EVYM vs SPY
Eaton Vance High Income Municipal ETF 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 | EVYM | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.40% | 0.09% | |
| AUM | $58M | $789.1B | |
| Dividend Yield | 4.77% | 1.01% | |
| Holdings | 106 | 505 | |
| YTD Return | +3.10% | +13.79% | |
| 1Y Return | +9.77% | +23.66% | |
| 3Y Return (annualized) | - | +21.40% | |
| 5Y Return (annualized) | - | +13.37% | |
| Volatility (annualized) | 5.3% | 15.3% | |
| Max Drawdown | -6.1% | -56.5% | |
| Fund Family | Eaton Vance | State Street Investment Management | |
| Category | Tax Preferred | Equity | |
| Inception | Feb 25, 2025 | Jan 22, 1993 |
EVYM vs SPY Performance
Eaton Vance High Income Municipal ETF (EVYM) 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 EVYM returned +9.77% while SPY returned +23.66%. Year to date, EVYM is up 3.10% versus a gain of 13.79% for SPY.
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 15.3% compared with 5.3% for EVYM. 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 -6.1% for EVYM 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 0.40. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
EVYM charges 0.40% per year while SPY charges 0.09%. On a $10,000 position that is $40 vs $9 annually, a gap of $31 per year that compounds over a long holding period. On income, EVYM currently yields 4.77% against 1.01% for SPY.
Holdings Overlap
EVYM and SPY share 0 holdings out of 538 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, EVYM or SPY?
EVYM has an expense ratio of 0.40% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $31 per year of difference.
Which performed better, EVYM or SPY?
Over the past year EVYM returned +9.77% vs +23.66% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (1 years), EVYM annualized +5.20% vs +8.85% for SPY. Past performance does not guarantee future results.
Which is riskier, EVYM or SPY?
SPY has been the more volatile fund at 15.3% annualized versus 5.3% for EVYM. Worst drawdown: EVYM -6.1% vs SPY -56.5%.
Should I hold both EVYM and SPY?
EVYM and SPY have a monthly-return correlation of 0.40, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between EVYM and SPY?
EVYM and SPY share 0 common holdings with a 0.0% weight overlap. Combined, they hold 538 unique securities.
Which pays a higher dividend, EVYM or SPY?
EVYM yields 4.77% while SPY yields 1.01%, so EVYM currently pays the higher dividend yield.
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