ETW vs VOO
Eaton Vance Tax-Managed Global Buy-Write Opportunities Fund vs Vanguard S&P 500 ETF
Which is better, ETW or VOO?
Multi Alternative against Large Cap Blend.
VOO has a lower expense ratio. VOO 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 37.6%.
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 | VOO |
|---|---|---|
| Expense Ratio | 1.10% | 0.03%Best |
| AUM | $936M | $997.4B |
| Dividend Yield | 7.32% | 1.04% |
| Holdings | 291 | 509 |
| YTD Return | +11.17% | +12.37%Best |
| 1Y Return | +16.29% | +16.61%Best |
| 3Y Return (annualized) | +16.95% | +21.37%Best |
| 5Y Return (annualized) | +6.37% | +13.49%Best |
| Volatility (annualized) | 15.2% | 14.1%Best |
| Max Drawdown | -58.4% | -34.3%Best |
| $10,000 over 5 years | $13,617 | $18,827Best |
| Top 10 Weight | 26.7%Best | 37.6% |
| Fund Family | Eaton Vance | Vanguard (US) |
| Category | Alternative | Equity |
| Style | Multi Alternative | Large Cap Blend |
| Inception | Sep 30, 2005 | Sep 7, 2010 |
Volatility and max drawdown are measured over the window both funds cover: Sep 9, 2010 to Sep 18, 2026 (16 years).
ETW vs VOO 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 VOO Performance
Eaton Vance Tax-Managed Global Buy-Write Opportunities Fund (ETW) is an ETF from Eaton Vance and Vanguard S&P 500 ETF (VOO) is an ETF from Vanguard (US). Over the past year ETW returned +16.29% while VOO returned +16.61%. Year to date, ETW is up 11.17% versus a gain of 12.37% for VOO.
Over three years, ETW compounded at +16.95% per year against +21.37% for VOO; over five years the annualized figures are +6.37% and +13.49% respectively. Across the full 16-year window we track, VOO has the edge at +13.39% annualized vs +1.28%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
ETW has been the more volatile fund, with annualized monthly volatility of 15.2% compared with 14.1% for VOO. 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 -58.4% for ETW and -34.3% for VOO. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.84. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
ETW charges 1.10% per year while VOO charges 0.03%. On a $10,000 position that is $110 vs $3 annually, a gap of $107 per year that compounds over a long holding period. On income, ETW currently yields 7.32% against 1.04% for VOO.
Holdings Overlap
52.9% of ETW's money is in holdings VOO also owns. 62.9% of VOO's money is in holdings ETW also owns.
The two portfolios partly overlap.
The two holdings books were reported 122 days apart, ETW as of Mar 31, 2026 and VOO as of Jul 31, 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 494 in VOO, against full books of 291 and 509.
What only one of them owns
Our book lists 379 positions for VOO that do not appear in our book for ETW (36.3% of the fund), and 11 for ETW that do not appear in VOO (1.5%).
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 VOO | Difference |
|---|---|---|---|
| NVDANvidia Corp | 4.84% | 7.55% | 2.71% |
| AAPLApple, Inc | 4.43% | 7.05% | 2.62% |
| MSFTMicrosoft Corp | 3.30% | 5.36% | 2.06% |
| AMZNAmazon.Com Inc | 2.51% | 4.13% | 1.62% |
| GOOGLAlphabet Inc,class A | 2.00% | 3.24% | 1.24% |
| AVGOBroadcom Inc | 1.93% | 2.86% | 0.93% |
| GOOGAlphabet Inc | 1.59% | 2.62% | 1.03% |
| METAMeta Platforms Inc | 1.53% | 1.90% | 0.37% |
| TSLATesla Inc | 1.50% | 1.36% | 0.14% |
| MUMicron Technology, Inc. | 0.88% | 1.44% | 0.56% |
62.9% of VOO 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 VOO?
ETW has an expense ratio of 1.10% while VOO charges 0.03%. VOO is the cheaper option, by $107 a year on a $10,000 investment.
Which performed better, ETW or VOO?
Over the past year ETW returned +16.29% vs +16.61% for VOO, so VOO leads on 1-year performance. Over the longest common window we track (16 years), ETW annualized +1.28% vs +13.39% for VOO. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, ETW or VOO?
ETW has been the more volatile fund at 15.2% annualized versus 14.1% for VOO. Worst drawdown: ETW -58.4% vs VOO -34.3%.
Should I hold both ETW and VOO?
ETW and VOO have a monthly-return correlation of 0.84, 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 VOO?
62.9% of VOO's money is in holdings ETW also owns. 62.9% of VOO'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 494 in VOO.
Which pays a higher dividend, ETW or VOO?
ETW yields 7.32% while VOO yields 1.04%, so ETW currently pays the higher dividend yield.
Is VOO better than ETW?
VOO has a lower expense ratio. VOO 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 37.6%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.