EAERX vs. SPY

Last updated Jun 5, 2026

EAERX (Eaton Vance Stock Fund) and SPY (State Street SPDR S&P 500 ETF) are both funds - EAERX is a Large Cap Blend 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, EAERX returned 15.92%/yr vs 15.48%/yr for SPY. With a 0.97 correlation, they move nearly in lockstep. EAERX charges 0.98%/yr vs 0.09%/yr for SPY.

Performance

EAERX vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Eaton Vance Stock Fund (EAERX) 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, EAERX achieves a 5.90% return, which is significantly lower than SPY's 11.33% return. Both investments have delivered pretty close results over the past 10 years, with EAERX having a 15.92% annualized return and SPY not far behind at 15.48%.

EAERX

• 1D: -0.52%
• 1M: 2.89%
• YTD: 5.90%
• 6M: 5.53%
• 1Y: 17.41%
• 3Y*: 27.65%
• 5Y*: 15.95%
• 10Y*: 15.92%

SPY

• 1D: 0.38%
• 1M: 4.60%
• YTD: 11.33%
• 6M: 11.25%
• 1Y: 28.50%
• 3Y*: 22.58%
• 5Y*: 13.91%
• 10Y*: 15.48%

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

EAERX vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EAERX Eaton Vance Stock Fund	5.90%	13.24%	53.09%	24.22%	-16.94%	22.85%	18.22%	35.04%	-5.94%	19.90%
SPY State Street SPDR S&P 500 ETF	11.33%	17.72%	24.89%	26.18%	-18.18%	28.73%	18.33%	31.22%	-4.57%	21.71%

Correlation

The correlation between EAERX and SPY is 0.96 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.96
Correlation (3Y) Calculated over the trailing 3-year period	0.96
Correlation (5Y) Calculated over the trailing 5-year period	0.97
Correlation (10Y) Calculated over the trailing 10-year period	0.97
Correlation (All Time) Calculated using the full available price history since Nov 5, 2001	0.97

The correlation between EAERX and SPY has been stable across timeframes, ranging from 0.96 to 0.97 - a consistent structural relationship.

Return for Risk

EAERX vs. SPY — Risk / Return Rank

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

EAERX

EAERX Risk / Return Rank: 26
EAERX Sharpe Ratio Rank: 26
EAERX Sortino Ratio Rank: 25
EAERX Omega Ratio Rank: 26
EAERX Calmar Ratio Rank: 21
EAERX Martin Ratio Rank: 32

SPY

SPY Risk / Return Rank: 74
SPY Sharpe Ratio Rank: 76
SPY Sortino Ratio Rank: 74
SPY Omega Ratio Rank: 75
SPY Calmar Ratio Rank: 66
SPY Martin Ratio Rank: 78

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.

EAERX vs. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Eaton Vance Stock Fund (EAERX) 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.

	EAERX	SPY	Difference
Sharpe ratio: Return per unit of total volatility	1.46	2.42	-0.96
Sortino ratio: Return per unit of downside risk	2.08	3.29	-1.21
Omega ratio: Gain probability vs. loss probability	1.26	1.44	-0.18
Calmar ratio: Return relative to maximum drawdown	1.67	3.22	-1.55
Martin ratio: Return relative to average drawdown	7.21	14.99	-7.78
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

EAERX vs. SPY - Sharpe Ratio Comparison

The current EAERX Sharpe Ratio is 1.46, which is lower than the SPY Sharpe Ratio of 2.42. The chart below compares the historical Sharpe Ratios of EAERX 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.

Sharpe Ratios by Period

	EAERX	SPY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.46	2.42	-0.96
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.75	0.82	-0.07
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.79	0.87	-0.08
Sharpe Ratio (All Time) Calculated using the full available price history	0.55	0.59	-0.04

Drawdowns

EAERX vs. SPY - Drawdown Comparison

The maximum EAERX drawdown since its inception was -48.72%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for EAERX and SPY.

Drawdown Indicators

	EAERX	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-48.72%	-55.19%	+6.47%
Max Drawdown (1Y) Largest decline over 1 year	-10.68%	-8.88%	-1.80%
Max Drawdown (3Y) Largest decline over 3 years	-19.07%	-18.76%	-0.31%
Max Drawdown (5Y) Largest decline over 5 years	-22.71%	-24.50%	+1.79%
Max Drawdown (10Y) Largest decline over 10 years	-33.83%	-33.72%	-0.11%
Current Drawdown Current decline from peak	-0.52%	-0.33%	-0.19%
Average Drawdown Average peak-to-trough decline	-6.80%	-9.05%	+2.25%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.47%	1.91%	+0.56%

Volatility

EAERX vs. SPY - Volatility Comparison

Eaton Vance Stock Fund (EAERX) and State Street SPDR S&P 500 ETF (SPY) have volatilities of 2.79% and 2.79%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EAERX	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.79%	2.79%	0.00%
Volatility (6M) Calculated over the trailing 6-month period	9.35%	8.91%	+0.44%
Volatility (1Y) Calculated over the trailing 1-year period	12.20%	11.82%	+0.38%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.48%	17.05%	+4.43%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.27%	17.93%	+2.34%

EAERX vs. SPY - Expense Ratio Comparison

EAERX has a 0.98% expense ratio, which is higher than SPY's 0.09% expense ratio.

Dividends

EAERX vs. SPY - Dividend Comparison

EAERX's dividend yield for the trailing twelve months is around 8.46%, more than SPY's 0.98% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EAERX Eaton Vance Stock Fund	8.46%	8.95%	29.39%	17.32%	14.50%	12.48%	1.96%	3.92%	12.04%	7.77%	2.87%	8.13%
SPY State Street SPDR S&P 500 ETF	0.98%	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 EAERX and SPY in my portfolio?

With a correlation of 0.96, EAERX and SPY move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, EAERX or SPY?

SPY has higher volatility (2.79%) compared to EAERX (2.79%). In terms of maximum drawdown, EAERX dropped -48.72% vs SPY's -55.19%.

Which has better risk-adjusted returns?

SPY currently has the higher Sharpe Ratio (2.42 vs 1.46), 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.