ETV vs SPY
Eaton Vance Tax-Managed Buy-Write Opportunities Fund vs State Street SPDR S&P 500 ETF Trust
Which is better, ETV or SPY?
Multi Alternative against Large Cap Blend.
SPY has a lower expense ratio. SPY led over 1Y, 3Y, 5Y and the full window. SPY is less concentrated, with 38.0% of the fund in its ten largest positions against 45.9%.
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 | SPY |
|---|---|---|
| Expense Ratio | 1.08% | 0.09%Best |
| AUM | $1.3B | $814.4B |
| Dividend Yield | 7.57% | 1.01% |
| Holdings | 174 | 505 |
| YTD Return | +12.80% | +13.78%Best |
| 1Y Return | +18.99% | +21.44%Best |
| 3Y Return (annualized) | +15.64% | +21.38%Best |
| 5Y Return (annualized) | +7.19% | +12.80%Best |
| Volatility (annualized) | 15.3% | 15.0%Best |
| Max Drawdown | -59.8% | -56.5%Best |
| $10,000 over 5 years | $14,150 | $18,262Best |
| Top 10 Weight | 45.9% | 38.0%Best |
| Fund Family | Eaton Vance | State Street Investment Management |
| Category | Alternative | Equity |
| Style | Multi Alternative | Large Cap Blend |
| Inception | Jun 27, 2005 | Jan 22, 1993 |
Volatility and max drawdown are measured over the window both funds cover: Jun 28, 2005 to Sep 3, 2026 (21.2 years).
ETV vs SPY 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 SPY Performance
Eaton Vance Tax-Managed Buy-Write Opportunities Fund (ETV) is an ETF from Eaton Vance and State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management. Over the past year ETV returned +18.99% while SPY returned +21.44%. Year to date, ETV is up 12.80% versus a gain of 13.78% for SPY.
Over three years, ETV compounded at +15.64% per year against +21.38% for SPY; over five years the annualized figures are +7.19% and +12.80% respectively. Across the full 21-year window we track, SPY has the edge at +9.57% annualized vs +1.00%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
ETV has been the more volatile fund, with annualized monthly volatility of 15.3% compared with 15.0% 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 what each fund did in the worst stretch of the window measured above.
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 7.57% against 1.01% for SPY.
Holdings Overlap
97.0% of ETV's money is in holdings SPY also owns. 66.2% of SPY's money is in holdings ETV also owns.
Most of ETV is already inside SPY. Owning both mostly buys the same companies twice.
The two holdings books were reported 126 days apart, ETV as of Mar 31, 2026 and SPY as of Aug 4, 2026, so some of the difference between them is the time between the two reports rather than the funds.
134 positions in common, counted across the 151 positions we hold weights for in ETV and 504 in SPY, against full books of 174 and 505.
What only one of them owns
Our book lists 362 positions for SPY that do not appear in our book for ETV (32.0% of the fund), and 11 for ETV that do not appear in SPY (1.3%).
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 SPY | Difference |
|---|---|---|---|
| NVDANvidia Corp. | 8.97% | 7.71% | 1.26% |
| AAPLApple, Inc | 8.09% | 6.83% | 1.26% |
| MSFTMicrosoft Corp 4.100 Feb 06 37 | 6.10% | 5.50% | 0.60% |
| AMZNAmazon.Com Inc | 4.52% | 4.08% | 0.44% |
| GOOGLAlphabet Inc.Class A | 3.74% | 3.33% | 0.41% |
| AVGOBroadcom Inc | 3.73% | 2.97% | 0.76% |
| GOOGAlphabet Inc. C | 3.08% | 2.67% | 0.41% |
| METAMeta Platform Inc | 2.97% | 1.94% | 1.03% |
| TSLATesla Motors Inc | 2.77% | 1.38% | 1.39% |
| JPMJpmorgan Chase & Co | 1.24% | 1.44% | 0.20% |
97.0% of ETV is already inside SPY.
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 SPY?
ETV has an expense ratio of 1.08% while SPY charges 0.09%. SPY is the cheaper option, by $99 a year on a $10,000 investment.
Which performed better, ETV or SPY?
Over the past year ETV returned +18.99% vs +21.44% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (21 years), ETV annualized +1.00% vs +9.57% for SPY. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, ETV or SPY?
ETV has been the more volatile fund at 15.3% annualized versus 15.0% 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 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 SPY?
97.0% of ETV's money is in holdings SPY also owns. 66.2% of SPY's is in holdings ETV also owns. They hold 134 positions in common, counted across the 151 positions we hold weights for in ETV and 504 in SPY.
Which pays a higher dividend, ETV or SPY?
ETV yields 7.57% while SPY yields 1.01%, so ETV currently pays the higher dividend yield.
Is SPY better than ETV?
SPY has a lower expense ratio. SPY led over 1Y, 3Y, 5Y and the full window. SPY is less concentrated, with 38.0% of the fund in its ten largest positions against 45.9%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.