ETW vs. SPY

Last updated Jun 24, 2026

ETW (Eaton Vance Tax-Managed Global Buy-Write Opportunities Fund) is a stock, while SPY (State Street SPDR S&P 500 ETF) is S&P 500 fund tracking the S&P 500 Index. Over the past 10 years, ETW returned 8.52%/yr vs 15.53%/yr for SPY. A 0.70 correlation means they provide meaningful diversification when combined.

Performance

ETW vs. SPY - 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 State Street SPDR S&P 500 ETF (SPY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ETW achieves a 5.74% return, which is significantly lower than SPY's 8.15% return. Over the past 10 years, ETW has underperformed SPY with an annualized return of 8.52%, while SPY has yielded a comparatively higher 15.53% annualized return.

ETW

• 1D: -0.53%
• 1M: 0.18%
• YTD: 5.74%
• 6M: 5.85%
• 1Y: 21.92%
• 3Y*: 15.08%
• 5Y*: 6.08%
• 10Y*: 8.52%

SPY

• 1D: -1.45%
• 1M: -1.36%
• YTD: 8.15%
• 6M: 7.20%
• 1Y: 23.59%
• 3Y*: 20.68%
• 5Y*: 13.05%
• 10Y*: 15.53%

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

ETW vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ETW Eaton Vance Tax-Managed Global Buy-Write Opportunities Fund	5.74%	20.10%	19.03%	9.34%	-23.87%	25.36%	3.24%	18.87%	-12.10%	30.42%
SPY State Street SPDR S&P 500 ETF	8.15%	17.72%	24.89%	26.18%	-18.18%	28.73%	18.33%	31.22%	-4.57%	21.71%

Correlation

The correlation between ETW and SPY is 0.72, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.72
Correlation (3Y) Calculated over the trailing 3-year period	0.75
Correlation (5Y) Calculated over the trailing 5-year period	0.72
Correlation (10Y) Calculated over the trailing 10-year period	0.70
Correlation (All Time) Calculated using the full available price history since Nov 21, 2005	0.70

The correlation between ETW and SPY has been stable across timeframes, ranging from 0.70 to 0.75 - a consistent structural relationship.

Return for Risk

ETW vs. SPY — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

ETW

ETW Risk / Return Rank: 84
ETW Sharpe Ratio Rank: 86
ETW Sortino Ratio Rank: 84
ETW Omega Ratio Rank: 83
ETW Calmar Ratio Rank: 77
ETW Martin Ratio Rank: 88

SPY

SPY Risk / Return Rank: 59
SPY Sharpe Ratio Rank: 58
SPY Sortino Ratio Rank: 56
SPY Omega Ratio Rank: 57
SPY Calmar Ratio Rank: 56
SPY Martin Ratio Rank: 67

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

ETW vs. SPY - 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 State Street SPDR S&P 500 ETF (SPY). 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	SPY	Difference
Sharpe ratio: Return per unit of total volatility	1.77	1.90	-0.13
Sortino ratio: Return per unit of downside risk	2.55	2.58	-0.03
Omega ratio: Gain probability vs. loss probability	1.32	1.34	-0.03
Calmar ratio: Return relative to maximum drawdown	2.17	2.67	-0.50
Martin ratio: Return relative to average drawdown	10.20	11.92	-1.72

ETW vs. SPY - Sharpe Ratio Comparison

The current ETW Sharpe Ratio is 1.77, which is comparable to the SPY Sharpe Ratio of 1.90. The chart below compares the historical Sharpe Ratios of ETW and SPY, 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. SPY - Drawdown Comparison

The maximum ETW drawdown since its inception was -54.13%, roughly equal to the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for ETW and SPY.

Drawdown Indicators

	ETW	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-54.13%	-55.19%	+1.06%
Max Drawdown (1Y) Largest decline over 1 year	-10.16%	-8.88%	-1.28%
Max Drawdown (3Y) Largest decline over 3 years	-16.28%	-18.76%	+2.48%
Max Drawdown (5Y) Largest decline over 5 years	-27.94%	-24.50%	-3.44%
Max Drawdown (10Y) Largest decline over 10 years	-47.96%	-33.72%	-14.24%
Current Drawdown Current decline from peak	-1.60%	-3.17%	+1.57%
Average Drawdown Average peak-to-trough decline	-7.69%	-9.04%	+1.35%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.15%	1.98%	+0.17%

Volatility

ETW vs. SPY - Volatility Comparison

The current volatility for Eaton Vance Tax-Managed Global Buy-Write Opportunities Fund (ETW) is 3.71%, while State Street SPDR S&P 500 ETF (SPY) has a volatility of 4.87%. This indicates that ETW experiences smaller price fluctuations and is considered to be less risky than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ETW	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.71%	4.87%	-1.16%
Volatility (6M) Calculated over the trailing 6-month period	10.19%	9.85%	+0.34%
Volatility (1Y) Calculated over the trailing 1-year period	12.47%	12.50%	-0.03%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.69%	17.15%	-0.46%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.88%	17.95%	+1.93%

Dividends

ETW vs. SPY - Dividend Comparison

ETW's dividend yield for the trailing twelve months is around 8.53%, more than SPY's 1.03% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ETW Eaton Vance Tax-Managed Global Buy-Write Opportunities Fund	8.53%	8.64%	9.17%	8.99%	10.87%	7.80%	9.01%	8.41%	11.46%	9.27%	11.59%	10.40%
SPY State Street SPDR S&P 500 ETF	1.03%	1.07%	1.21%	1.40%	1.65%	1.20%	1.52%	1.75%	2.04%	1.80%	2.03%	2.06%

Frequently Asked Questions

Can I hold both ETW and SPY in my portfolio?

ETW and SPY have a correlation of 0.72, 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 SPY?

SPY has higher volatility (4.87%) compared to ETW (3.71%). In terms of maximum drawdown, ETW dropped -54.13% vs SPY's -55.19%.

Which has better risk-adjusted returns?

SPY currently has the higher Sharpe Ratio (1.90 vs 1.77), 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.