ETV vs QQQ
Eaton Vance Tax-Managed Buy-Write Opportunities Fund vs Invesco QQQ Trust, Series 1
Quick Verdict
QQQ has a lower expense ratio. QQQ delivered stronger 1-year returns. ETV offers more diversification with 151 holdings.
Side-by-Side Comparison
| Metric | ETV | QQQ | Winner |
|---|---|---|---|
| Expense Ratio | 1.08% | 0.18% | |
| AUM | $1.3B | $455.8B | |
| Dividend Yield | 7.53% | 0.41% | |
| Holdings | 174 | 108 | |
| YTD Return | +11.18% | +19.68% | |
| 1Y Return | +17.45% | +26.75% | |
| 3Y Return (annualized) | +14.31% | +26.25% | |
| 5Y Return (annualized) | +6.94% | +15.39% | |
| Volatility (annualized) | 15.4% | 30.6% | |
| Max Drawdown | -59.8% | -83.0% | |
| Fund Family | Eaton Vance | Invesco (US) | |
| Category | Alternative | Equity | |
| Inception | Jun 27, 2005 | Mar 10, 1999 |
ETV vs QQQ Performance
Eaton Vance Tax-Managed Buy-Write Opportunities Fund (ETV) is a ETF from Eaton Vance and Invesco QQQ Trust, Series 1 (QQQ) is a ETF from Invesco (US). Over the past year ETV returned +17.45% while QQQ returned +26.75%. Year to date, ETV is up 11.18% versus a gain of 19.68% for QQQ.
Over three years, ETV compounded at +14.31% per year against +26.25% for QQQ; over five years the annualized figures are +6.94% and +15.39% respectively. Across the full 21-year window we track, QQQ has the edge at +13.15% annualized vs +0.93%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
QQQ has been the more volatile fund, with annualized monthly volatility of 30.6% compared with 15.4% 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 -83.0% for QQQ. 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 0.74. 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 7.53% against 0.41% for QQQ.
Holdings Overlap
ETV and QQQ share 30 holdings out of 224 unique holdings combined, representing a 55.5% weight overlap.
High overlap means holding both may not provide much additional diversification.
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. On a $10,000 investment, that is $90 per year of difference.
Which performed better, ETV or QQQ?
Over the past year ETV returned +17.45% vs +26.75% for QQQ, so QQQ leads on 1-year performance. Over the longest common window we track (21 years), ETV annualized +0.93% vs +13.15% for QQQ. Past performance does not guarantee future results.
Which is riskier, ETV or QQQ?
QQQ has been the more volatile fund at 30.6% annualized versus 15.4% for ETV. Worst drawdown: ETV -59.8% vs QQQ -83.0%.
Should I hold both ETV and QQQ?
ETV and QQQ have a monthly-return correlation of 0.74, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between ETV and QQQ?
ETV and QQQ share 30 common holdings with a 55.5% weight overlap. Combined, they hold 224 unique securities.
Which pays a higher dividend, ETV or QQQ?
ETV yields 7.53% while QQQ yields 0.41%, so ETV currently pays the higher dividend yield.
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