ETV vs VYM
Eaton Vance Tax-Managed Buy-Write Opportunities Fund vs Vanguard High Dividend Yield ETF
Quick Verdict
VYM has a lower expense ratio. VYM delivered stronger 1-year returns. VYM offers more diversification with 616 holdings.
Side-by-Side Comparison
| Metric | ETV | VYM | Winner |
|---|---|---|---|
| Expense Ratio | 1.08% | 0.04% | |
| AUM | $1.3B | $81.6B | |
| Dividend Yield | 7.57% | 2.24% | |
| Holdings | 174 | 616 | |
| YTD Return | +12.73% | +14.95% | |
| 1Y Return | +18.49% | +21.14% | |
| 3Y Return (annualized) | +16.39% | +18.69% | |
| 5Y Return (annualized) | +7.30% | +12.00% | |
| Volatility (annualized) | 15.4% | 14.6% | |
| Max Drawdown | -59.8% | -58.8% | |
| Fund Family | Eaton Vance | Vanguard (US) | |
| Category | Alternative | Equity | |
| Inception | Jun 27, 2005 | Nov 10, 2006 |
ETV vs VYM Performance
Eaton Vance Tax-Managed Buy-Write Opportunities Fund (ETV) is a ETF from Eaton Vance and Vanguard High Dividend Yield ETF (VYM) is a ETF from Vanguard (US). Over the past year ETV returned +18.49% while VYM returned +21.14%. Year to date, ETV is up 12.73% versus a gain of 14.95% for VYM.
Over three years, ETV compounded at +16.39% per year against +18.69% for VYM; over five years the annualized figures are +7.30% and +12.00% respectively. Across the full 20-year window we track, VYM has the edge at +7.01% annualized vs +0.99%. 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 14.6% for VYM. 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 -58.8% for VYM. 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 0.69. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
ETV charges 1.08% per year while VYM charges 0.04%. On a $10,000 position that is $108 vs $4 annually, a gap of $104 per year that compounds over a long holding period. On income, ETV currently yields 7.57% against 2.24% for VYM.
Holdings Overlap
ETV and VYM share 81 holdings out of 673 unique holdings combined, representing a 26.6% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Frequently Asked Questions
Which is cheaper, ETV or VYM?
ETV has an expense ratio of 1.08% while VYM charges 0.04%. VYM is the cheaper option. On a $10,000 investment, that is $104 per year of difference.
Which performed better, ETV or VYM?
Over the past year ETV returned +18.49% vs +21.14% for VYM, so VYM leads on 1-year performance. Over the longest common window we track (20 years), ETV annualized +0.99% vs +7.01% for VYM. Past performance does not guarantee future results.
Which is riskier, ETV or VYM?
ETV has been the more volatile fund at 15.4% annualized versus 14.6% for VYM. Worst drawdown: ETV -59.8% vs VYM -58.8%.
Should I hold both ETV and VYM?
ETV and VYM have a monthly-return correlation of 0.69, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between ETV and VYM?
ETV and VYM share 81 common holdings with a 26.6% weight overlap. Combined, they hold 673 unique securities.
Which pays a higher dividend, ETV or VYM?
ETV yields 7.57% while VYM yields 2.24%, so ETV currently pays the higher dividend yield.
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