ETY vs SPYM
Eaton Vance Tax-Managed Diversified Equity Income Fund vs State Street SPDR Portfolio S&P 500 ETF
Which is better, ETY or SPYM?
SPYM has been ahead.
SPYM has a lower expense ratio. SPYM led over 1Y, 3Y, 5Y and the full window. The two have moved almost in lockstep, correlation 0.91. SPYM is less concentrated, with 39.0% of the fund in its ten largest positions against 50.5%.
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 | ETY | SPYM |
|---|---|---|
| Expense Ratio | 1.06% | 0.02%Best |
| AUM | $1.8B | $185.2B |
| Dividend Yield | 7.52% | 1.01% |
| Holdings | 61 | 509 |
| YTD Return | -2.20% | +13.57%Best |
| 1Y Return | -2.84% | +17.53%Best |
| 3Y Return (annualized) | +15.48% | +22.46%Best |
| 5Y Return (annualized) | +8.08% | +13.29%Best |
| Volatility (annualized) | 16.6% | 14.7%Best |
| Max Drawdown | -43.6% | -34.3%Best |
| $10,000 over 5 years | $14,748 | $18,662Best |
| Top 10 Weight | 50.5% | 39.0%Best |
| Fund Family | Eaton Vance | State Street Investment Management |
| Category | Equity | Equity |
| Style | Large Cap Blend | Large Cap Blend |
| Inception | Nov 27, 2006 | Nov 8, 2005 |
Volatility and max drawdown are measured over the window both funds cover: Feb 18, 2014 to Oct 14, 2026 (12.7 years).
ETY vs SPYM 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 12.7 years both funds cover.
ETY vs SPYM Performance
Eaton Vance Tax-Managed Diversified Equity Income Fund (ETY) is an ETF from Eaton Vance and State Street SPDR Portfolio S&P 500 ETF (SPYM) is an ETF from State Street Investment Management. Over the past year ETY returned -2.84% while SPYM returned +17.53%. Year to date, ETY is down 2.20% versus a gain of 13.57% for SPYM.
Over three years, ETY compounded at +15.48% per year against +22.46% for SPYM; over five years the annualized figures are +8.08% and +13.29% respectively. Across the full 13-year window we track, SPYM has the edge at +12.62% annualized vs +5.54%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
ETY has been the more volatile fund, with annualized monthly volatility of 16.6% compared with 14.7% for SPYM. 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 -43.6% for ETY and -34.3% for SPYM. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.91. They move almost in lockstep, so holding both mostly duplicates the same exposure.
Fees and Cost Over Time
ETY charges 1.06% per year while SPYM charges 0.02%. On a $10,000 position that is $106 vs $2 annually, a gap of $104 per year that compounds over a long holding period. On income, ETY currently yields 7.52% against 1.01% for SPYM.
Holdings Overlap
89.5% of ETY's money is in holdings SPYM also owns. 48.4% of SPYM's money is in holdings ETY also owns.
Most of ETY is already inside SPYM. Owning both mostly buys the same companies twice.
The two holdings books were reported 63 days apart, ETY as of Jul 31, 2026 and SPYM as of Oct 2, 2026, so some of the difference between them is the time between the two reports rather than the funds.
43 positions in common, counted across the 58 positions we hold weights for in ETY and 505 in SPYM, against full books of 61 and 509.
What only one of them owns
Our book lists 455 positions for SPYM that do not appear in our book for ETY (50.9% of the fund), and 10 for ETY that do not appear in SPYM (7.3%).
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 ETY | Weight in SPYM | Difference |
|---|---|---|---|
| NVDANvidia Corp | 9.28% | 8.49% | 0.79% |
| AAPLApple, Inc | 7.05% | 7.30% | 0.25% |
| MSFTMicrosoft Corp | 6.19% | 5.76% | 0.43% |
| GOOGAlphabet Inc. C | 7.02% | 2.42% | 4.60% |
| AMZNAmazon.Com Inc | 5.50% | 3.70% | 1.80% |
| AVGOBroadcom Inc | 4.14% | 2.53% | 1.61% |
| METAMeta Platforms Inc | 2.35% | 2.41% | 0.06% |
| JPMJpmorgan Chase | 3.23% | 1.32% | 1.91% |
| LLYEli Lilly & Co. | 2.66% | 1.37% | 1.29% |
| VVisa Inc Class A | 2.76% | 0.92% | 1.84% |
89.5% of ETY is already inside SPYM.
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, ETY or SPYM?
ETY has an expense ratio of 1.06% while SPYM charges 0.02%. SPYM is the cheaper option, by $104 a year on a $10,000 investment.
Which performed better, ETY or SPYM?
Over the past year ETY returned -2.84% vs +17.53% for SPYM, so SPYM leads on 1-year performance. Over the longest common window we track (13 years), ETY annualized +5.54% vs +12.62% for SPYM. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, ETY or SPYM?
ETY has been the more volatile fund at 16.6% annualized versus 14.7% for SPYM. Worst drawdown: ETY -43.6% vs SPYM -34.3%.
Should I hold both ETY and SPYM?
ETY and SPYM have a monthly-return correlation of 0.91, so they move almost identically. What is left to separate them is the fee and the index each one tracks. This is information, not a recommendation.
What is the holdings overlap between ETY and SPYM?
89.5% of ETY's money is in holdings SPYM also owns. 48.4% of SPYM's is in holdings ETY also owns. They hold 43 positions in common, counted across the 58 positions we hold weights for in ETY and 505 in SPYM.
Which pays a higher dividend, ETY or SPYM?
ETY yields 7.52% while SPYM yields 1.01%, so ETY currently pays the higher dividend yield.
Is SPYM better than ETY?
SPYM has a lower expense ratio. SPYM led over 1Y, 3Y, 5Y and the full window. The two have moved almost in lockstep, correlation 0.91. SPYM is less concentrated, with 39.0% of the fund in its ten largest positions against 50.5%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.