ETB vs SPY
Eaton Vance Tax-Managed Buy-Write Income Fund vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
SPY has a lower expense ratio. SPY delivered stronger 1-year returns. SPY offers more diversification with 505 holdings.
Side-by-Side Comparison
| Metric | ETB | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 1.12% | 0.09% | |
| AUM | $391M | $821.1B | |
| Dividend Yield | 7.49% | 1.01% | |
| Holdings | 156 | 505 | |
| YTD Return | +8.03% | +12.93% | |
| 1Y Return | +14.65% | +20.62% | |
| 3Y Return (annualized) | +15.36% | +22.00% | |
| 5Y Return (annualized) | +7.47% | +13.33% | |
| Volatility (annualized) | 17.3% | 15.3% | |
| Max Drawdown | -59.4% | -56.5% | |
| Fund Family | Eaton Vance | State Street Investment Management | |
| Category | Alternative | Equity | |
| Inception | Apr 27, 2005 | Jan 22, 1993 |
ETB vs SPY Performance
Eaton Vance Tax-Managed Buy-Write Income Fund (ETB) is a ETF from Eaton Vance and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year ETB returned +14.65% while SPY returned +20.62%. Year to date, ETB is up 8.03% versus a gain of 12.93% for SPY.
Over three years, ETB compounded at +15.36% per year against +22.00% for SPY; over five years the annualized figures are +7.47% and +13.33% respectively. Across the full 21-year window we track, SPY has the edge at +8.82% annualized vs +1.06%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
ETB has been the more volatile fund, with annualized monthly volatility of 17.3% compared with 15.3% for SPY. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -59.4% for ETB and -56.5% for SPY. Drawdown depth is worth weighing if you expect to sell during market stress rather than ride it out.
The two funds' monthly returns correlate at 0.71. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
ETB charges 1.12% per year while SPY charges 0.09%. On a $10,000 position that is $112 vs $9 annually, a gap of $103 per year that compounds over a long holding period. On income, ETB currently yields 7.49% against 1.01% for SPY.
Holdings Overlap
ETB and SPY share 130 holdings out of 519 unique holdings combined, representing a 62.6% weight overlap.
High overlap means holding both may not provide much additional diversification.
Frequently Asked Questions
Which is cheaper, ETB or SPY?
ETB has an expense ratio of 1.12% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $103 per year of difference.
Which performed better, ETB or SPY?
Over the past year ETB returned +14.65% vs +20.62% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (21 years), ETB annualized +1.06% vs +8.82% for SPY. Past performance does not guarantee future results.
Which is riskier, ETB or SPY?
ETB has been the more volatile fund at 17.3% annualized versus 15.3% for SPY. Worst drawdown: ETB -59.4% vs SPY -56.5%.
Should I hold both ETB and SPY?
ETB and SPY have a monthly-return correlation of 0.71, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between ETB and SPY?
ETB and SPY share 130 common holdings with a 62.6% weight overlap. Combined, they hold 519 unique securities.
Which pays a higher dividend, ETB or SPY?
ETB yields 7.49% while SPY yields 1.01%, so ETB currently pays the higher dividend yield.
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