ETW vs HFXI
Eaton Vance Tax-Managed Global Buy-Write Opportunities Fund vs NYLI FTSE International Equity Currency Neutral ETF
Quick Verdict
HFXI has a lower expense ratio. HFXI delivered stronger 1-year returns. HFXI offers more diversification with 876 holdings.
Side-by-Side Comparison
| Metric | ETW | HFXI | Winner |
|---|---|---|---|
| Expense Ratio | 1.10% | 0.20% | |
| AUM | $936M | $2.1B | |
| Dividend Yield | 7.47% | 3.39% | |
| Holdings | 291 | 876 | |
| YTD Return | +12.70% | +17.30% | |
| 1Y Return | +20.91% | +29.54% | |
| 3Y Return (annualized) | +17.63% | +21.69% | |
| 5Y Return (annualized) | +6.41% | +12.45% | |
| Volatility (annualized) | 16.9% | 13.8% | |
| Max Drawdown | -72.8% | -34.2% | |
| Fund Family | Eaton Vance | INDEXIQ ETF TRUST | |
| Category | Alternative | Equity | |
| Inception | Sep 30, 2005 | Jul 22, 2015 |
ETW vs HFXI Performance
Eaton Vance Tax-Managed Global Buy-Write Opportunities Fund (ETW) is a ETF from Eaton Vance and NYLI FTSE International Equity Currency Neutral ETF (HFXI) is a ETF from INDEXIQ ETF TRUST. Over the past year ETW returned +20.91% while HFXI returned +29.54%. Year to date, ETW is up 12.70% versus a gain of 17.30% for HFXI.
Over three years, ETW compounded at +17.63% per year against +21.69% for HFXI; over five years the annualized figures are +6.41% and +12.45% respectively. Across the full 11-year window we track, HFXI has the edge at +7.92% annualized vs -1.05%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
ETW has been the more volatile fund, with annualized monthly volatility of 16.9% compared with 13.8% for HFXI. 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 -72.8% for ETW and -34.2% for HFXI. 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 0.86. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
ETW charges 1.10% per year while HFXI charges 0.20%. On a $10,000 position that is $110 vs $20 annually, a gap of $90 per year that compounds over a long holding period. On income, ETW currently yields 7.47% against 3.39% for HFXI.
Holdings Overlap
ETW and HFXI share 67 holdings out of 934 unique holdings combined, representing a 13.0% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Frequently Asked Questions
Which is cheaper, ETW or HFXI?
ETW has an expense ratio of 1.10% while HFXI charges 0.20%. HFXI is the cheaper option. On a $10,000 investment, that is $90 per year of difference.
Which performed better, ETW or HFXI?
Over the past year ETW returned +20.91% vs +29.54% for HFXI, so HFXI leads on 1-year performance. Over the longest common window we track (11 years), ETW annualized -1.05% vs +7.92% for HFXI. Past performance does not guarantee future results.
Which is riskier, ETW or HFXI?
ETW has been the more volatile fund at 16.9% annualized versus 13.8% for HFXI. Worst drawdown: ETW -72.8% vs HFXI -34.2%.
Should I hold both ETW and HFXI?
ETW and HFXI have a monthly-return correlation of 0.86, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between ETW and HFXI?
ETW and HFXI share 67 common holdings with a 13.0% weight overlap. Combined, they hold 934 unique securities.
Which pays a higher dividend, ETW or HFXI?
ETW yields 7.47% while HFXI yields 3.39%, so ETW currently pays the higher dividend yield.
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