ETB vs. QQQI

Last updated Aug 1, 2026

ETB (Eaton Vance Tax-Managed Buy-Write Income Fund) and QQQI (NEOS Nasdaq-100 High Income ETF) are both funds - ETB is a Options Trading fund managed by Eaton Vance, while QQQI is a Nasdaq-100 fund actively managed by Neos. Over the past year, ETB returned 16.83% vs 17.94% for QQQI. Their 0.72 correlation means they have sometimes moved together and sometimes differently. ETB charges 0.01%/yr vs 0.68%/yr for QQQI.

Performance

ETB vs. QQQI - 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 NEOS Nasdaq-100 High Income ETF (QQQI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ETB achieves a 6.27% return, which is significantly lower than QQQI's 6.90% return.

ETB

• 1D: 1.24%
• 1M: 0.29%
• 6M: 4.31%
• YTD: 6.27%
• 1Y: 16.83%
• 3Y*: 13.38%
• 5Y*: 7.45%
• 10Y*: 8.43%
• ALL TIME*: 8.15%

QQQI

• 1D: 0.68%
• 1M: -3.08%
• 6M: 5.69%
• YTD: 6.90%
• 1Y: 17.94%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 18.07%

*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)
ETB Eaton Vance Tax-Managed Buy-Write Income Fund	$610.29K	$614.00K	$694.48K
QQQI NEOS Nasdaq-100 High Income ETF	$341.25M	$334.46M	$358.36M

ETB vs. QQQI - Yearly Performance Comparison

	2026 (YTD)	2025	2024
ETB Eaton Vance Tax-Managed Buy-Write Income Fund	6.27%	11.16%	23.24%
QQQI NEOS Nasdaq-100 High Income ETF	6.90%	18.62%	19.44%

Correlation

The correlation between ETB and QQQI is 0.71, 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.	0.72
Correlation (All Time) Calculated using the full available price history since Jan 30, 2024	0.72

The correlation between ETB and QQQI has been stable across timeframes, ranging from 0.71 to 0.72 - a consistent structural relationship.

Return for Risk

ETB vs. QQQI — Risk / Return Rank

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

ETB

ETB Risk / Return Rank: 52
ETB Sharpe Ratio Rank: 49
ETB Sortino Ratio Rank: 51
ETB Omega Ratio Rank: 49
ETB Calmar Ratio Rank: 43
ETB Martin Ratio Rank: 68

QQQI

QQQI Risk / Return Rank: 43
QQQI Sharpe Ratio Rank: 40
QQQI Sortino Ratio Rank: 38
QQQI Omega Ratio Rank: 39
QQQI Calmar Ratio Rank: 47
QQQI Martin Ratio Rank: 52

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. QQQI - 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 NEOS Nasdaq-100 High Income ETF (QQQI). 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	QQQI	Difference
Sharpe ratio: Return per unit of total volatility	1.35	0.98	+0.37
Sortino ratio: Return per unit of downside risk	1.99	1.42	+0.57
Omega ratio: Gain probability vs. loss probability	1.25	1.18	+0.07
Calmar ratio: Return relative to maximum drawdown	1.74	1.67	+0.06
Martin ratio: Return relative to average drawdown	8.60	6.03	+2.57

ETB vs. QQQI - Sharpe Ratio Comparison

The current ETB Sharpe Ratio is 1.35, which is higher than the QQQI Sharpe Ratio of 0.98. The chart below compares the historical Sharpe Ratios of ETB and QQQI, 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. QQQI - Drawdown Comparison

The maximum ETB drawdown since its inception was -51.09%, which is greater than QQQI's maximum drawdown of -20.00%. Use the drawdown chart below to compare losses from any high point for ETB and QQQI.

Drawdown Indicators

	ETB	QQQI	Difference
Max Drawdown Largest peak-to-trough decline	-51.09%	-20.00%	-31.09%
Max Drawdown (1Y) Largest decline over 1 year	-9.16%	-9.61%	+0.45%
Max Drawdown (3Y) Largest decline over 3 years	-20.09%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-23.43%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-45.08%	—	—
Current Drawdown Current decline from peak	-0.67%	-5.92%	+5.25%
Average Drawdown Average peak-to-trough decline	-6.67%	-2.27%	-4.40%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.85%	2.67%	-0.82%

Volatility

ETB vs. QQQI - Volatility Comparison

The current volatility for Eaton Vance Tax-Managed Buy-Write Income Fund (ETB) is 3.07%, while NEOS Nasdaq-100 High Income ETF (QQQI) has a volatility of 6.53%. This indicates that ETB experiences smaller price fluctuations and is considered to be less risky than QQQI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ETB	QQQI	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.07%	6.53%	-3.46%
Volatility (6M) Calculated over the trailing 6-month period	9.69%	13.66%	-3.97%
Volatility (1Y) Calculated over the trailing 1-year period	11.77%	16.35%	-4.58%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.30%	17.75%	-1.45%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.95%	17.75%	+0.20%

ETB vs. QQQI - Expense Ratio Comparison

ETB has a 0.01% expense ratio, which is lower than QQQI's 0.68% expense ratio.

Dividends

ETB vs. QQQI - Dividend Comparison

ETB's dividend yield for the trailing twelve months is around 8.21%, less than QQQI's 14.38% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ETB Eaton Vance Tax-Managed Buy-Write Income Fund	8.21%	8.31%	8.21%	8.62%	9.63%	7.57%	8.64%	7.90%	9.64%	7.75%	7.85%	7.77%
QQQI NEOS Nasdaq-100 High Income ETF	14.38%	13.82%	12.85%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both ETB and QQQI in my portfolio?

ETB and QQQI have a correlation of 0.71, 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 QQQI?

QQQI has higher volatility (6.53%) compared to ETB (3.07%). In terms of maximum drawdown, ETB dropped -51.09% vs QQQI's -20.00%.

Which has better risk-adjusted returns?

ETB currently has the higher Sharpe Ratio (1.35 vs 0.98), 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.