CAPEX vs. SPY
Compare and contrast key facts about Eaton Vance Tax Managed Growth 1.0 Fund (CAPEX) and State Street SPDR S&P 500 ETF (SPY).
CAPEX is managed by BlackRock. It was launched on Mar 28, 1966. SPY is a passively managed fund by State Street that tracks the performance of the S&P 500 Index. It was launched on Jan 22, 1993.
Performance
CAPEX vs. SPY - Performance Comparison
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CAPEX vs. SPY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
CAPEX Eaton Vance Tax Managed Growth 1.0 Fund | -8.46% | 16.83% | 25.45% | 28.62% | -19.92% | 25.05% | 23.49% | 29.70% | -4.95% | 22.72% |
SPY State Street SPDR S&P 500 ETF | -4.37% | 17.72% | 24.89% | 26.18% | -18.18% | 28.73% | 18.33% | 31.22% | -4.57% | 21.71% |
Returns By Period
In the year-to-date period, CAPEX achieves a -8.46% return, which is significantly lower than SPY's -4.37% return. Both investments have delivered pretty close results over the past 10 years, with CAPEX having a 13.40% annualized return and SPY not far ahead at 13.98%.
CAPEX
- 1D
- -0.15%
- 1M
- -8.01%
- YTD
- -8.46%
- 6M
- -6.22%
- 1Y
- 11.44%
- 3Y*
- 16.79%
- 5Y*
- 10.42%
- 10Y*
- 13.40%
SPY
- 1D
- 2.91%
- 1M
- -4.94%
- YTD
- -4.37%
- 6M
- -1.82%
- 1Y
- 17.59%
- 3Y*
- 18.19%
- 5Y*
- 11.69%
- 10Y*
- 13.98%
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CAPEX vs. SPY - Expense Ratio Comparison
CAPEX has a 0.45% expense ratio, which is higher than SPY's 0.09% expense ratio.
Return for Risk
CAPEX vs. SPY — Risk / Return Rank
CAPEX
SPY
CAPEX vs. SPY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Eaton Vance Tax Managed Growth 1.0 Fund (CAPEX) and State Street SPDR S&P 500 ETF (SPY). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.
| CAPEX | SPY | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.67 | 0.93 | -0.26 |
Sortino ratioReturn per unit of downside risk | 1.08 | 1.45 | -0.38 |
Omega ratioGain probability vs. loss probability | 1.16 | 1.22 | -0.06 |
Calmar ratioReturn relative to maximum drawdown | 0.83 | 1.53 | -0.70 |
Martin ratioReturn relative to average drawdown | 3.57 | 7.30 | -3.73 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| CAPEX | SPY | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.67 | 0.93 | -0.26 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.61 | 0.69 | -0.08 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.74 | 0.78 | -0.05 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.54 | 0.56 | -0.03 |
Correlation
The correlation between CAPEX and SPY is 0.97, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.
Dividends
CAPEX vs. SPY - Dividend Comparison
CAPEX's dividend yield for the trailing twelve months is around 3.64%, more than SPY's 1.14% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CAPEX Eaton Vance Tax Managed Growth 1.0 Fund | 3.64% | 3.19% | 2.40% | 0.83% | 0.97% | 0.63% | 0.88% | 1.15% | 1.36% | 1.20% | 1.41% | 1.39% |
SPY State Street SPDR S&P 500 ETF | 1.14% | 1.07% | 1.21% | 1.40% | 1.65% | 1.20% | 1.52% | 1.75% | 2.04% | 1.80% | 2.03% | 2.06% |
Drawdowns
CAPEX vs. SPY - Drawdown Comparison
The maximum CAPEX drawdown since its inception was -51.71%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for CAPEX and SPY.
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Drawdown Indicators
| CAPEX | SPY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -51.71% | -55.19% | +3.48% |
Max Drawdown (1Y)Largest decline over 1 year | -11.71% | -12.05% | +0.34% |
Max Drawdown (5Y)Largest decline over 5 years | -25.87% | -24.50% | -1.37% |
Max Drawdown (10Y)Largest decline over 10 years | -32.94% | -33.72% | +0.78% |
Current DrawdownCurrent decline from peak | -10.52% | -6.24% | -4.28% |
Average DrawdownAverage peak-to-trough decline | -8.42% | -9.09% | +0.67% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.71% | 2.52% | +0.19% |
Volatility
CAPEX vs. SPY - Volatility Comparison
The current volatility for Eaton Vance Tax Managed Growth 1.0 Fund (CAPEX) is 4.49%, while State Street SPDR S&P 500 ETF (SPY) has a volatility of 5.31%. This indicates that CAPEX experiences smaller price fluctuations and is considered to be less risky than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CAPEX | SPY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.49% | 5.31% | -0.82% |
Volatility (6M)Calculated over the trailing 6-month period | 9.08% | 9.47% | -0.39% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.24% | 19.05% | -0.81% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.27% | 17.06% | +0.21% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.30% | 17.92% | +0.38% |