ETW vs SPY
Eaton Vance Tax-Managed Global Buy-Write Opportunities Fund vs State Street SPDR S&P 500 ETF Trust
Which is better, ETW or SPY?
Multi Alternative against Large Cap Blend.
SPY has a lower expense ratio. SPY led over 1Y, 3Y, 5Y and the full window. ETW is less concentrated, with 26.7% of the fund in its ten largest positions against 38.0%.
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 | ETW | SPY |
|---|---|---|
| Expense Ratio | 1.10% | 0.09%Best |
| AUM | $936M | $804.7B |
| Dividend Yield | 7.32% | 0.98% |
| Holdings | 291 | 505 |
| YTD Return | +11.90% | +12.19%Best |
| 1Y Return | +17.39% | +18.53%Best |
| 3Y Return (annualized) | +17.37% | +20.88%Best |
| 5Y Return (annualized) | +6.40% | +12.69%Best |
| Volatility (annualized) | 16.9% | 15.0%Best |
| Max Drawdown | -72.8% | -56.5%Best |
| $10,000 over 5 years | $13,637 | $18,173Best |
| Top 10 Weight | 26.7%Best | 38.0% |
| Fund Family | Eaton Vance | State Street Investment Management |
| Category | Alternative | Equity |
| Style | Multi Alternative | Large Cap Blend |
| Inception | Sep 30, 2005 | Jan 22, 1993 |
Volatility and max drawdown are measured over the window both funds cover: Sep 28, 2005 to Sep 9, 2026 (20.9 years).
ETW 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.
ETW vs SPY Performance
Eaton Vance Tax-Managed Global Buy-Write Opportunities Fund (ETW) 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 ETW returned +17.39% while SPY returned +18.53%. Year to date, ETW is up 11.90% versus a gain of 12.19% for SPY.
Over three years, ETW compounded at +17.37% per year against +20.88% for SPY; over five years the annualized figures are +6.40% and +12.69% respectively. Across the full 21-year window we track, SPY has the edge at +9.54% annualized vs -1.08%.
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 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 -72.8% for ETW 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 0.80. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
ETW charges 1.10% per year while SPY charges 0.09%. On a $10,000 position that is $110 vs $9 annually, a gap of $101 per year that compounds over a long holding period. On income, ETW currently yields 7.32% against 0.98% for SPY.
Holdings Overlap
53.0% of ETW's money is in holdings SPY also owns. 63.0% of SPY's money is in holdings ETW also owns.
The two portfolios partly overlap.
The two holdings books were reported 126 days apart, ETW 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.
109 positions in common, counted across the 259 positions we hold weights for in ETW and 504 in SPY, against full books of 291 and 505.
What only one of them owns
Our book lists 386 positions for SPY that do not appear in our book for ETW (36.4% of the fund), and 10 for ETW 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 ETW | Weight in SPY | Difference |
|---|---|---|---|
| NVDANvidia Corp. | 4.84% | 7.71% | 2.87% |
| AAPLApple, Inc | 4.43% | 6.83% | 2.40% |
| MSFTMicrosoft Corp | 3.30% | 5.50% | 2.20% |
| AMZNAmazon.Com Inc | 2.51% | 4.08% | 1.57% |
| GOOGLAlphabet Inc,class A | 2.00% | 3.33% | 1.33% |
| AVGOBroadcom Inc | 1.93% | 2.97% | 1.04% |
| GOOGAlphabet Inc. C | 1.59% | 2.67% | 1.08% |
| METAMeta Platform Inc | 1.53% | 1.94% | 0.41% |
| TSLATesla Motors Inc | 1.50% | 1.38% | 0.12% |
| MUMicron Technology, Inc. | 0.88% | 1.51% | 0.63% |
63.0% of SPY is already inside ETW.
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, ETW or SPY?
ETW has an expense ratio of 1.10% while SPY charges 0.09%. SPY is the cheaper option, by $101 a year on a $10,000 investment.
Which performed better, ETW or SPY?
Over the past year ETW returned +17.39% vs +18.53% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (21 years), ETW annualized -1.08% vs +9.54% for SPY. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, ETW or SPY?
ETW has been the more volatile fund at 16.9% annualized versus 15.0% for SPY. Worst drawdown: ETW -72.8% vs SPY -56.5%.
Should I hold both ETW and SPY?
ETW and SPY have a monthly-return correlation of 0.80, 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 ETW and SPY?
63.0% of SPY's money is in holdings ETW also owns. 63.0% of SPY's is in holdings ETW also owns. They hold 109 positions in common, counted across the 259 positions we hold weights for in ETW and 504 in SPY.
Which pays a higher dividend, ETW or SPY?
ETW yields 7.32% while SPY yields 0.98%, so ETW currently pays the higher dividend yield.
Is SPY better than ETW?
SPY has a lower expense ratio. SPY led over 1Y, 3Y, 5Y and the full window. ETW is less concentrated, with 26.7% of the fund in its ten largest positions against 38.0%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.