EVN vs SPY
Eaton Vance Municipal Income 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 503 holdings.
Side-by-Side Comparison
| Metric | EVN | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 2.46% | 0.09% | |
| AUM | $443M | $789.1B | |
| Dividend Yield | 5.64% | 1.01% | |
| Holdings | 237 | 505 | |
| YTD Return | +3.93% | +13.75% | |
| 1Y Return | +6.99% | +22.91% | |
| 3Y Return (annualized) | +9.24% | +21.67% | |
| 5Y Return (annualized) | -0.53% | +13.32% | |
| Volatility (annualized) | 15.7% | 15.3% | |
| Max Drawdown | -62.5% | -56.5% | |
| Fund Family | Eaton Vance | State Street Investment Management | |
| Category | Tax Preferred | Equity | |
| Inception | Jan 29, 1999 | Jan 22, 1993 |
EVN vs SPY Performance
Eaton Vance Municipal Income Trust (EVN) 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 EVN returned +6.99% while SPY returned +22.91%. Year to date, EVN is up 3.93% versus a gain of 13.75% for SPY.
Over three years, EVN compounded at +9.24% per year against +21.67% for SPY; over five years the annualized figures are -0.53% and +13.32% respectively. Across the full 28-year window we track, SPY has the edge at +8.85% annualized vs -0.19%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
EVN has been the more volatile fund, with annualized monthly volatility of 15.7% compared with 15.3% 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 -62.5% for EVN 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 0.22. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
EVN charges 2.46% per year while SPY charges 0.09%. On a $10,000 position that is $246 vs $9 annually, a gap of $237 per year that compounds over a long holding period. On income, EVN currently yields 5.64% against 1.01% for SPY.
Holdings Overlap
EVN and SPY share 0 holdings out of 602 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, EVN or SPY?
EVN has an expense ratio of 2.46% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $237 per year of difference.
Which performed better, EVN or SPY?
Over the past year EVN returned +6.99% vs +22.91% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (28 years), EVN annualized -0.19% vs +8.85% for SPY. Past performance does not guarantee future results.
Which is riskier, EVN or SPY?
EVN has been the more volatile fund at 15.7% annualized versus 15.3% for SPY. Worst drawdown: EVN -62.5% vs SPY -56.5%.
Should I hold both EVN and SPY?
EVN and SPY have a monthly-return correlation of 0.22, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between EVN and SPY?
EVN and SPY share 0 common holdings with a 0.0% weight overlap. Combined, they hold 602 unique securities.
Which pays a higher dividend, EVN or SPY?
EVN yields 5.64% while SPY yields 1.01%, so EVN currently pays the higher dividend yield.
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