EVN vs SPY
Eaton Vance Municipal Income Trust vs State Street SPDR S&P 500 ETF Trust
Which is better, EVN or SPY?
Municipal Bond against Large Cap Blend.
SPY has a lower expense ratio. SPY led over 1Y, 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 | EVN | SPY |
|---|---|---|
| Expense Ratio | 2.46% | 0.09%Best |
| AUM | $443M | $814.4B |
| Dividend Yield | 5.81% | 1.01% |
| Holdings | 237 | 505 |
| YTD Return | +3.16% | +13.34%Best |
| 1Y Return | +7.61% | +19.97%Best |
| 3Y Return (annualized) | +9.66% | +21.20%Best |
| 5Y Return (annualized) | -0.40% | +12.81%Best |
| Volatility (annualized) | 15.6% | 15.1%Best |
| Max Drawdown | -62.5% | -56.5%Best |
| $10,000 over 5 years | $9,802 | $18,270Best |
| Fund Family | Eaton Vance | State Street Investment Management |
| Category | Tax Preferred | Equity |
| Style | Municipal Bond | Large Cap Blend |
| Inception | Jan 29, 1999 | Jan 22, 1993 |
Not shown on this pair: Top 10 Weight.
Volatility and max drawdown are measured over the window both funds cover: Jan 27, 1999 to Sep 4, 2026 (27.6 years).
EVN 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.
EVN vs SPY Performance
Eaton Vance Municipal Income Trust (EVN) 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 EVN returned +7.61% while SPY returned +19.97%. Year to date, EVN is up 3.16% versus a gain of 13.34% for SPY.
Over three years, EVN compounded at +9.66% per year against +21.20% for SPY; over five years the annualized figures are -0.40% and +12.81% respectively. Across the full 28-year window we track, SPY has the edge at +7.11% annualized vs -0.21%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
EVN has been the more volatile fund, with annualized monthly volatility of 15.6% compared with 15.1% 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 what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.22. They move largely independently of each other.
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 5.81% against 1.01% for SPY.
Holdings Overlap
We hold position weights for 99 holdings in EVN and 504 in SPY, totalling 66.5% and 100.0% of the two funds. The two books name no position in common, so there is no overlap percentage to show.
The two holdings books were reported 157 days apart, EVN as of Feb 28, 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.
0 positions in common, counted across the 99 positions we hold weights for in EVN and 504 in SPY, against full books of 237 and 505.
You are not choosing between two funds in isolation.
Whichever of EVN and SPY you pick has to sit alongside everything else you own. Add the rest and see what the combination actually holds.
Free for up to 10 holdings. No account needed.
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, by $237 a year on a $10,000 investment.
Which performed better, EVN or SPY?
Over the past year EVN returned +7.61% vs +19.97% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (28 years), EVN annualized -0.21% vs +7.11% for SPY. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, EVN or SPY?
EVN has been the more volatile fund at 15.6% annualized versus 15.1% 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 their returns are far enough apart for the mix to behave differently from either one alone. This is information, not a recommendation.
Which pays a higher dividend, EVN or SPY?
EVN yields 5.81% while SPY yields 1.01%, so EVN currently pays the higher dividend yield.
Is SPY better than EVN?
SPY has a lower expense ratio. SPY led over 1Y, 3Y, 5Y and the full window. Which one suits a particular account depends on what it is for. This is information, not a recommendation.