ETV vs SPY

Comparison between Eaton Vance Tax-Managed Buy-Write Opportunities Fund (ETV, ETF) and SPDR S&P 500 ETF Trust (SPY, ETF).

5-Year PerformanceSPY has outperformed ETV, delivering a return of +13.3% compared to +7.1%

ETV vs SPY - Performance Comparison

Log

Key Characteristics

Financial metrics and valuation ratios

Metric	ETV(ETF)	SPY(ETF)
Net Assets	$1.70B	$652B
Expense Ratio	N/A	0.09%
Max Drawdown	59.82%	56.47%
Sharpe Ratio	1.36	2.07
5Y Beta	0.85	1.00
P/E Ratio	N/A	28.24
Forward P/E	N/A	21.85
5Y Dividends CAGR	-0.59%	5.43%
5Y EPS CAGR	N/A	25.79%
Debt to Equity	N/A	22.35%
P/S Ratio	N/A	3.55
P/B Ratio	N/A	5.29

Net Assets

ETV

$1.70B

Winner

SPY

$652B

Expense Ratio

ETV

N/A

SPY

0.09%

Max Drawdown

ETV

59.82%

Winner

SPY

56.47%

Sharpe Ratio

ETV

1.36

Winner

SPY

2.07

5Y Beta

Winner

ETV

0.85

SPY

1.00

P/E Ratio

ETV

N/A

SPY

28.24

Forward P/E

ETV

N/A

SPY

21.85

5Y Dividends CAGR

ETV

-0.59%

Winner

SPY

5.43%

5Y EPS CAGR

ETV

N/A

SPY

25.79%

Debt to Equity

ETV

N/A

SPY

22.35%

P/S Ratio

ETV

N/A

SPY

3.55

P/B Ratio

ETV

N/A

SPY

5.29

ETV vs SPY - Historical Returns

Returns include dividend reinvestment.

Period	ETV	SPY
1 month	+5.81%	+9.11%
3 months	+1.32%	+6.59%
6 months	+7.98%	+10.56%
1 year	+21.02%	+32.04%
5 years(CAGR)	+7.06%	+13.35%
10 years(CAGR)	+9.17%	+15.49%
Max(CAGR)	+8.72%	+8.50%

ETV

+5.81%

Winner

SPY

+9.11%

ETV

+1.32%

Winner

SPY

+6.59%

ETV

+7.98%

Winner

SPY

+10.56%

ETV

+21.02%

Winner

SPY

+32.04%

5Y(CAGR)

ETV

+7.06%

Winner

SPY

+13.35%

10Y(CAGR)

ETV

+9.17%

Winner

SPY

+15.49%

Max(CAGR)

Winner

ETV

+8.72%

SPY

+8.50%

ETV vs SPY - Annual Returns (1999 - 2026)

Returns include dividend reinvestment.

Year	ETV	SPY
2026	+5.30%	+8.27%
2025	+10.14%	+18.00%
2024	+28.92%	+25.59%
2023	+11.04%	+26.72%
2022	-19.98%	-18.64%
2021	+21.10%	+30.52%
2020	+13.24%	+17.28%
2019	+19.82%	+31.09%
2018	-3.86%	-5.24%
2017	+12.05%	+20.78%
2016	+7.52%	+13.59%
2015	+17.42%	+1.31%
2014	+11.18%	+14.56%
2013	+21.15%	+29.00%
2012	+17.76%	+14.17%
2011	-0.90%	+0.85%
2010	-2.14%	+13.14%
2009	+57.70%	+22.67%
2008	-31.26%	-36.25%
2007	-6.47%	+5.32%
2006	+23.95%	+13.85%
2005	-6.68%	+5.32%
2004	N/A	+10.75%
2003	N/A	+24.18%
2002	N/A	-22.42%
2001	N/A	-10.13%
2000	N/A	-8.84%
1999	N/A	+8.61%

ETV vs SPY Drawdown Comparison

The maximum drawdown for ETV was -52.10%, occurring on Nov 20, 2008. Recovery took 567 trading sessions.

The maximum drawdown for SPY was -55.20%, occurring on Mar 9, 2009. Recovery took 1224 trading sessions.

The current ETV drawdown is -0.07%.

Rank	ETV	SPY
#1	-52.10% Jun 19, 2007 - Sep 17, 2009	-55.20% Oct 9, 2007 - Aug 16, 2012
#2	-42.31% Jan 17, 2020 - Aug 12, 2020	-47.50% Mar 24, 2000 - Oct 26, 2006
#3	-22.68% Dec 27, 2021 - Jun 27, 2024	-33.70% Feb 19, 2020 - Aug 10, 2020
#4	-21.35% Oct 1, 2018 - Apr 16, 2019	-24.50% Jan 3, 2022 - Dec 13, 2023
#5	-20.28% Feb 18, 2025 - Aug 12, 2025	-19.34% Sep 20, 2018 - Apr 12, 2019
#6	-19.72% Dec 22, 2009 - Jan 20, 2012	-18.76% Feb 19, 2025 - Jun 26, 2025
#7	-13.67% Sep 18, 2014 - Dec 2, 2014	-13.02% Jul 20, 2015 - Apr 18, 2016
#8	-13.30% Dec 29, 2015 - Apr 18, 2016	-10.10% Jan 26, 2018 - Aug 6, 2018
#9	-12.88% Aug 19, 2015 - Oct 23, 2015	-9.44% Sep 2, 2020 - Nov 11, 2020
#10	-11.95% Jul 15, 2005 - Jul 31, 2006	-9.30% Jan 19, 2000 - Mar 17, 2000
#11	-10.85% Apr 23, 2019 - Jul 12, 2019	-9.05% Jul 19, 2007 - Oct 5, 2007
#12	-10.34% Feb 26, 2026 - Apr 30, 2026	-8.88% Jan 27, 2026 - Apr 14, 2026
#13	-10.21% Sep 2, 2020 - Nov 19, 2020	-8.41% Jul 16, 2024 - Sep 19, 2024
#14	-10.21% Oct 8, 2012 - Jan 4, 2013	-7.35% Sep 14, 2012 - Jan 2, 2013
#15	-8.55% Sep 17, 2009 - Nov 25, 2009	-7.27% Sep 18, 2014 - Oct 31, 2014

Correlation

Correlation between ETV and SPY is 0.97 which considered as a very strong positive correlation - the stocks move almost identically together.

0.97

-101

Dividend Comparison (1999 - 2026)

ETV vs SPY dividend yield comparison.

Year	ETV	SPY
2026	2.71%	0.24%
2025	8.30%	1.07%
2024	8.18%	1.21%
2023	9.24%	1.40%
2022	10.57%	1.65%
2021	7.94%	1.20%
2020	8.66%	1.52%
2019	8.89%	1.75%
2018	9.86%	2.04%
2017	8.65%	1.80%
2016	8.96%	2.03%
2015	8.69%	2.06%
2014	9.46%	1.87%
2013	9.49%	1.81%
2012	10.63%	2.18%
2011	11.34%	2.05%
2010	11.71%	1.80%
2009	12.62%	1.95%
2008	18.63%	3.02%
2007	11.21%	1.85%
2006	9.33%	1.73%
2005	5.35%	1.73%
2004	0.00%	1.82%
2003	0.00%	1.47%
2002	0.00%	1.70%
2001	0.00%	1.25%
2000	0.00%	1.15%
1999	0.00%	0.24%