ETY vs SPY
Eaton Vance Tax-Managed Diversified Equity Income Fund vs State Street SPDR S&P 500 ETF Trust
Which is better, ETY or SPY?
SPY has been ahead.
SPY has a lower expense ratio. SPY led over 1Y, 3Y, 5Y and the full window. SPY is less concentrated, with 37.8% of the fund in its ten largest positions against 47.9%.
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 | ETY | SPY |
|---|---|---|
| Expense Ratio | 1.06% | 0.09%Best |
| AUM | $1.8B | $804.7B |
| Dividend Yield | 7.54% | 0.98% |
| Holdings | 61 | 505 |
| YTD Return | -3.38% | +10.96%Best |
| 1Y Return | -4.75% | +15.52%Best |
| 3Y Return (annualized) | +13.91% | +20.73%Best |
| 5Y Return (annualized) | +7.66% | +12.53%Best |
| Volatility (annualized) | 17.2% | 15.4%Best |
| Max Drawdown | -64.6% | -56.5%Best |
| $10,000 over 5 years | $14,463 | $18,044Best |
| Top 10 Weight | 47.9% | 37.8%Best |
| Fund Family | Eaton Vance | State Street Investment Management |
| Category | Equity | Equity |
| Style | Large Cap Blend | Large Cap Blend |
| Inception | Nov 27, 2006 | Jan 22, 1993 |
Volatility and max drawdown are measured over the window both funds cover: Nov 28, 2006 to Sep 16, 2026 (19.8 years).
ETY 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 19.8 years both funds cover.
ETY vs SPY Performance
Eaton Vance Tax-Managed Diversified Equity Income Fund (ETY) 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 ETY returned -4.75% while SPY returned +15.52%. Year to date, ETY is down 3.38% versus a gain of 10.96% for SPY.
Over three years, ETY compounded at +13.91% per year against +20.73% for SPY; over five years the annualized figures are +7.66% and +12.53% respectively. Across the full 20-year window we track, SPY has the edge at +9.32% annualized vs +0.46%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
ETY has been the more volatile fund, with annualized monthly volatility of 17.2% compared with 15.4% 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 -64.6% for ETY 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 0.85. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
ETY charges 1.06% per year while SPY charges 0.09%. On a $10,000 position that is $106 vs $9 annually, a gap of $97 per year that compounds over a long holding period. On income, ETY currently yields 7.54% against 0.98% for SPY.
Holdings Overlap
90.0% of ETY's money is in holdings SPY also owns. 47.1% of SPY's money is in holdings ETY also owns.
Most of ETY is already inside SPY. Owning both mostly buys the same companies twice.
The two holdings books were reported 63 days apart, ETY as of Jun 30, 2026 and SPY as of Sep 1, 2026, so some of the difference between them is the time between the two reports rather than the funds.
44 positions in common, counted across the 58 positions we hold weights for in ETY and 504 in SPY, against full books of 61 and 505.
What only one of them owns
Our book lists 453 positions for SPY that do not appear in our book for ETY (52.2% of the fund), and 10 for ETY that do not appear in SPY (6.8%).
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 ETY | Weight in SPY | Difference |
|---|---|---|---|
| NVDANvidia Corp | 9.32% | 8.01% | 1.31% |
| AAPLApple, Inc | 6.66% | 7.26% | 0.60% |
| MSFTMicrosoft Corp | 5.01% | 5.66% | 0.65% |
| GOOGAlphabet Inc | 7.01% | 2.39% | 4.62% |
| AMZNAmazon.Com Inc | 4.86% | 3.79% | 1.07% |
| AVGOBroadcom Inc | 3.99% | 2.66% | 1.33% |
| JPMJpmorgan Chase | 3.03% | 1.45% | 1.58% |
| METAMeta Platforms Inc | 2.40% | 1.93% | 0.47% |
| LLYEli Lilly & Co. | 2.79% | 1.40% | 1.39% |
| MUMicron Technology, Inc. | 2.21% | 1.60% | 0.61% |
90.0% of ETY 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, ETY or SPY?
ETY has an expense ratio of 1.06% while SPY charges 0.09%. SPY is the cheaper option, by $97 a year on a $10,000 investment.
Which performed better, ETY or SPY?
Over the past year ETY returned -4.75% vs +15.52% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (20 years), ETY annualized +0.46% vs +9.32% for SPY. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, ETY or SPY?
ETY has been the more volatile fund at 17.2% annualized versus 15.4% for SPY. Worst drawdown: ETY -64.6% vs SPY -56.5%.
Should I hold both ETY and SPY?
ETY and SPY have a monthly-return correlation of 0.85, 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 ETY and SPY?
90.0% of ETY's money is in holdings SPY also owns. 47.1% of SPY's is in holdings ETY also owns. They hold 44 positions in common, counted across the 58 positions we hold weights for in ETY and 504 in SPY.
Which pays a higher dividend, ETY or SPY?
ETY yields 7.54% while SPY yields 0.98%, so ETY currently pays the higher dividend yield.
Is SPY better than ETY?
SPY has a lower expense ratio. SPY led over 1Y, 3Y, 5Y and the full window. SPY is less concentrated, with 37.8% of the fund in its ten largest positions against 47.9%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.