ETW vs TYO
Eaton Vance Tax-Managed Global Buy-Write Opportunities Fund vs Direxion Daily 7-10 Year Treasury Bear 3X ETF
Quick Verdict
TYO has a lower expense ratio. ETW delivered stronger 1-year returns. ETW offers more diversification with 291 holdings.
Side-by-Side Comparison
| Metric | ETW | TYO | Winner |
|---|---|---|---|
| Expense Ratio | 1.10% | 1.00% | |
| AUM | $936M | $13M | |
| Dividend Yield | 7.47% | 2.48% | |
| Holdings | 291 | 6 | |
| YTD Return | +12.70% | +12.51% | |
| 1Y Return | +20.91% | +10.88% | |
| 3Y Return (annualized) | +17.63% | +3.99% | |
| 5Y Return (annualized) | +6.41% | +15.51% | |
| Volatility (annualized) | 16.9% | 19.3% | |
| Max Drawdown | -72.8% | -90.4% | |
| Fund Family | Eaton Vance | Direxion Shares ETF Trust | |
| Category | Alternative | Alternative | |
| Inception | Sep 30, 2005 | Apr 16, 2009 |
ETW vs TYO Performance
Eaton Vance Tax-Managed Global Buy-Write Opportunities Fund (ETW) is a ETF from Eaton Vance and Direxion Daily 7-10 Year Treasury Bear 3X ETF (TYO) is a ETF from Direxion Shares ETF Trust. Over the past year ETW returned +20.91% while TYO returned +10.88%. Year to date, ETW is up 12.70% versus a gain of 12.51% for TYO.
Over three years, ETW compounded at +17.63% per year against +3.99% for TYO; over five years the annualized figures are +6.41% and +15.51% respectively. Across the full 17-year window we track, ETW has the edge at -1.05% annualized vs -7.16%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
TYO has been the more volatile fund, with annualized monthly volatility of 19.3% 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 -90.4% for TYO. 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 -0.02. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
ETW charges 1.10% per year while TYO charges 1.00%. On a $10,000 position that is $110 vs $100 annually, a gap of $10 per year that compounds over a long holding period. On income, ETW currently yields 7.47% against 2.48% for TYO.
Holdings Overlap
ETW and TYO share 0 holdings out of 262 unique holdings combined, representing a 0.0% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Frequently Asked Questions
Which is cheaper, ETW or TYO?
ETW has an expense ratio of 1.10% while TYO charges 1.00%. TYO is the cheaper option. On a $10,000 investment, that is $10 per year of difference.
Which performed better, ETW or TYO?
Over the past year ETW returned +20.91% vs +10.88% for TYO, so ETW leads on 1-year performance. Over the longest common window we track (17 years), ETW annualized -1.05% vs -7.16% for TYO. Past performance does not guarantee future results.
Which is riskier, ETW or TYO?
TYO has been the more volatile fund at 19.3% annualized versus 16.9% for ETW. Worst drawdown: ETW -72.8% vs TYO -90.4%.
Should I hold both ETW and TYO?
ETW and TYO have a monthly-return correlation of -0.02, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between ETW and TYO?
ETW and TYO share 0 common holdings with a 0.0% weight overlap. Combined, they hold 262 unique securities.
Which pays a higher dividend, ETW or TYO?
ETW yields 7.47% while TYO yields 2.48%, so ETW currently pays the higher dividend yield.
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