ETW vs SPY
Eaton Vance Tax-Managed Global Buy-Write Opportunities Fund vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
SPY has a lower expense ratio. ETW delivered stronger 1-year returns. SPY offers more diversification with 505 holdings.
Side-by-Side Comparison
| Metric | ETW | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 1.10% | 0.09% | |
| AUM | $936M | $821.1B | |
| Dividend Yield | 7.47% | 1.01% | |
| Holdings | 291 | 505 | |
| YTD Return | +12.47% | +12.22% | |
| 1Y Return | +21.21% | +20.83% | |
| 3Y Return (annualized) | +17.50% | +21.70% | |
| 5Y Return (annualized) | +6.48% | +12.98% | |
| Volatility (annualized) | 16.9% | 15.3% | |
| Max Drawdown | -72.8% | -56.5% | |
| Fund Family | Eaton Vance | State Street Investment Management | |
| Category | Alternative | Equity | |
| Inception | Sep 30, 2005 | Jan 22, 1993 |
ETW vs SPY Performance
Eaton Vance Tax-Managed Global Buy-Write Opportunities Fund (ETW) is a ETF from Eaton Vance and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year ETW returned +21.21% while SPY returned +20.83%. Year to date, ETW is up 12.47% versus a gain of 12.22% for SPY.
Over three years, ETW compounded at +17.50% per year against +21.70% for SPY; over five years the annualized figures are +6.48% and +12.98% respectively. Across the full 21-year window we track, SPY has the edge at +8.79% annualized vs -1.06%. 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 15.3% 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 worth weighing if you expect to sell during market stress rather than ride it out.
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 7.47% against 1.01% for SPY.
Holdings Overlap
ETW and SPY share 109 holdings out of 654 unique holdings combined, representing a 41.8% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
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. On a $10,000 investment, that is $101 per year of difference.
Which performed better, ETW or SPY?
Over the past year ETW returned +21.21% vs +20.83% for SPY, so ETW leads on 1-year performance. Over the longest common window we track (21 years), ETW annualized -1.06% vs +8.79% for SPY. Past performance does not guarantee future results.
Which is riskier, ETW or SPY?
ETW has been the more volatile fund at 16.9% annualized versus 15.3% 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 combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between ETW and SPY?
ETW and SPY share 109 common holdings with a 41.8% weight overlap. Combined, they hold 654 unique securities.
Which pays a higher dividend, ETW or SPY?
ETW yields 7.47% while SPY yields 1.01%, so ETW currently pays the higher dividend yield.
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