ETW vs. QQQX

Last updated Aug 1, 2026

ETW (Eaton Vance Tax-Managed Global Buy-Write Opportunities Fund) is a stock, while QQQX (Nuveen Nasdaq 100 Dynamic Overwrite Fund) is Derivative Income fund actively managed by Nuveen. Over the past 10 years, ETW returned 8.47%/yr vs 12.71%/yr for QQQX. Their 0.65 correlation means they have sometimes moved together and sometimes differently.

Performance

ETW vs. QQQX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Eaton Vance Tax-Managed Global Buy-Write Opportunities Fund (ETW) and Nuveen Nasdaq 100 Dynamic Overwrite Fund (QQQX). 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 ETW having a 8.41% return and QQQX slightly lower at 8.38%. Over the past 10 years, ETW has underperformed QQQX with an annualized return of 8.47%, while QQQX has yielded a comparatively higher 12.71% annualized return.

ETW

• 1D: 0.53%
• 1M: 0.38%
• 6M: 5.69%
• YTD: 8.41%
• 1Y: 21.00%
• 3Y*: 14.69%
• 5Y*: 6.12%
• 10Y*: 8.47%
• ALL TIME*: 7.22%

QQQX

• 1D: 0.51%
• 1M: -1.89%
• 6M: 10.20%
• YTD: 8.38%
• 1Y: 22.27%
• 3Y*: 15.12%
• 5Y*: 8.13%
• 10Y*: 12.71%
• ALL TIME*: 10.88%

*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)
ETW Eaton Vance Tax-Managed Global Buy-Write Opportunities Fund	$2.25M	$2.05M	$2.27M
QQQX Nuveen Nasdaq 100 Dynamic Overwrite Fund	$2.40M	$3.65M	$3.31M

ETW vs. QQQX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ETW Eaton Vance Tax-Managed Global Buy-Write Opportunities Fund	8.41%	20.10%	19.03%	9.34%	-23.87%	25.36%	3.24%	18.87%	-12.10%	30.42%
QQQX Nuveen Nasdaq 100 Dynamic Overwrite Fund	8.38%	14.87%	25.61%	21.68%	-27.39%	25.32%	15.75%	28.83%	-11.68%	39.19%

Correlation

The correlation between ETW and QQQX is 0.73, 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.	0.73
Correlation (3Y) Balances recent behavior with more history.	0.74
Correlation (5Y) Shows whether the relationship held over a longer period.	0.70
Correlation (10Y) Provides a long-term view across more market conditions.	0.65
Correlation (All Time) Calculated using the full available price history since Feb 1, 2007	0.65

The correlation between ETW and QQQX has been stable across timeframes, ranging from 0.65 to 0.74 - a consistent structural relationship.

Fundamentals

Market Cap ETW : $1.03B QQQX : $1.39B
EPS ETW : $2.74 QQQX : $7.57
PE Ratio ETW : 3.48 QQQX : 3.75
PEG Ratio ETW : 0.10 QQQX : 0.43
PS Ratio ETW : 6.08 QQQX : 8.63
PB Ratio ETW : 0.93 QQQX : 1.01
Total Revenue (TTM) ETW : $169.79M QQQX : $160.60M
Gross Profit (TTM) ETW : $121.86M QQQX : $152.14M
EBITDA (TTM) ETW : $296.96M QQQX : $369.75M

Return for Risk

ETW vs. QQQX — Risk / Return Rank

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

ETW

ETW Risk / Return Rank: 83
ETW Sharpe Ratio Rank: 85
ETW Sortino Ratio Rank: 83
ETW Omega Ratio Rank: 81
ETW Calmar Ratio Rank: 79
ETW Martin Ratio Rank: 89

QQQX

QQQX Risk / Return Rank: 58
QQQX Sharpe Ratio Rank: 50
QQQX Sortino Ratio Rank: 52
QQQX Omega Ratio Rank: 49
QQQX Calmar Ratio Rank: 73
QQQX Martin Ratio Rank: 68

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.

ETW vs. QQQX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Eaton Vance Tax-Managed Global Buy-Write Opportunities Fund (ETW) and Nuveen Nasdaq 100 Dynamic Overwrite Fund (QQQX). 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.

	ETW	QQQX	Difference
Sharpe ratio: Return per unit of total volatility	1.52	1.29	+0.23
Sortino ratio: Return per unit of downside risk	2.22	1.91	+0.32
Omega ratio: Gain probability vs. loss probability	1.27	1.24	+0.04
Calmar ratio: Return relative to maximum drawdown	1.94	2.31	-0.37
Martin ratio: Return relative to average drawdown	8.89	8.20	+0.69

ETW vs. QQQX - Sharpe Ratio Comparison

The current ETW Sharpe Ratio is 1.52, which is comparable to the QQQX Sharpe Ratio of 1.29. The chart below compares the historical Sharpe Ratios of ETW and QQQX, 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

ETW vs. QQQX - Drawdown Comparison

The maximum ETW drawdown since its inception was -54.13%, smaller than the maximum QQQX drawdown of -57.25%. Use the drawdown chart below to compare losses from any high point for ETW and QQQX.

Drawdown Indicators

	ETW	QQQX	Difference
Max Drawdown Largest peak-to-trough decline	-54.13%	-57.25%	+3.12%
Max Drawdown (1Y) Largest decline over 1 year	-10.16%	-9.11%	-1.05%
Max Drawdown (3Y) Largest decline over 3 years	-16.28%	-22.80%	+6.52%
Max Drawdown (5Y) Largest decline over 5 years	-27.94%	-29.33%	+1.39%
Max Drawdown (10Y) Largest decline over 10 years	-47.96%	-35.96%	-12.00%
Current Drawdown Current decline from peak	-1.55%	-4.78%	+3.23%
Average Drawdown Average peak-to-trough decline	-7.65%	-7.98%	+0.33%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.21%	2.57%	-0.36%

Volatility

ETW vs. QQQX - Volatility Comparison

The current volatility for Eaton Vance Tax-Managed Global Buy-Write Opportunities Fund (ETW) is 3.78%, while Nuveen Nasdaq 100 Dynamic Overwrite Fund (QQQX) has a volatility of 4.99%. This indicates that ETW experiences smaller price fluctuations and is considered to be less risky than QQQX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ETW	QQQX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.78%	4.99%	-1.21%
Volatility (6M) Calculated over the trailing 6-month period	10.91%	13.82%	-2.91%
Volatility (1Y) Calculated over the trailing 1-year period	12.94%	16.28%	-3.34%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.73%	20.12%	-3.39%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.87%	21.17%	-1.30%

Dividends

ETW vs. QQQX - Dividend Comparison

ETW's dividend yield for the trailing twelve months is around 8.38%, which matches QQQX's 8.38% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ETW Eaton Vance Tax-Managed Global Buy-Write Opportunities Fund	8.38%	8.64%	9.17%	8.99%	10.87%	7.80%	9.01%	8.41%	11.46%	9.27%	11.59%	10.40%
QQQX Nuveen Nasdaq 100 Dynamic Overwrite Fund	8.38%	7.85%	6.73%	7.26%	9.66%	5.85%	6.00%	6.49%	8.40%	5.95%	7.54%	7.23%

Frequently Asked Questions

Can I hold both ETW and QQQX in my portfolio?

ETW and QQQX have a correlation of 0.73, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ETW or QQQX?

QQQX has higher volatility (4.99%) compared to ETW (3.78%). In terms of maximum drawdown, ETW dropped -54.13% vs QQQX's -57.25%.

Which has better risk-adjusted returns?

ETW currently has the higher Sharpe Ratio (1.52 vs 1.29), 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.