SPYD vs. ETV

Last updated Jun 20, 2026

SPYD (State Street SPDR Portfolio S&P 500 High Dividend ETF) is S&P 500 fund tracking the S&P 500 High Dividend Index, while ETV (Eaton Vance Tax-Managed Buy-Write Opportunities Fund) is a stock. Over the past 10 years, SPYD returned 8.52%/yr vs 9.42%/yr for ETV. At a 0.45 correlation, their price movements are largely independent.

Performance

SPYD vs. ETV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in State Street SPDR Portfolio S&P 500 High Dividend ETF (SPYD) and Eaton Vance Tax-Managed Buy-Write Opportunities Fund (ETV). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SPYD achieves a 10.94% return, which is significantly higher than ETV's 8.19% return. Over the past 10 years, SPYD has underperformed ETV with an annualized return of 8.52%, while ETV has yielded a comparatively higher 9.42% annualized return.

SPYD

• 1D: -0.08%
• 1M: 0.89%
• YTD: 10.94%
• 6M: 11.30%
• 1Y: 17.69%
• 3Y*: 13.11%
• 5Y*: 8.30%
• 10Y*: 8.52%

ETV

• 1D: 1.29%
• 1M: 2.81%
• YTD: 8.19%
• 6M: 8.26%
• 1Y: 21.04%
• 3Y*: 15.54%
• 5Y*: 7.27%
• 10Y*: 9.42%

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

SPYD vs. ETV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SPYD State Street SPDR Portfolio S&P 500 High Dividend ETF	10.94%	4.65%	15.34%	3.91%	-1.17%	32.73%	-11.64%	21.20%	-4.89%	12.67%
ETV Eaton Vance Tax-Managed Buy-Write Opportunities Fund	8.19%	8.63%	27.67%	9.94%	-19.73%	18.41%	13.03%	21.25%	-4.29%	12.98%

Correlation

The correlation between SPYD and ETV is 0.22, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.22
Correlation (3Y) Calculated over the trailing 3-year period	0.34
Correlation (5Y) Calculated over the trailing 5-year period	0.46
Correlation (10Y) Calculated over the trailing 10-year period	0.45
Correlation (All Time) Calculated using the full available price history since Oct 22, 2015	0.45

Over the past year, the correlation between SPYD and ETV has dropped to 0.22 - well below their long-term average of 0.45, suggesting their price drivers have been diverging.

Return for Risk

SPYD vs. ETV — Risk / Return Rank

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

SPYD

SPYD Risk / Return Rank: 46
SPYD Sharpe Ratio Rank: 45
SPYD Sortino Ratio Rank: 47
SPYD Omega Ratio Rank: 41
SPYD Calmar Ratio Rank: 53
SPYD Martin Ratio Rank: 46

ETV

ETV Risk / Return Rank: 83
ETV Sharpe Ratio Rank: 85
ETV Sortino Ratio Rank: 82
ETV Omega Ratio Rank: 81
ETV Calmar Ratio Rank: 76
ETV Martin Ratio Rank: 89

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.

SPYD vs. ETV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for State Street SPDR Portfolio S&P 500 High Dividend ETF (SPYD) and Eaton Vance Tax-Managed Buy-Write Opportunities Fund (ETV). 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.

	SPYD	ETV	Difference
Sharpe ratio: Return per unit of total volatility	1.50	1.70	-0.19
Sortino ratio: Return per unit of downside risk	2.25	2.42	-0.17
Omega ratio: Gain probability vs. loss probability	1.26	1.30	-0.04
Calmar ratio: Return relative to maximum drawdown	2.52	2.04	+0.48
Martin ratio: Return relative to average drawdown	7.28	10.40	-3.12

SPYD vs. ETV - Sharpe Ratio Comparison

The current SPYD Sharpe Ratio is 1.50, which is comparable to the ETV Sharpe Ratio of 1.70. The chart below compares the historical Sharpe Ratios of SPYD and ETV, 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

SPYD vs. ETV - Drawdown Comparison

The maximum SPYD drawdown since its inception was -46.42%, smaller than the maximum ETV drawdown of -52.11%. Use the drawdown chart below to compare losses from any high point for SPYD and ETV.

Drawdown Indicators

	SPYD	ETV	Difference
Max Drawdown Largest peak-to-trough decline	-46.42%	-52.11%	+5.69%
Max Drawdown (1Y) Largest decline over 1 year	-7.05%	-10.34%	+3.29%
Max Drawdown (3Y) Largest decline over 3 years	-16.13%	-20.27%	+4.14%
Max Drawdown (5Y) Largest decline over 5 years	-22.25%	-22.71%	+0.46%
Max Drawdown (10Y) Largest decline over 10 years	-46.42%	-42.39%	-4.03%
Current Drawdown Current decline from peak	-3.30%	0.00%	-3.30%
Average Drawdown Average peak-to-trough decline	-6.15%	-5.57%	-0.58%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.43%	2.03%	+0.40%

Volatility

SPYD vs. ETV - Volatility Comparison

State Street SPDR Portfolio S&P 500 High Dividend ETF (SPYD) and Eaton Vance Tax-Managed Buy-Write Opportunities Fund (ETV) have volatilities of 3.57% and 3.62%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPYD	ETV	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.57%	3.62%	-0.05%
Volatility (6M) Calculated over the trailing 6-month period	8.03%	10.25%	-2.22%
Volatility (1Y) Calculated over the trailing 1-year period	11.84%	12.46%	-0.62%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.10%	16.90%	-0.80%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.79%	19.29%	+0.50%

Dividends

SPYD vs. ETV - Dividend Comparison

SPYD's dividend yield for the trailing twelve months is around 4.19%, less than ETV's 7.99% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ETV Eaton Vance Tax-Managed Buy-Write Opportunities Fund	7.99%	8.30%	8.18%	9.24%	10.57%	7.94%	8.66%	8.89%	9.86%	8.65%	8.96%	8.69%
SPYD State Street SPDR Portfolio S&P 500 High Dividend ETF	4.19%	4.52%	4.31%	4.66%	5.01%	3.68%	4.95%	4.42%	4.75%	4.63%	4.34%	1.13%

Frequently Asked Questions

Can I hold both SPYD and ETV in my portfolio?

SPYD and ETV have a correlation of 0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SPYD or ETV?

ETV has higher volatility (3.62%) compared to SPYD (3.57%). In terms of maximum drawdown, SPYD dropped -46.42% vs ETV's -52.11%.

Which has better risk-adjusted returns?

ETV currently has the higher Sharpe Ratio (1.70 vs 1.50), 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.