JCE vs. SPXX

Last updated Jun 4, 2026

JCE (Nuveen Core Equity Alpha Fund) and SPXX (Nuveen S&P 500 Dynamic Overwrite Fund) are both mutual funds - JCE is a Large Cap Growth Equities fund actively managed by Nuveen, while SPXX is a S&P 500 fund actively managed by Nuveen. Both are actively managed. Over the past 10 years, JCE returned 12.71%/yr vs 10.21%/yr for SPXX. A 0.67 correlation means they provide meaningful diversification when combined. JCE charges 1.00%/yr vs 0.89%/yr for SPXX.

Performance

JCE vs. SPXX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Nuveen Core Equity Alpha Fund (JCE) and Nuveen S&P 500 Dynamic Overwrite Fund (SPXX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, JCE achieves a 5.62% return, which is significantly higher than SPXX's 3.81% return. Over the past 10 years, JCE has outperformed SPXX with an annualized return of 12.71%, while SPXX has yielded a comparatively lower 10.21% annualized return.

JCE

• 1D: -1.20%
• 1M: 2.11%
• YTD: 5.62%
• 6M: 7.99%
• 1Y: 17.92%
• 3Y*: 18.55%
• 5Y*: 11.77%
• 10Y*: 12.71%

SPXX

• 1D: -0.54%
• 1M: 4.32%
• YTD: 3.81%
• 6M: 5.93%
• 1Y: 14.74%
• 3Y*: 14.21%
• 5Y*: 7.77%
• 10Y*: 10.21%

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

JCE vs. SPXX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
JCE Nuveen Core Equity Alpha Fund	5.62%	9.06%	27.90%	10.67%	-14.29%	47.67%	3.59%	30.50%	-11.11%	31.98%
SPXX Nuveen S&P 500 Dynamic Overwrite Fund	3.81%	9.78%	27.10%	0.85%	-6.92%	29.03%	-0.37%	25.36%	-13.42%	27.92%

Correlation

The correlation between JCE and SPXX is 0.69, 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	0.69
Correlation (3Y) Calculated over the trailing 3-year period	0.67
Correlation (5Y) Calculated over the trailing 5-year period	0.66
Correlation (10Y) Calculated over the trailing 10-year period	0.62
Correlation (All Time) Calculated using the full available price history since Mar 29, 2007	0.67

The correlation between JCE and SPXX has been stable across timeframes, ranging from 0.62 to 0.69 - a consistent structural relationship.

Return for Risk

JCE vs. SPXX — Risk / Return Rank

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

JCE

JCE Risk / Return Rank: 25
JCE Sharpe Ratio Rank: 22
JCE Sortino Ratio Rank: 24
JCE Omega Ratio Rank: 25
JCE Calmar Ratio Rank: 20
JCE Martin Ratio Rank: 36

SPXX

SPXX Risk / Return Rank: 16
SPXX Sharpe Ratio Rank: 19
SPXX Sortino Ratio Rank: 18
SPXX Omega Ratio Rank: 17
SPXX Calmar Ratio Rank: 13
SPXX Martin Ratio Rank: 15

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.

JCE vs. SPXX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Nuveen Core Equity Alpha Fund (JCE) and Nuveen S&P 500 Dynamic Overwrite Fund (SPXX). 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.

	JCE	SPXX	Difference
Sharpe ratio: Return per unit of total volatility	1.36	1.24	+0.12
Sortino ratio: Return per unit of downside risk	2.06	1.79	+0.26
Omega ratio: Gain probability vs. loss probability	1.26	1.21	+0.05
Calmar ratio: Return relative to maximum drawdown	1.66	1.25	+0.41
Martin ratio: Return relative to average drawdown	7.86	4.24	+3.62
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

JCE vs. SPXX - Sharpe Ratio Comparison

The current JCE Sharpe Ratio is 1.36, which is comparable to the SPXX Sharpe Ratio of 1.24. The chart below compares the historical Sharpe Ratios of JCE and SPXX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	JCE	SPXX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.36	1.24	+0.12
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.52	0.49	+0.02
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.57	0.56	+0.01
Sharpe Ratio (All Time) Calculated using the full available price history	0.43	0.39	+0.04

Drawdowns

JCE vs. SPXX - Drawdown Comparison

The maximum JCE drawdown since its inception was -57.63%, which is greater than SPXX's maximum drawdown of -52.39%. Use the drawdown chart below to compare losses from any high point for JCE and SPXX.

Drawdown Indicators

	JCE	SPXX	Difference
Max Drawdown Largest peak-to-trough decline	-57.63%	-52.39%	-5.24%
Max Drawdown (1Y) Largest decline over 1 year	-10.86%	-11.86%	+1.00%
Max Drawdown (3Y) Largest decline over 3 years	-19.00%	-17.65%	-1.35%
Max Drawdown (5Y) Largest decline over 5 years	-30.24%	-18.09%	-12.15%
Max Drawdown (10Y) Largest decline over 10 years	-43.56%	-43.99%	+0.43%
Current Drawdown Current decline from peak	-1.20%	-0.54%	-0.66%
Average Drawdown Average peak-to-trough decline	-9.26%	-7.47%	-1.79%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.29%	3.48%	-1.19%

Volatility

JCE vs. SPXX - Volatility Comparison

Nuveen Core Equity Alpha Fund (JCE) and Nuveen S&P 500 Dynamic Overwrite Fund (SPXX) have volatilities of 2.65% and 2.66%, 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

	JCE	SPXX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.65%	2.66%	-0.01%
Volatility (6M) Calculated over the trailing 6-month period	10.25%	8.92%	+1.33%
Volatility (1Y) Calculated over the trailing 1-year period	13.26%	11.94%	+1.32%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.91%	15.82%	+7.09%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.53%	18.41%	+4.12%

JCE vs. SPXX - Expense Ratio Comparison

JCE has a 1.00% expense ratio, which is higher than SPXX's 0.89% expense ratio.

Dividends

JCE vs. SPXX - Dividend Comparison

JCE's dividend yield for the trailing twelve months is around 7.90%, more than SPXX's 7.35% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
JCE Nuveen Core Equity Alpha Fund	7.90%	8.03%	8.05%	9.45%	17.22%	9.89%	6.57%	6.84%	9.23%	17.33%	8.68%	19.27%
SPXX Nuveen S&P 500 Dynamic Overwrite Fund	7.35%	7.48%	6.87%	7.82%	7.30%	5.27%	6.56%	6.44%	7.98%	5.69%	5.14%	7.75%

Frequently Asked Questions

Can I hold both JCE and SPXX in my portfolio?

JCE and SPXX have a correlation of 0.69, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, JCE or SPXX?

SPXX has higher volatility (2.66%) compared to JCE (2.65%). In terms of maximum drawdown, JCE dropped -57.63% vs SPXX's -52.39%.

Which has better risk-adjusted returns?

JCE currently has the higher Sharpe Ratio (1.36 vs 1.24), 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.