EXG vs SPY
Eaton Vance Tax-Managed Global Diversified Equity Income Fund vs State Street SPDR S&P 500 ETF Trust
Which is better, EXG or SPY?
Multi Alternative against Large Cap Blend.
SPY has a lower expense ratio. EXG led over 1Y, SPY over 3Y, 5Y and the full window. EXG is less concentrated, with 29.8% of the fund in its ten largest positions against 38.0%.
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 | EXG | SPY |
|---|---|---|
| Expense Ratio | 1.07% | 0.09%Best |
| AUM | $2.5B | $814.4B |
| Dividend Yield | 7.40% | 1.01% |
| Holdings | 115 | 505 |
| YTD Return | +11.46% | +13.34%Best |
| 1Y Return | +21.37%Best | +19.97% |
| 3Y Return (annualized) | +18.95% | +21.20%Best |
| 5Y Return (annualized) | +7.72% | +12.81%Best |
| Volatility (annualized) | 18.7% | 15.5%Best |
| Max Drawdown | -76.1% | -56.5%Best |
| $10,000 over 5 years | $14,504 | $18,270Best |
| Top 10 Weight | 29.8%Best | 38.0% |
| Fund Family | Eaton Vance | State Street Investment Management |
| Category | Alternative | Equity |
| Style | Multi Alternative | Large Cap Blend |
| Inception | Feb 27, 2007 | Jan 22, 1993 |
Volatility and max drawdown are measured over the window both funds cover: Feb 23, 2007 to Sep 4, 2026 (19.5 years).
EXG 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 19.5 years both funds cover.
EXG vs SPY Performance
Eaton Vance Tax-Managed Global Diversified Equity Income Fund (EXG) 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 EXG returned +21.37% while SPY returned +19.97%. Year to date, EXG is up 11.46% versus a gain of 13.34% for SPY.
Over three years, EXG compounded at +18.95% per year against +21.20% for SPY; over five years the annualized figures are +7.72% and +12.81% respectively. Across the full 20-year window we track, SPY has the edge at +9.33% annualized vs -1.03%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
EXG has been the more volatile fund, with annualized monthly volatility of 18.7% compared with 15.5% 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 -76.1% for EXG 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
EXG charges 1.07% per year while SPY charges 0.09%. On a $10,000 position that is $107 vs $9 annually, a gap of $98 per year that compounds over a long holding period. On income, EXG currently yields 7.40% against 1.01% for SPY.
Holdings Overlap
50.6% of EXG's money is in holdings SPY also owns. 38.0% of SPY's money is in holdings EXG also owns.
The two portfolios partly overlap.
The two holdings books were reported 158 days apart, EXG as of Feb 27, 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.
40 positions in common, counted across the 94 positions we hold weights for in EXG and 504 in SPY, against full books of 115 and 505.
What only one of them owns
Our book lists 456 positions for SPY that do not appear in our book for EXG (61.5% of the fund), and 8 for EXG that do not appear in SPY (5.1%).
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 EXG | Weight in SPY | Difference |
|---|---|---|---|
| NVDANvidia Corp. | 3.68% | 7.71% | 4.03% |
| AAPLApple, Inc | 3.02% | 6.83% | 3.81% |
| MSFTMicrosoft Corp 4.100 Feb 06 37 | 3.73% | 5.50% | 1.77% |
| GOOGAlphabet Inc. C | 5.45% | 2.67% | 2.78% |
| AMZNAmazon.Com Inc | 3.30% | 4.08% | 0.78% |
| AVGOBroadcom Inc | 1.52% | 2.97% | 1.45% |
| LLYEli Lilly & Co. | 1.66% | 1.33% | 0.33% |
| MUMicron Technology, Inc. | 1.15% | 1.51% | 0.36% |
| XOMExxon Mobil Corp. | 1.62% | 0.96% | 0.66% |
| VVisa Inc Class A | 1.39% | 0.92% | 0.47% |
50.6% of EXG 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, EXG or SPY?
EXG has an expense ratio of 1.07% while SPY charges 0.09%. SPY is the cheaper option, by $98 a year on a $10,000 investment.
Which performed better, EXG or SPY?
Over the past year EXG returned +21.37% vs +19.97% for SPY, so EXG leads on 1-year performance. Over the longest common window we track (20 years), EXG annualized -1.03% vs +9.33% for SPY. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, EXG or SPY?
EXG has been the more volatile fund at 18.7% annualized versus 15.5% for SPY. Worst drawdown: EXG -76.1% vs SPY -56.5%.
Should I hold both EXG and SPY?
EXG 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 EXG and SPY?
50.6% of EXG's money is in holdings SPY also owns. 38.0% of SPY's is in holdings EXG also owns. They hold 40 positions in common, counted across the 94 positions we hold weights for in EXG and 504 in SPY.
Which pays a higher dividend, EXG or SPY?
EXG yields 7.40% while SPY yields 1.01%, so EXG currently pays the higher dividend yield.
Is SPY better than EXG?
SPY has a lower expense ratio. EXG led over 1Y, SPY over 3Y, 5Y and the full window. EXG is less concentrated, with 29.8% of the fund in its ten largest positions against 38.0%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.