ETV vs SPY
Eaton Vance Tax-Managed Buy-Write Opportunities 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 503 holdings.
Side-by-Side Comparison
| Metric | ETV | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 1.08% | 0.09% | |
| AUM | $1.3B | $789.1B | |
| Dividend Yield | 7.53% | 1.01% | |
| Holdings | 174 | 505 | |
| YTD Return | +11.55% | +13.39% | |
| 1Y Return | +18.43% | +22.52% | |
| 3Y Return (annualized) | +14.47% | +21.36% | |
| 5Y Return (annualized) | +7.02% | +13.19% | |
| Volatility (annualized) | 15.4% | 15.3% | |
| Max Drawdown | -59.8% | -56.5% | |
| Fund Family | Eaton Vance | State Street Investment Management | |
| Category | Alternative | Equity | |
| Inception | Jun 27, 2005 | Jan 22, 1993 |
ETV vs SPY Performance
Eaton Vance Tax-Managed Buy-Write Opportunities Fund (ETV) 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 ETV returned +18.43% while SPY returned +22.52%. Year to date, ETV is up 11.55% versus a gain of 13.39% for SPY.
Over three years, ETV compounded at +14.47% per year against +21.36% for SPY; over five years the annualized figures are +7.02% and +13.19% respectively. Across the full 21-year window we track, SPY has the edge at +8.84% annualized vs +0.94%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
ETV has been the more volatile fund, with annualized monthly volatility of 15.4% 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 -59.8% for ETV 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 0.77. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
ETV charges 1.08% per year while SPY charges 0.09%. On a $10,000 position that is $108 vs $9 annually, a gap of $99 per year that compounds over a long holding period. On income, ETV currently yields 7.53% against 1.01% for SPY.
Holdings Overlap
ETV and SPY share 134 holdings out of 520 unique holdings combined, representing a 57.6% weight overlap.
High overlap means holding both may not provide much additional diversification.
Frequently Asked Questions
Which is cheaper, ETV or SPY?
ETV has an expense ratio of 1.08% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $99 per year of difference.
Which performed better, ETV or SPY?
Over the past year ETV returned +18.43% vs +22.52% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (21 years), ETV annualized +0.94% vs +8.84% for SPY. Past performance does not guarantee future results.
Which is riskier, ETV or SPY?
ETV has been the more volatile fund at 15.4% annualized versus 15.3% for SPY. Worst drawdown: ETV -59.8% vs SPY -56.5%.
Should I hold both ETV and SPY?
ETV and SPY have a monthly-return correlation of 0.77, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between ETV and SPY?
ETV and SPY share 134 common holdings with a 57.6% weight overlap. Combined, they hold 520 unique securities.
Which pays a higher dividend, ETV or SPY?
ETV yields 7.53% while SPY yields 1.01%, so ETV currently pays the higher dividend yield.
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