ETY vs. SPY
Compare and contrast key facts about Eaton Vance Tax Managed Diversified Equity Income Closed Fund (ETY) and State Street SPDR S&P 500 ETF (SPY).
ETY is an actively managed fund by Eaton Vance. It was launched on Nov 27, 2006. 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
ETY vs. SPY - Performance Comparison
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ETY vs. SPY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ETY Eaton Vance Tax Managed Diversified Equity Income Closed Fund | -8.28% | 11.02% | 33.11% | 21.83% | -21.21% | 32.61% | 7.27% | 33.68% | -8.96% | 28.72% |
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, ETY achieves a -8.28% return, which is significantly lower than SPY's -4.37% return. Over the past 10 years, ETY has underperformed SPY with an annualized return of 11.56%, while SPY has yielded a comparatively higher 13.98% annualized return.
ETY
- 1D
- 4.79%
- 1M
- -6.99%
- YTD
- -8.28%
- 6M
- -9.79%
- 1Y
- 4.64%
- 3Y*
- 14.60%
- 5Y*
- 10.08%
- 10Y*
- 11.56%
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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ETY vs. SPY - Expense Ratio Comparison
ETY has a 1.06% expense ratio, which is higher than SPY's 0.09% expense ratio.
Return for Risk
ETY vs. SPY — Risk / Return Rank
ETY
SPY
ETY vs. SPY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Eaton Vance Tax Managed Diversified Equity Income Closed Fund (ETY) 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.
| ETY | SPY | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.23 | 0.93 | -0.70 |
Sortino ratioReturn per unit of downside risk | 0.49 | 1.45 | -0.96 |
Omega ratioGain probability vs. loss probability | 1.07 | 1.22 | -0.15 |
Calmar ratioReturn relative to maximum drawdown | 0.35 | 1.53 | -1.18 |
Martin ratioReturn relative to average drawdown | 1.31 | 7.30 | -5.99 |
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
| ETY | SPY | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.23 | 0.93 | -0.70 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.57 | 0.69 | -0.12 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.58 | 0.78 | -0.20 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.38 | 0.56 | -0.18 |
Correlation
The correlation between ETY and SPY is 0.74, 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
ETY vs. SPY - Dividend Comparison
ETY's dividend yield for the trailing twelve months is around 8.63%, more than SPY's 1.14% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ETY Eaton Vance Tax Managed Diversified Equity Income Closed Fund | 8.63% | 7.76% | 7.59% | 7.92% | 10.04% | 7.01% | 8.26% | 8.08% | 9.92% | 8.30% | 9.77% | 9.03% |
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
ETY vs. SPY - Drawdown Comparison
The maximum ETY drawdown since its inception was -53.06%, roughly equal to the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for ETY and SPY.
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Drawdown Indicators
| ETY | SPY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -53.06% | -55.19% | +2.13% |
Max Drawdown (1Y)Largest decline over 1 year | -14.40% | -12.05% | -2.35% |
Max Drawdown (5Y)Largest decline over 5 years | -24.06% | -24.50% | +0.44% |
Max Drawdown (10Y)Largest decline over 10 years | -42.46% | -33.72% | -8.74% |
Current DrawdownCurrent decline from peak | -10.30% | -6.24% | -4.06% |
Average DrawdownAverage peak-to-trough decline | -7.62% | -9.09% | +1.47% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.82% | 2.52% | +1.30% |
Volatility
ETY vs. SPY - Volatility Comparison
Eaton Vance Tax Managed Diversified Equity Income Closed Fund (ETY) has a higher volatility of 6.94% compared to State Street SPDR S&P 500 ETF (SPY) at 5.31%. This indicates that ETY's price experiences larger fluctuations and is considered to be riskier 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
| ETY | SPY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.94% | 5.31% | +1.63% |
Volatility (6M)Calculated over the trailing 6-month period | 10.41% | 9.47% | +0.94% |
Volatility (1Y)Calculated over the trailing 1-year period | 20.26% | 19.05% | +1.21% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.85% | 17.06% | +0.79% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19.85% | 17.92% | +1.93% |