EVT vs SPY
Eaton Vance Tax-Advantaged Dividend Income Fund vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
SPY has a lower expense ratio. EVT delivered stronger 1-year returns. SPY offers more diversification with 505 holdings.
Side-by-Side Comparison
| Metric | EVT | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 1.59% | 0.09% | |
| AUM | $1.8B | $821.1B | |
| Dividend Yield | 6.48% | 1.01% | |
| Holdings | 152 | 505 | |
| YTD Return | +21.68% | +12.93% | |
| 1Y Return | +31.57% | +20.62% | |
| 3Y Return (annualized) | +18.40% | +22.00% | |
| 5Y Return (annualized) | +9.20% | +13.33% | |
| Volatility (annualized) | 20.8% | 15.3% | |
| Max Drawdown | -77.9% | -56.5% | |
| Fund Family | Eaton Vance | State Street Investment Management | |
| Category | Allocation/Balanced | Equity | |
| Inception | Sep 30, 2003 | Jan 22, 1993 |
EVT vs SPY Performance
Eaton Vance Tax-Advantaged Dividend Income Fund (EVT) 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 EVT returned +31.57% while SPY returned +20.62%. Year to date, EVT is up 21.68% versus a gain of 12.93% for SPY.
Over three years, EVT compounded at +18.40% per year against +22.00% for SPY; over five years the annualized figures are +9.20% and +13.33% respectively. Across the full 23-year window we track, SPY has the edge at +8.82% annualized vs +3.59%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
EVT has been the more volatile fund, with annualized monthly volatility of 20.8% 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 -77.9% for EVT 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 0.86. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
EVT charges 1.59% per year while SPY charges 0.09%. On a $10,000 position that is $159 vs $9 annually, a gap of $150 per year that compounds over a long holding period. On income, EVT currently yields 6.48% against 1.01% for SPY.
Holdings Overlap
EVT and SPY share 63 holdings out of 560 unique holdings combined, representing a 21.0% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Frequently Asked Questions
Which is cheaper, EVT or SPY?
EVT has an expense ratio of 1.59% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $150 per year of difference.
Which performed better, EVT or SPY?
Over the past year EVT returned +31.57% vs +20.62% for SPY, so EVT leads on 1-year performance. Over the longest common window we track (23 years), EVT annualized +3.59% vs +8.82% for SPY. Past performance does not guarantee future results.
Which is riskier, EVT or SPY?
EVT has been the more volatile fund at 20.8% annualized versus 15.3% for SPY. Worst drawdown: EVT -77.9% vs SPY -56.5%.
Should I hold both EVT and SPY?
EVT and SPY have a monthly-return correlation of 0.86, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between EVT and SPY?
EVT and SPY share 63 common holdings with a 21.0% weight overlap. Combined, they hold 560 unique securities.
Which pays a higher dividend, EVT or SPY?
EVT yields 6.48% while SPY yields 1.01%, so EVT currently pays the higher dividend yield.
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