ETW vs PATN
Eaton Vance Tax-Managed Global Buy-Write Opportunities Fund vs Pacer Nasdaq International Patent Leaders ETF
Quick Verdict
PATN has a lower expense ratio. PATN delivered stronger 1-year returns. ETW offers more diversification with 291 holdings.
Side-by-Side Comparison
| Metric | ETW | PATN | Winner |
|---|---|---|---|
| Expense Ratio | 1.10% | 0.65% | |
| AUM | $936M | $234M | |
| Dividend Yield | 7.47% | 1.67% | |
| Holdings | 291 | 108 | |
| YTD Return | +12.70% | +30.11% | |
| 1Y Return | +20.91% | +51.30% | |
| 3Y Return (annualized) | +17.63% | - | |
| 5Y Return (annualized) | +6.41% | - | |
| Volatility (annualized) | 16.9% | 21.1% | |
| Max Drawdown | -72.8% | -16.8% | |
| Fund Family | Eaton Vance | Pacer ETFs | |
| Category | Alternative | Equity | |
| Inception | Sep 30, 2005 | Sep 16, 2024 |
ETW vs PATN Performance
Eaton Vance Tax-Managed Global Buy-Write Opportunities Fund (ETW) is a ETF from Eaton Vance and Pacer Nasdaq International Patent Leaders ETF (PATN) is a ETF from Pacer ETFs. Over the past year ETW returned +20.91% while PATN returned +51.30%. Year to date, ETW is up 12.70% versus a gain of 30.11% for PATN.
Risk: Volatility and Drawdowns
PATN has been the more volatile fund, with annualized monthly volatility of 21.1% compared with 16.9% for ETW. 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 -16.8% for PATN. 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
ETW charges 1.10% per year while PATN charges 0.65%. On a $10,000 position that is $110 vs $65 annually, a gap of $45 per year that compounds over a long holding period. On income, ETW currently yields 7.47% against 1.67% for PATN.
Holdings Overlap
ETW and PATN share 23 holdings out of 337 unique holdings combined, representing a 12.0% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Frequently Asked Questions
Which is cheaper, ETW or PATN?
ETW has an expense ratio of 1.10% while PATN charges 0.65%. PATN is the cheaper option. On a $10,000 investment, that is $45 per year of difference.
Which performed better, ETW or PATN?
Over the past year ETW returned +20.91% vs +51.30% for PATN, so PATN leads on 1-year performance. Over the longest common window we track (2 years), ETW annualized -1.05% vs +37.49% for PATN. Past performance does not guarantee future results.
Which is riskier, ETW or PATN?
PATN has been the more volatile fund at 21.1% annualized versus 16.9% for ETW. Worst drawdown: ETW -72.8% vs PATN -16.8%.
Should I hold both ETW and PATN?
ETW and PATN 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 ETW and PATN?
ETW and PATN share 23 common holdings with a 12.0% weight overlap. Combined, they hold 337 unique securities.
Which pays a higher dividend, ETW or PATN?
ETW yields 7.47% while PATN yields 1.67%, so ETW currently pays the higher dividend yield.
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