NAN vs. SPXX

Last updated Jun 24, 2026

NAN (Nuveen New York Quality Municipal Income Fund) and SPXX (Nuveen S&P 500 Dynamic Overwrite Fund) are both mutual funds - NAN is a Municipal Bonds fund managed by Nuveen, while SPXX is a S&P 500 fund actively managed by Nuveen. Over the past 10 years, NAN returned 2.30%/yr vs 10.31%/yr for SPXX. At a 0.17 correlation, their price movements are largely independent. NAN charges 0.04%/yr vs 0.89%/yr for SPXX.

Performance

NAN vs. SPXX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Nuveen New York Quality Municipal Income Fund (NAN) 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, NAN achieves a 6.84% return, which is significantly higher than SPXX's 3.44% return. Over the past 10 years, NAN has underperformed SPXX with an annualized return of 2.30%, while SPXX has yielded a comparatively higher 10.31% annualized return.

NAN

• 1D: -0.17%
• 1M: 3.54%
• YTD: 6.84%
• 6M: 7.23%
• 1Y: 10.28%
• 3Y*: 9.68%
• 5Y*: 0.58%
• 10Y*: 2.30%

SPXX

• 1D: -1.05%
• 1M: 1.41%
• YTD: 3.44%
• 6M: 3.84%
• 1Y: 13.31%
• 3Y*: 13.85%
• 5Y*: 7.18%
• 10Y*: 10.31%

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

NAN vs. SPXX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
NAN Nuveen New York Quality Municipal Income Fund	6.84%	6.57%	10.20%	7.72%	-24.07%	9.00%	4.17%	20.91%	-7.22%	8.45%
SPXX Nuveen S&P 500 Dynamic Overwrite Fund	3.44%	9.78%	27.10%	0.85%	-6.92%	29.03%	-0.37%	25.36%	-13.42%	27.92%

Correlation

The correlation between NAN and SPXX is 0.25, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.25
Correlation (3Y) Calculated over the trailing 3-year period	0.30
Correlation (5Y) Calculated over the trailing 5-year period	0.29
Correlation (10Y) Calculated over the trailing 10-year period	0.22
Correlation (All Time) Calculated using the full available price history since Nov 23, 2005	0.17

The correlation between NAN and SPXX shifts across timeframes, from 0.17 (all time) to 0.30 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

NAN vs. SPXX — Risk / Return Rank

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

NAN

NAN Risk / Return Rank: 30
NAN Sharpe Ratio Rank: 30
NAN Sortino Ratio Rank: 31
NAN Omega Ratio Rank: 31
NAN Calmar Ratio Rank: 30
NAN Martin Ratio Rank: 28

SPXX

SPXX Risk / Return Rank: 15
SPXX Sharpe Ratio Rank: 16
SPXX Sortino Ratio Rank: 16
SPXX Omega Ratio Rank: 15
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.

NAN vs. SPXX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Nuveen New York Quality Municipal Income Fund (NAN) 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.

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.

	NAN	SPXX	Difference
Sharpe ratio: Return per unit of total volatility	1.46	1.08	+0.38
Sortino ratio: Return per unit of downside risk	2.15	1.59	+0.56
Omega ratio: Gain probability vs. loss probability	1.27	1.19	+0.09
Calmar ratio: Return relative to maximum drawdown	1.91	1.13	+0.78
Martin ratio: Return relative to average drawdown	6.13	3.83	+2.30

NAN vs. SPXX - Sharpe Ratio Comparison

The current NAN Sharpe Ratio is 1.46, which is higher than the SPXX Sharpe Ratio of 1.08. The chart below compares the historical Sharpe Ratios of NAN 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.

Drawdowns

NAN vs. SPXX - Drawdown Comparison

The maximum NAN drawdown since its inception was -44.96%, smaller than the maximum SPXX drawdown of -52.39%. Use the drawdown chart below to compare losses from any high point for NAN and SPXX.

Drawdown Indicators

	NAN	SPXX	Difference
Max Drawdown Largest peak-to-trough decline	-44.96%	-52.39%	+7.43%
Max Drawdown (1Y) Largest decline over 1 year	-5.41%	-11.86%	+6.45%
Max Drawdown (3Y) Largest decline over 3 years	-14.53%	-17.65%	+3.12%
Max Drawdown (5Y) Largest decline over 5 years	-34.64%	-18.09%	-16.55%
Max Drawdown (10Y) Largest decline over 10 years	-34.64%	-43.99%	+9.35%
Current Drawdown Current decline from peak	-0.17%	-1.43%	+1.26%
Average Drawdown Average peak-to-trough decline	-8.04%	-7.45%	-0.59%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.68%	3.49%	-1.81%

Volatility

NAN vs. SPXX - Volatility Comparison

The current volatility for Nuveen New York Quality Municipal Income Fund (NAN) is 1.69%, while Nuveen S&P 500 Dynamic Overwrite Fund (SPXX) has a volatility of 4.41%. This indicates that NAN experiences smaller price fluctuations and is considered to be less risky than SPXX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NAN	SPXX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.69%	4.41%	-2.72%
Volatility (6M) Calculated over the trailing 6-month period	5.37%	9.55%	-4.18%
Volatility (1Y) Calculated over the trailing 1-year period	7.11%	12.45%	-5.34%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.31%	15.71%	-5.40%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.16%	18.43%	-7.27%

NAN vs. SPXX - Expense Ratio Comparison

NAN has a 0.04% expense ratio, which is lower than SPXX's 0.89% expense ratio.

Dividends

NAN vs. SPXX - Dividend Comparison

NAN's dividend yield for the trailing twelve months is around 7.42%, less than SPXX's 8.02% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
NAN Nuveen New York Quality Municipal Income Fund	7.42%	7.67%	6.45%	4.12%	5.27%	4.15%	4.30%	4.06%	4.79%	5.13%	5.74%	5.54%
SPXX Nuveen S&P 500 Dynamic Overwrite Fund	8.02%	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 NAN and SPXX in my portfolio?

NAN and SPXX have a correlation of 0.25, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NAN or SPXX?

SPXX has higher volatility (4.41%) compared to NAN (1.69%). In terms of maximum drawdown, NAN dropped -44.96% vs SPXX's -52.39%.

Which has better risk-adjusted returns?

NAN currently has the higher Sharpe Ratio (1.46 vs 1.08), 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.