ETW vs. SPY
Compare and contrast key facts about Eaton Vance Tax-Managed Global Buy-Write Opportunities Fund (ETW) and State Street SPDR S&P 500 ETF (SPY).
SPY is a passively managed fund by State Street that tracks the performance of the S&P 500 Index. It was launched on Jan 22, 1993.
Performance
ETW vs. SPY - Performance Comparison
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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 | -1.13% | 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 | -3.65% | 17.72% | 24.89% | 26.18% | -18.18% | 28.73% | 18.33% | 31.22% | -4.57% | 21.71% |
Returns By Period
In the year-to-date period, ETW achieves a -1.13% return, which is significantly higher than SPY's -3.65% return. Over the past 10 years, ETW has underperformed SPY with an annualized return of 7.94%, while SPY has yielded a comparatively higher 14.06% annualized return.
ETW
- 1D
- 1.59%
- 1M
- -4.90%
- YTD
- -1.13%
- 6M
- 2.63%
- 1Y
- 18.63%
- 3Y*
- 13.24%
- 5Y*
- 6.18%
- 10Y*
- 7.94%
SPY
- 1D
- 0.75%
- 1M
- -4.28%
- YTD
- -3.65%
- 6M
- -1.42%
- 1Y
- 18.14%
- 3Y*
- 18.48%
- 5Y*
- 11.86%
- 10Y*
- 14.06%
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Return for Risk
ETW vs. SPY — Risk / Return Rank
ETW
SPY
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.
| ETW | SPY | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 1.02 | 0.96 | +0.07 |
Sortino ratioReturn per unit of downside risk | 1.60 | 1.49 | +0.11 |
Omega ratioGain probability vs. loss probability | 1.25 | 1.23 | +0.02 |
Calmar ratioReturn relative to maximum drawdown | 1.45 | 1.53 | -0.08 |
Martin ratioReturn relative to average drawdown | 7.33 | 7.27 | +0.07 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| ETW | SPY | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.02 | 0.96 | +0.07 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.37 | 0.70 | -0.33 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.40 | 0.79 | -0.39 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.33 | 0.56 | -0.23 |
Correlation
The correlation between ETW and SPY is 0.70, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.
Dividends
ETW vs. SPY - Dividend Comparison
ETW's dividend yield for the trailing twelve months is around 8.93%, more than SPY's 1.13% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ETW Eaton Vance Tax-Managed Global Buy-Write Opportunities Fund | 8.93% | 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 | 1.13% | 1.07% | 1.21% | 1.40% | 1.65% | 1.20% | 1.52% | 1.75% | 2.04% | 1.80% | 2.03% | 2.06% |
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.
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Drawdown Indicators
| ETW | SPY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -54.13% | -55.19% | +1.06% |
Max Drawdown (1Y)Largest decline over 1 year | -12.62% | -12.05% | -0.57% |
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 DrawdownCurrent decline from peak | -5.50% | -5.53% | +0.03% |
Average DrawdownAverage peak-to-trough decline | -7.75% | -9.09% | +1.34% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.50% | 2.54% | -0.04% |
Volatility
ETW vs. SPY - Volatility Comparison
Eaton Vance Tax-Managed Global Buy-Write Opportunities Fund (ETW) has a higher volatility of 6.68% compared to State Street SPDR S&P 500 ETF (SPY) at 5.35%. This indicates that ETW's price experiences larger fluctuations and is considered to be riskier than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ETW | SPY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.68% | 5.35% | +1.33% |
Volatility (6M)Calculated over the trailing 6-month period | 9.65% | 9.50% | +0.15% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.27% | 19.06% | -0.79% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.75% | 17.06% | -0.31% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19.83% | 17.92% | +1.91% |