EFT vs. SPY

Last updated Jun 23, 2026

EFT (Eaton Vance Floating-Rate Income Trust) is a stock, while SPY (State Street SPDR S&P 500 ETF) is S&P 500 fund tracking the S&P 500 Index. Over the past 10 years, EFT returned 5.54%/yr vs 15.70%/yr for SPY. At a 0.33 correlation, their price movements are largely independent.

Performance

EFT vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Eaton Vance Floating-Rate Income Trust (EFT) 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, EFT achieves a -2.28% return, which is significantly lower than SPY's 9.74% return. Over the past 10 years, EFT has underperformed SPY with an annualized return of 5.54%, while SPY has yielded a comparatively higher 15.70% annualized return.

EFT

• 1D: -0.09%
• 1M: -1.32%
• YTD: -2.28%
• 6M: -1.44%
• 1Y: -4.46%
• 3Y*: 7.92%
• 5Y*: 3.39%
• 10Y*: 5.54%

SPY

• 1D: -0.31%
• 1M: 0.09%
• YTD: 9.74%
• 6M: 9.27%
• 1Y: 26.65%
• 3Y*: 21.27%
• 5Y*: 13.51%
• 10Y*: 15.70%

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

EFT vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EFT Eaton Vance Floating-Rate Income Trust	-2.28%	-3.77%	13.17%	27.14%	-19.69%	21.00%	2.41%	16.85%	-6.14%	1.63%
SPY State Street SPDR S&P 500 ETF	9.74%	17.72%	24.89%	26.18%	-18.18%	28.73%	18.33%	31.22%	-4.57%	21.71%

Correlation

The correlation between EFT and SPY is 0.38, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.38
Correlation (3Y) Calculated over the trailing 3-year period	0.32
Correlation (5Y) Calculated over the trailing 5-year period	0.38
Correlation (10Y) Calculated over the trailing 10-year period	0.35
Correlation (All Time) Calculated using the full available price history since Jul 26, 2004	0.33

Return for Risk

EFT vs. SPY — Risk / Return Rank

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

EFT

EFT Risk / Return Rank: 23
EFT Sharpe Ratio Rank: 21
EFT Sortino Ratio Rank: 18
EFT Omega Ratio Rank: 18
EFT Calmar Ratio Rank: 31
EFT Martin Ratio Rank: 29

SPY

SPY Risk / Return Rank: 68
SPY Sharpe Ratio Rank: 69
SPY Sortino Ratio Rank: 66
SPY Omega Ratio Rank: 68
SPY Calmar Ratio Rank: 63
SPY Martin Ratio Rank: 74

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.

EFT vs. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Eaton Vance Floating-Rate Income Trust (EFT) 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.

	EFT	SPY	Difference
Sharpe ratio: Return per unit of total volatility	-0.48	2.16	-2.64
Sortino ratio: Return per unit of downside risk	-0.63	2.91	-3.54
Omega ratio: Gain probability vs. loss probability	0.92	1.39	-0.47
Calmar ratio: Return relative to maximum drawdown	-0.34	3.01	-3.36
Martin ratio: Return relative to average drawdown	-0.67	13.54	-14.20

EFT vs. SPY - Sharpe Ratio Comparison

The current EFT Sharpe Ratio is -0.48, which is lower than the SPY Sharpe Ratio of 2.16. The chart below compares the historical Sharpe Ratios of EFT 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

EFT vs. SPY - Drawdown Comparison

The maximum EFT drawdown since its inception was -60.58%, which is greater than SPY's maximum drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for EFT and SPY.

Drawdown Indicators

	EFT	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-60.58%	-55.19%	-5.39%
Max Drawdown (1Y) Largest decline over 1 year	-13.02%	-8.88%	-4.14%
Max Drawdown (3Y) Largest decline over 3 years	-17.49%	-18.76%	+1.27%
Max Drawdown (5Y) Largest decline over 5 years	-24.98%	-24.50%	-0.48%
Max Drawdown (10Y) Largest decline over 10 years	-45.51%	-33.72%	-11.79%
Current Drawdown Current decline from peak	-10.96%	-1.75%	-9.21%
Average Drawdown Average peak-to-trough decline	-8.82%	-9.04%	+0.22%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.68%	1.97%	+4.71%

Volatility

EFT vs. SPY - Volatility Comparison

The current volatility for Eaton Vance Floating-Rate Income Trust (EFT) is 1.14%, while State Street SPDR S&P 500 ETF (SPY) has a volatility of 4.64%. This indicates that EFT 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

	EFT	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.14%	4.64%	-3.50%
Volatility (6M) Calculated over the trailing 6-month period	7.49%	9.75%	-2.26%
Volatility (1Y) Calculated over the trailing 1-year period	9.33%	12.43%	-3.10%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.75%	17.14%	-4.39%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.76%	17.99%	-2.23%

Dividends

EFT vs. SPY - Dividend Comparison

EFT's dividend yield for the trailing twelve months is around 9.12%, more than SPY's 1.01% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EFT Eaton Vance Floating-Rate Income Trust	9.12%	9.55%	10.52%	11.09%	9.81%	5.24%	5.88%	7.41%	6.77%	5.73%	5.54%	6.57%
SPY State Street SPDR S&P 500 ETF	1.01%	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 EFT and SPY in my portfolio?

EFT and SPY have a correlation of 0.38, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EFT or SPY?

SPY has higher volatility (4.64%) compared to EFT (1.14%). In terms of maximum drawdown, EFT dropped -60.58% vs SPY's -55.19%.

Which has better risk-adjusted returns?

SPY currently has the higher Sharpe Ratio (2.16 vs -0.48), 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.