ETV vs QQQ
Eaton Vance Tax-Managed Buy-Write Opportunities Fund vs Invesco QQQ Trust, Series 1
Which is better, ETV or QQQ?
Multi Alternative against Large Cap Growth.
QQQ has a lower expense ratio. QQQ led over 1Y, 3Y, 5Y and the full window. ETV is less concentrated, with 46.3% of the fund in its ten largest positions against 47.2%.
MarketXLS is not an investment adviser. This comparison is generated automatically from market data and is for information only. A Best mark means the better reading on that one measure, not a recommendation to buy.
Side-by-Side Comparison
| Metric | ETV | QQQ |
|---|---|---|
| Expense Ratio | 1.08% | 0.18%Best |
| AUM | $1.9B | $498.6B |
| Dividend Yield | 7.36% | 0.42% |
| Holdings | 174 | 321 |
| YTD Return | +10.94% | +21.44%Best |
| 1Y Return | +13.85% | +23.58%Best |
| 3Y Return (annualized) | +16.97% | +27.86%Best |
| 5Y Return (annualized) | +7.39% | +16.25%Best |
| Volatility (annualized) | 15.3%Best | 18.4% |
| Max Drawdown | -59.8% | -53.5%Best |
| $10,000 over 5 years | $14,283 | $21,231Best |
| Top 10 Weight | 46.3%Best | 47.2% |
| Fund Family | Eaton Vance | Invesco (US) |
| Category | Alternative | Equity |
| Style | Multi Alternative | Large Cap Growth |
| Inception | Jun 27, 2005 | Mar 10, 1999 |
Volatility and max drawdown are measured over the window both funds cover: Jun 28, 2005 to Oct 1, 2026 (21.3 years).
ETV vs QQQ growth
Month-end closes. Both lines start at 0% in the first month shown, so the gap between them is the difference in growth across that window. The full view is available from the range buttons; it is not the opening view here because over the whole period one of these two funds moves so much further than the other that its line would sit flat on the axis.
ETV vs QQQ Performance
Eaton Vance Tax-Managed Buy-Write Opportunities Fund (ETV) is an ETF from Eaton Vance and Invesco QQQ Trust, Series 1 (QQQ) is an ETF from Invesco (US). Over the past year ETV returned +13.85% while QQQ returned +23.58%. Year to date, ETV is up 10.94% versus a gain of 21.44% for QQQ.
Over three years, ETV compounded at +16.97% per year against +27.86% for QQQ; over five years the annualized figures are +7.39% and +16.25% respectively. Across the full 21-year window we track, QQQ has the edge at +15.31% annualized vs +0.91%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
QQQ has been the more volatile fund, with annualized monthly volatility of 18.4% compared with 15.3% for ETV. 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 -59.8% for ETV and -53.5% for QQQ. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.73. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
ETV charges 1.08% per year while QQQ charges 0.18%. On a $10,000 position that is $108 vs $18 annually, a gap of $90 per year that compounds over a long holding period. On income, ETV currently yields 7.36% against 0.42% for QQQ.
Holdings Overlap
67.5% of ETV's money is in holdings QQQ also owns. 69.2% of QQQ's money is in holdings ETV also owns.
The two portfolios partly overlap.
The two holdings books were reported 46 days apart, ETV as of Jul 31, 2026 and QQQ as of Sep 15, 2026, so some of the difference between them is the time between the two reports rather than the funds.
30 positions in common, counted across the 151 positions we hold weights for in ETV and 102 in QQQ, against full books of 174 and 321.
What only one of them owns
Our book lists 67 positions for QQQ that do not appear in our book for ETV (28.8% of the fund), and 117 for ETV that do not appear in QQQ (32.2%).
Some of those will be the same company recorded under a different code in one of the two books, so the real difference in what you would own is no larger than this and may be smaller. We do not name the individual positions here for that reason.
Top Shared Holdings
| Stock | Weight in ETV | Weight in QQQ | Difference |
|---|---|---|---|
| NVDANvidia Corp | 8.35% | 8.45% | 0.10% |
| AAPLApple, Inc | 8.17% | 7.80% | 0.37% |
| MSFTMicrosoft Corp | 6.76% | 5.88% | 0.88% |
| AMZNAmazon.Com Inc | 4.95% | 4.41% | 0.54% |
| MUMicron Technology, Inc. | 2.55% | 4.85% | 2.30% |
| GOOGLAlphabet Inc,class A | 3.63% | 3.15% | 0.48% |
| AMDAdvanced Micro Devices Inc | 2.86% | 3.71% | 0.85% |
| AVGOBroadcom Inc | 3.46% | 2.74% | 0.72% |
| GOOGAlphabet Inc. C | 2.95% | 2.93% | 0.02% |
| METAMeta Platforms Inc | 2.57% | 3.07% | 0.50% |
69.2% of QQQ is already inside ETV.
You probably hold more than these two. Add the rest and see how much of the whole book is the same companies twice.
Free for up to 10 holdings. No account needed.
Frequently Asked Questions
Which is cheaper, ETV or QQQ?
ETV has an expense ratio of 1.08% while QQQ charges 0.18%. QQQ is the cheaper option, by $90 a year on a $10,000 investment.
Which performed better, ETV or QQQ?
Over the past year ETV returned +13.85% vs +23.58% for QQQ, so QQQ leads on 1-year performance. Over the longest common window we track (21 years), ETV annualized +0.91% vs +15.31% for QQQ. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, ETV or QQQ?
QQQ has been the more volatile fund at 18.4% annualized versus 15.3% for ETV. Worst drawdown: ETV -59.8% vs QQQ -53.5%.
Should I hold both ETV and QQQ?
ETV and QQQ have a monthly-return correlation of 0.73, so their returns are far enough apart for the mix to behave differently from either one alone. This is information, not a recommendation.
What is the holdings overlap between ETV and QQQ?
69.2% of QQQ's money is in holdings ETV also owns. 69.2% of QQQ's is in holdings ETV also owns. They hold 30 positions in common, counted across the 151 positions we hold weights for in ETV and 102 in QQQ.
Which pays a higher dividend, ETV or QQQ?
ETV yields 7.36% while QQQ yields 0.42%, so ETV currently pays the higher dividend yield.
Is QQQ better than ETV?
QQQ has a lower expense ratio. QQQ led over 1Y, 3Y, 5Y and the full window. ETV is less concentrated, with 46.3% of the fund in its ten largest positions against 47.2%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.