186 vs $9 annually, a gap of $177 per year that compounds over a long holding period. On income, ETX currently yields 5.18% against 1.01% for SPY.
Holdings Overlap
ETX and SPY share 0 holdings out of 553 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, ETX or SPY?
ETX has an expense ratio of 1.86% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $177 per year of difference.
Which performed better, ETX or SPY?
Over the past year ETX returned +1.51% vs +20.62% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (13 years), ETX annualized +1.15% vs +8.82% for SPY. Past performance does not guarantee future results.
Which is riskier, ETX or SPY?
SPY has been the more volatile fund at 15.3% annualized versus 11.0% for ETX. Worst drawdown: ETX -32.8% vs SPY -56.5%.
Should I hold both ETX and SPY?
ETX and SPY have a monthly-return correlation of 0.19, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between ETX and SPY?
ETX and SPY share 0 common holdings with a 0.0% weight overlap. Combined, they hold 553 unique securities.
Which pays a higher dividend, ETX or SPY?
ETX yields 5.18% while SPY yields 1.01%, so ETX currently pays the higher dividend yield.
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