ETW vs SPY

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

5-Year PerformanceSPY has outperformed ETW, delivering a return of +13.3% compared to +6.4%

ETW vs SPY - Performance Comparison

Log

Key Characteristics

Financial metrics and valuation ratios

Metric	ETW(ETF)	SPY(ETF)
Net Assets	$1.10B	$652B
Expense Ratio	N/A	0.09%
Max Drawdown	72.81%	56.47%
Sharpe Ratio	1.65	2.07
5Y Beta	0.79	1.00
P/E Ratio	N/A	28.24
Forward P/E	N/A	21.85
5Y Dividends CAGR	-0.21%	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

ETW

$1.10B

Winner

SPY

$652B

Expense Ratio

ETW

N/A

SPY

0.09%

Max Drawdown

ETW

72.81%

Winner

SPY

56.47%

Sharpe Ratio

ETW

1.65

Winner

SPY

2.07

5Y Beta

Winner

ETW

0.79

SPY

1.00

P/E Ratio

ETW

N/A

SPY

28.24

Forward P/E

ETW

N/A

SPY

21.85

5Y Dividends CAGR

ETW

-0.21%

Winner

SPY

5.43%

5Y EPS CAGR

ETW

N/A

SPY

25.79%

Debt to Equity

ETW

N/A

SPY

22.35%

P/S Ratio

ETW

N/A

SPY

3.55

P/B Ratio

ETW

N/A

SPY

5.29

ETW vs SPY - Historical Returns

Returns include dividend reinvestment.

Period	ETW	SPY
1 month	+4.24%	+9.11%
3 months	+1.20%	+6.59%
6 months	+9.64%	+10.56%
1 year	+24.89%	+32.04%
5 years(CAGR)	+6.45%	+13.35%
10 years(CAGR)	+8.84%	+15.49%
Max(CAGR)	+7.26%	+8.50%

ETW

+4.24%

Winner

SPY

+9.11%

ETW

+1.20%

Winner

SPY

+6.59%

ETW

+9.64%

Winner

SPY

+10.56%

ETW

+24.89%

Winner

SPY

+32.04%

5Y(CAGR)

ETW

+6.45%

Winner

SPY

+13.35%

10Y(CAGR)

ETW

+8.84%

Winner

SPY

+15.49%

Max(CAGR)

ETW

+7.26%

Winner

SPY

+8.50%

ETW vs SPY - Annual Returns (1999 - 2026)

Returns include dividend reinvestment.

Year	ETW	SPY
2026	+5.47%	+8.27%
2025	+20.06%	+18.00%
2024	+19.65%	+25.59%
2023	+8.79%	+26.72%
2022	-23.44%	-18.64%
2021	+28.00%	+30.52%
2020	+3.30%	+17.28%
2019	+16.80%	+31.09%
2018	-12.76%	-5.24%
2017	+28.77%	+20.78%
2016	+1.80%	+13.59%
2015	+11.06%	+1.31%
2014	+0.99%	+14.56%
2013	+21.90%	+29.00%
2012	+14.27%	+14.17%
2011	-6.94%	+0.85%
2010	-0.16%	+13.14%
2009	+51.32%	+22.67%
2008	-33.62%	-36.25%
2007	-3.82%	+5.32%
2006	+26.31%	+13.85%
2005	-4.12%	+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%

ETW vs SPY Drawdown Comparison

The maximum drawdown for ETW was -54.20%, occurring on Nov 20, 2008. Recovery took 618 trading sessions.

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

The current ETW drawdown is -0.63%.

Rank	ETW	SPY
#1	-54.20% Jul 3, 2007 - Dec 14, 2009	-55.20% Oct 9, 2007 - Aug 16, 2012
#2	-47.92% Aug 20, 2018 - Jan 7, 2021	-47.50% Mar 24, 2000 - Oct 26, 2006
#3	-27.91% Dec 29, 2021 - Nov 7, 2024	-33.70% Feb 19, 2020 - Aug 10, 2020
#4	-20.10% Jul 7, 2011 - Mar 1, 2012	-24.50% Jan 3, 2022 - Dec 13, 2023
#5	-20.04% Oct 23, 2015 - Aug 15, 2016	-19.34% Sep 20, 2018 - Apr 12, 2019
#6	-19.75% Dec 21, 2009 - Apr 27, 2011	-18.76% Feb 19, 2025 - Jun 26, 2025
#7	-16.29% Feb 18, 2025 - Jun 10, 2025	-13.02% Jul 20, 2015 - Apr 18, 2016
#8	-12.92% Jul 24, 2014 - Apr 28, 2015	-10.10% Jan 26, 2018 - Aug 6, 2018
#9	-11.89% Aug 5, 2015 - Oct 23, 2015	-9.44% Sep 2, 2020 - Nov 11, 2020
#10	-10.60% Mar 1, 2012 - Aug 9, 2012	-9.30% Jan 19, 2000 - Mar 17, 2000
#11	-10.17% Feb 25, 2026 - Apr 14, 2026	-9.05% Jul 19, 2007 - Oct 5, 2007
#12	-8.68% Oct 17, 2012 - Jan 4, 2013	-8.88% Jan 27, 2026 - Apr 14, 2026
#13	-8.49% Jan 25, 2018 - Jun 20, 2018	-8.41% Jul 16, 2024 - Sep 19, 2024
#14	-7.33% Dec 16, 2005 - Jan 6, 2006	-7.35% Sep 14, 2012 - Jan 2, 2013
#15	-6.86% May 21, 2013 - Jul 15, 2013	-7.27% Sep 18, 2014 - Oct 31, 2014

Correlation

Correlation between ETW and SPY is 0.96 which considered as a very strong positive correlation - the stocks move almost identically together.

0.96

-101

Dividend Comparison (1999 - 2026)

ETW vs SPY dividend yield comparison.

Year	ETW	SPY
2026	2.81%	0.24%
2025	8.64%	1.07%
2024	9.17%	1.21%
2023	8.99%	1.40%
2022	10.87%	1.65%
2021	7.80%	1.20%
2020	9.01%	1.52%
2019	8.41%	1.75%
2018	11.46%	2.04%
2017	9.27%	1.80%
2016	11.59%	2.03%
2015	10.40%	2.06%
2014	10.60%	1.87%
2013	9.65%	1.81%
2012	10.93%	2.18%
2011	11.77%	2.05%
2010	12.02%	1.80%
2009	12.96%	1.95%
2008	17.79%	3.02%
2007	10.37%	1.85%
2006	8.86%	1.73%
2005	2.62%	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%