EAASX vs. SPY

Last updated Jun 24, 2026

EAASX (Eaton Vance Atlanta Capital SMID-Cap Fund Class A) and SPY (State Street SPDR S&P 500 ETF) are both funds - EAASX is a Mid Cap Growth Equities fund managed by Eaton Vance, while SPY is a S&P 500 fund tracking the S&P 500 Index. Over the past 10 years, EAASX returned 9.57%/yr vs 15.53%/yr for SPY. Their correlation of 0.84 suggests significant overlap in exposure. EAASX charges 1.14%/yr vs 0.09%/yr for SPY.

Performance

EAASX vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Eaton Vance Atlanta Capital SMID-Cap Fund Class A (EAASX) and State Street SPDR S&P 500 ETF (SPY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EAASX achieves a -4.06% return, which is significantly lower than SPY's 8.15% return. Over the past 10 years, EAASX has underperformed SPY with an annualized return of 9.57%, while SPY has yielded a comparatively higher 15.53% annualized return.

EAASX

• 1D: -0.72%
• 1M: -0.79%
• YTD: -4.06%
• 6M: -5.34%
• 1Y: -6.71%
• 3Y*: 6.30%
• 5Y*: 3.40%
• 10Y*: 9.57%

SPY

• 1D: -1.45%
• 1M: -1.36%
• YTD: 8.15%
• 6M: 7.20%
• 1Y: 23.59%
• 3Y*: 20.68%
• 5Y*: 13.05%
• 10Y*: 15.53%

*Multi-year figures are annualized to reflect compound growth (CAGR)

EAASX vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EAASX Eaton Vance Atlanta Capital SMID-Cap Fund Class A	-4.06%	-5.90%	17.89%	13.72%	-8.98%	21.66%	11.03%	34.03%	-5.79%	24.40%
SPY State Street SPDR S&P 500 ETF	8.15%	17.72%	24.89%	26.18%	-18.18%	28.73%	18.33%	31.22%	-4.57%	21.71%

Correlation

The correlation between EAASX and SPY is 0.57, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.57
Correlation (3Y) Calculated over the trailing 3-year period	0.68
Correlation (5Y) Calculated over the trailing 5-year period	0.79
Correlation (10Y) Calculated over the trailing 10-year period	0.81
Correlation (All Time) Calculated using the full available price history since Jan 3, 2012	0.84

Over the past year, the correlation between EAASX and SPY has dropped to 0.57 - well below their long-term average of 0.84, suggesting their price drivers have been diverging.

Return for Risk

EAASX vs. SPY — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

EAASX

EAASX Risk / Return Rank: 1
EAASX Sharpe Ratio Rank: 1
EAASX Sortino Ratio Rank: 1
EAASX Omega Ratio Rank: 2
EAASX Calmar Ratio Rank: 1
EAASX Martin Ratio Rank: 1

SPY

SPY Risk / Return Rank: 59
SPY Sharpe Ratio Rank: 58
SPY Sortino Ratio Rank: 56
SPY Omega Ratio Rank: 57
SPY Calmar Ratio Rank: 56
SPY Martin Ratio Rank: 67

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

EAASX vs. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Eaton Vance Atlanta Capital SMID-Cap Fund Class A (EAASX) 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	EAASX	SPY	Difference
Sharpe ratio: Return per unit of total volatility	-0.35	1.90	-2.25
Sortino ratio: Return per unit of downside risk	-0.42	2.58	-3.00
Omega ratio: Gain probability vs. loss probability	0.96	1.34	-0.39
Calmar ratio: Return relative to maximum drawdown	-0.37	2.67	-3.03
Martin ratio: Return relative to average drawdown	-0.69	11.92	-12.61

EAASX vs. SPY - Sharpe Ratio Comparison

The current EAASX Sharpe Ratio is -0.35, which is lower than the SPY Sharpe Ratio of 1.90. The chart below compares the historical Sharpe Ratios of EAASX and SPY, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

EAASX vs. SPY - Drawdown Comparison

The maximum EAASX drawdown since its inception was -39.96%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for EAASX and SPY.

Drawdown Indicators

	EAASX	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-39.96%	-55.19%	+15.23%
Max Drawdown (1Y) Largest decline over 1 year	-14.82%	-8.88%	-5.94%
Max Drawdown (3Y) Largest decline over 3 years	-19.45%	-18.76%	-0.69%
Max Drawdown (5Y) Largest decline over 5 years	-19.95%	-24.50%	+4.55%
Max Drawdown (10Y) Largest decline over 10 years	-39.96%	-33.72%	-6.24%
Current Drawdown Current decline from peak	-14.94%	-3.17%	-11.77%
Average Drawdown Average peak-to-trough decline	-4.53%	-9.04%	+4.51%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.91%	1.98%	+5.93%

Volatility

EAASX vs. SPY - Volatility Comparison

The current volatility for Eaton Vance Atlanta Capital SMID-Cap Fund Class A (EAASX) is 4.28%, while State Street SPDR S&P 500 ETF (SPY) has a volatility of 4.87%. This indicates that EAASX 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.

Volatility by Period

	EAASX	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.28%	4.87%	-0.59%
Volatility (6M) Calculated over the trailing 6-month period	11.49%	9.85%	+1.64%
Volatility (1Y) Calculated over the trailing 1-year period	15.58%	12.50%	+3.08%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.17%	17.15%	+0.02%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.90%	17.95%	+0.95%

EAASX vs. SPY - Expense Ratio Comparison

EAASX has a 1.14% expense ratio, which is higher than SPY's 0.09% expense ratio.

Dividends

EAASX vs. SPY - Dividend Comparison

EAASX's dividend yield for the trailing twelve months is around 8.07%, more than SPY's 1.03% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EAASX Eaton Vance Atlanta Capital SMID-Cap Fund Class A	8.07%	7.75%	8.22%	3.08%	12.28%	12.19%	11.17%	7.09%	8.01%	3.64%	3.93%	7.29%
SPY State Street SPDR S&P 500 ETF	1.03%	1.07%	1.21%	1.40%	1.65%	1.20%	1.52%	1.75%	2.04%	1.80%	2.03%	2.06%

Frequently Asked Questions

Can I hold both EAASX and SPY in my portfolio?

EAASX and SPY have a correlation of 0.57, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EAASX or SPY?

SPY has higher volatility (4.87%) compared to EAASX (4.28%). In terms of maximum drawdown, EAASX dropped -39.96% vs SPY's -55.19%.

Which has better risk-adjusted returns?

SPY currently has the higher Sharpe Ratio (1.90 vs -0.35), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.