ARSTX vs. QQQX

Last updated Jun 24, 2026

ARSTX (Nuveen Small Cap Select Fund) and QQQX (Nuveen Nasdaq 100 Dynamic Overwrite Fund) are both mutual funds - ARSTX is a Small Cap Blend Equities fund managed by Nuveen, while QQQX is a Derivative Income fund actively managed by Nuveen. Over the past 10 years, ARSTX returned 12.97%/yr vs 13.43%/yr for QQQX. A 0.65 correlation means they provide meaningful diversification when combined. ARSTX charges 0.99%/yr vs 0.89%/yr for QQQX.

Performance

ARSTX vs. QQQX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Nuveen Small Cap Select Fund (ARSTX) and Nuveen Nasdaq 100 Dynamic Overwrite Fund (QQQX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ARSTX achieves a 15.43% return, which is significantly higher than QQQX's 7.43% return. Both investments have delivered pretty close results over the past 10 years, with ARSTX having a 12.97% annualized return and QQQX not far ahead at 13.43%.

ARSTX

• 1D: 0.71%
• 1M: 5.76%
• YTD: 15.43%
• 6M: 12.91%
• 1Y: 32.85%
• 3Y*: 18.30%
• 5Y*: 9.02%
• 10Y*: 12.97%

QQQX

• 1D: -2.09%
• 1M: -2.20%
• YTD: 7.43%
• 6M: 7.82%
• 1Y: 25.88%
• 3Y*: 14.83%
• 5Y*: 8.34%
• 10Y*: 13.43%

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

ARSTX vs. QQQX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ARSTX Nuveen Small Cap Select Fund	15.43%	7.78%	16.94%	17.69%	-19.84%	35.98%	18.68%	29.05%	-11.48%	10.13%
QQQX Nuveen Nasdaq 100 Dynamic Overwrite Fund	7.43%	14.87%	25.61%	21.68%	-27.39%	25.32%	15.75%	28.83%	-11.68%	39.19%

Correlation

The correlation between ARSTX and QQQX is 0.54, 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	0.54
Correlation (3Y) Calculated over the trailing 3-year period	0.59
Correlation (5Y) Calculated over the trailing 5-year period	0.64
Correlation (10Y) Calculated over the trailing 10-year period	0.60
Correlation (All Time) Calculated using the full available price history since Feb 1, 2007	0.65

The correlation between ARSTX and QQQX shifts across timeframes, from 0.54 (1 year) to 0.65 (all time), reflecting how their relationship changes across market environments.

Return for Risk

ARSTX vs. QQQX — Risk / Return Rank

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

ARSTX

ARSTX Risk / Return Rank: 59
ARSTX Sharpe Ratio Rank: 52
ARSTX Sortino Ratio Rank: 53
ARSTX Omega Ratio Rank: 44
ARSTX Calmar Ratio Rank: 78
ARSTX Martin Ratio Rank: 66

QQQX

QQQX Risk / Return Rank: 50
QQQX Sharpe Ratio Rank: 41
QQQX Sortino Ratio Rank: 40
QQQX Omega Ratio Rank: 41
QQQX Calmar Ratio Rank: 60
QQQX 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.

ARSTX vs. QQQX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Nuveen Small Cap Select Fund (ARSTX) and Nuveen Nasdaq 100 Dynamic Overwrite Fund (QQQX). 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.

	ARSTX	QQQX	Difference
Sharpe ratio: Return per unit of total volatility	1.96	1.72	+0.24
Sortino ratio: Return per unit of downside risk	2.82	2.45	+0.37
Omega ratio: Gain probability vs. loss probability	1.33	1.32	+0.01
Calmar ratio: Return relative to maximum drawdown	3.34	2.85	+0.49
Martin ratio: Return relative to average drawdown	12.14	12.24	-0.09

ARSTX vs. QQQX - Sharpe Ratio Comparison

The current ARSTX Sharpe Ratio is 1.96, which is comparable to the QQQX Sharpe Ratio of 1.72. The chart below compares the historical Sharpe Ratios of ARSTX and QQQX, 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

ARSTX vs. QQQX - Drawdown Comparison

The maximum ARSTX drawdown since its inception was -56.51%, roughly equal to the maximum QQQX drawdown of -57.25%. Use the drawdown chart below to compare losses from any high point for ARSTX and QQQX.

Drawdown Indicators

	ARSTX	QQQX	Difference
Max Drawdown Largest peak-to-trough decline	-56.51%	-57.25%	+0.74%
Max Drawdown (1Y) Largest decline over 1 year	-10.39%	-9.11%	-1.28%
Max Drawdown (3Y) Largest decline over 3 years	-27.97%	-22.80%	-5.17%
Max Drawdown (5Y) Largest decline over 5 years	-27.97%	-29.33%	+1.36%
Max Drawdown (10Y) Largest decline over 10 years	-43.11%	-35.96%	-7.15%
Current Drawdown Current decline from peak	0.00%	-5.62%	+5.62%
Average Drawdown Average peak-to-trough decline	-8.86%	-8.01%	-0.85%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.85%	2.12%	+0.73%

Volatility

ARSTX vs. QQQX - Volatility Comparison

The current volatility for Nuveen Small Cap Select Fund (ARSTX) is 5.24%, while Nuveen Nasdaq 100 Dynamic Overwrite Fund (QQQX) has a volatility of 6.07%. This indicates that ARSTX experiences smaller price fluctuations and is considered to be less risky than QQQX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ARSTX	QQQX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.24%	6.07%	-0.83%
Volatility (6M) Calculated over the trailing 6-month period	12.96%	12.46%	+0.50%
Volatility (1Y) Calculated over the trailing 1-year period	17.81%	15.14%	+2.67%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.57%	19.94%	+2.63%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.24%	21.11%	+2.13%

ARSTX vs. QQQX - Expense Ratio Comparison

ARSTX has a 0.99% expense ratio, which is higher than QQQX's 0.89% expense ratio.

Dividends

ARSTX vs. QQQX - Dividend Comparison

ARSTX's dividend yield for the trailing twelve months is around 2.19%, less than QQQX's 8.45% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ARSTX Nuveen Small Cap Select Fund	2.19%	2.53%	2.42%	0.00%	0.40%	21.05%	1.25%	0.37%	21.67%	10.31%	8.92%	20.02%
QQQX Nuveen Nasdaq 100 Dynamic Overwrite Fund	8.45%	7.85%	6.73%	7.26%	9.66%	5.85%	6.00%	6.49%	8.40%	5.95%	7.54%	7.23%

Frequently Asked Questions

Can I hold both ARSTX and QQQX in my portfolio?

ARSTX and QQQX have a correlation of 0.54, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ARSTX or QQQX?

QQQX has higher volatility (6.07%) compared to ARSTX (5.24%). In terms of maximum drawdown, ARSTX dropped -56.51% vs QQQX's -57.25%.

Which has better risk-adjusted returns?

ARSTX currently has the higher Sharpe Ratio (1.96 vs 1.72), 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.