ETB vs. BUIGX

Last updated Aug 4, 2026

ETB (Eaton Vance Tax-Managed Buy-Write Income Fund) and BUIGX (Cboe Vest US Large Cap 10% Buffer Fund) are both Options Trading funds. Over the past 5 years, ETB returned 7.84%/yr vs 8.99%/yr for BUIGX. Their 0.60 correlation means they have sometimes moved together and sometimes differently. ETB charges 0.01%/yr vs 0.95%/yr for BUIGX.

Performance

ETB vs. BUIGX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Eaton Vance Tax-Managed Buy-Write Income Fund (ETB) and Cboe Vest US Large Cap 10% Buffer Fund (BUIGX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with ETB having a 7.23% return and BUIGX slightly lower at 6.88%.

ETB

• 1D: 0.91%
• 1M: 1.20%
• 6M: 4.71%
• YTD: 7.23%
• 1Y: 17.89%
• 3Y*: 14.53%
• 5Y*: 7.84%
• 10Y*: 8.38%
• ALL TIME*: 8.19%

BUIGX

• 1D: 0.29%
• 1M: 0.34%
• 6M: 5.56%
• YTD: 6.88%
• 1Y: 14.40%
• 3Y*: 12.61%
• 5Y*: 8.99%
• 10Y*: —
• ALL TIME*: 9.37%

*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
BUIGX Cboe Vest US Large Cap 10% Buffer Fund	$0.00	$0.00	$0.00
ETB Eaton Vance Tax-Managed Buy-Write Income Fund	$609.32K	$634.97K	$708.53K

ETB vs. BUIGX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ETB Eaton Vance Tax-Managed Buy-Write Income Fund	7.23%	11.16%	26.22%	7.50%	-16.59%	23.68%	0.43%	32.40%	-12.75%	9.52%
BUIGX Cboe Vest US Large Cap 10% Buffer Fund	6.88%	11.51%	15.54%	19.05%	-9.88%	12.51%	10.57%	17.71%	-2.19%	11.41%

Correlation

The correlation between ETB and BUIGX is 0.70, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.70
Correlation (3Y) Balances recent behavior with more history.	0.70
Correlation (5Y) Shows whether the relationship held over a longer period.	0.68
Correlation (All Time) Calculated using the full available price history since Jan 3, 2017	0.60

The correlation between ETB and BUIGX has been stable across timeframes, ranging from 0.60 to 0.70 - a consistent structural relationship.

Return for Risk

ETB vs. BUIGX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

ETB

ETB Risk / Return Rank: 57
ETB Sharpe Ratio Rank: 55
ETB Sortino Ratio Rank: 56
ETB Omega Ratio Rank: 54
ETB Calmar Ratio Rank: 47
ETB Martin Ratio Rank: 74

BUIGX

BUIGX Risk / Return Rank: 66
BUIGX Sharpe Ratio Rank: 46
BUIGX Sortino Ratio Rank: 47
BUIGX Omega Ratio Rank: 70
BUIGX Calmar Ratio Rank: 76
BUIGX Martin Ratio Rank: 90

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

ETB vs. BUIGX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Eaton Vance Tax-Managed Buy-Write Income Fund (ETB) and Cboe Vest US Large Cap 10% Buffer Fund (BUIGX). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	ETB	BUIGX	Difference
Sharpe ratio: Return per unit of total volatility	1.53	1.42	+0.11
Sortino ratio: Return per unit of downside risk	2.22	2.06	+0.16
Omega ratio: Gain probability vs. loss probability	1.28	1.32	-0.04
Calmar ratio: Return relative to maximum drawdown	1.96	2.60	-0.64
Martin ratio: Return relative to average drawdown	9.70	12.84	-3.14

ETB vs. BUIGX - Sharpe Ratio Comparison

The current ETB Sharpe Ratio is 1.53, which is comparable to the BUIGX Sharpe Ratio of 1.42. The chart below compares the historical Sharpe Ratios of ETB and BUIGX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

ETB vs. BUIGX - Drawdown Comparison

The maximum ETB drawdown since its inception was -51.09%, which is greater than BUIGX's maximum drawdown of -22.01%. Use the drawdown chart below to compare losses from any high point for ETB and BUIGX.

Drawdown Indicators

	ETB	BUIGX	Difference
Max Drawdown Largest peak-to-trough decline	-51.09%	-22.01%	-29.08%
Max Drawdown (1Y) Largest decline over 1 year	-9.16%	-5.12%	-4.04%
Max Drawdown (3Y) Largest decline over 3 years	-20.09%	-13.94%	-6.15%
Max Drawdown (5Y) Largest decline over 5 years	-23.43%	-15.22%	-8.21%
Max Drawdown (10Y) Largest decline over 10 years	-45.08%	—	—
Current Drawdown Current decline from peak	0.00%	-0.37%	+0.37%
Average Drawdown Average peak-to-trough decline	-6.67%	-2.29%	-4.38%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.85%	1.04%	+0.81%

Volatility

ETB vs. BUIGX - Volatility Comparison

Eaton Vance Tax-Managed Buy-Write Income Fund (ETB) has a higher volatility of 3.19% compared to Cboe Vest US Large Cap 10% Buffer Fund (BUIGX) at 1.99%. This indicates that ETB's price experiences larger fluctuations and is considered to be riskier than BUIGX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ETB	BUIGX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.19%	1.99%	+1.20%
Volatility (6M) Calculated over the trailing 6-month period	9.72%	5.80%	+3.92%
Volatility (1Y) Calculated over the trailing 1-year period	11.78%	9.38%	+2.40%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.31%	11.59%	+4.72%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.95%	11.64%	+6.31%

ETB vs. BUIGX - Expense Ratio Comparison

ETB has a 0.01% expense ratio, which is lower than BUIGX's 0.95% expense ratio.

Dividends

ETB vs. BUIGX - Dividend Comparison

ETB's dividend yield for the trailing twelve months is around 8.14%, while BUIGX has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BUIGX Cboe Vest US Large Cap 10% Buffer Fund	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.32%	0.68%	0.00%	0.00%	0.00%	0.00%
ETB Eaton Vance Tax-Managed Buy-Write Income Fund	8.14%	8.31%	8.21%	8.62%	9.63%	7.57%	8.64%	7.90%	9.64%	7.75%	7.85%	7.77%

Frequently Asked Questions

Can I hold both ETB and BUIGX in my portfolio?

ETB and BUIGX have a correlation of 0.70, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ETB or BUIGX?

ETB has higher volatility (3.19%) compared to BUIGX (1.99%). In terms of maximum drawdown, ETB dropped -51.09% vs BUIGX's -22.01%.

Which has better risk-adjusted returns?

ETB currently has the higher Sharpe Ratio (1.53 vs 1.42), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.