NMZ vs. SPXX
Compare and contrast key facts about Nuveen Municipal High Income Opportunity Fund (NMZ) and Nuveen S&P 500 Dynamic Overwrite Fund (SPXX).
NMZ is an actively managed fund by Nuveen. It was launched on Nov 19, 2003. SPXX is an actively managed fund by Nuveen. It was launched on Nov 23, 2005.
Performance
NMZ vs. SPXX - Performance Comparison
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NMZ vs. SPXX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
NMZ Nuveen Municipal High Income Opportunity Fund | 3.79% | 1.56% | 16.52% | 0.69% | -27.36% | 10.41% | 7.33% | 28.36% | -9.47% | 12.87% |
SPXX Nuveen S&P 500 Dynamic Overwrite Fund | -7.83% | 9.78% | 27.10% | 0.85% | -6.92% | 29.03% | -0.37% | 25.36% | -13.42% | 27.92% |
Returns By Period
In the year-to-date period, NMZ achieves a 3.79% return, which is significantly higher than SPXX's -7.83% return. Over the past 10 years, NMZ has underperformed SPXX with an annualized return of 2.92%, while SPXX has yielded a comparatively higher 9.25% annualized return.
NMZ
- 1D
- 3.70%
- 1M
- -2.29%
- YTD
- 3.79%
- 6M
- 1.74%
- 1Y
- 2.59%
- 3Y*
- 5.34%
- 5Y*
- -0.49%
- 10Y*
- 2.92%
SPXX
- 1D
- 1.43%
- 1M
- -6.59%
- YTD
- -7.83%
- 6M
- -3.93%
- 1Y
- 3.85%
- 3Y*
- 9.58%
- 5Y*
- 7.13%
- 10Y*
- 9.25%
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NMZ vs. SPXX - Expense Ratio Comparison
NMZ has a 1.50% expense ratio, which is higher than SPXX's 0.89% expense ratio.
Return for Risk
NMZ vs. SPXX — Risk / Return Rank
NMZ
SPXX
NMZ vs. SPXX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Nuveen Municipal High Income Opportunity Fund (NMZ) 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.
| NMZ | SPXX | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.21 | 0.22 | -0.01 |
Sortino ratioReturn per unit of downside risk | 0.35 | 0.44 | -0.09 |
Omega ratioGain probability vs. loss probability | 1.05 | 1.06 | -0.01 |
Calmar ratioReturn relative to maximum drawdown | 0.32 | 0.32 | 0.00 |
Martin ratioReturn relative to average drawdown | 0.96 | 1.11 | -0.15 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| NMZ | SPXX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.21 | 0.22 | -0.01 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.04 | 0.45 | -0.49 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.20 | 0.50 | -0.30 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.27 | 0.36 | -0.09 |
Correlation
The correlation between NMZ and SPXX is 0.21, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.
Dividends
NMZ vs. SPXX - Dividend Comparison
NMZ's dividend yield for the trailing twelve months is around 7.57%, less than SPXX's 8.28% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
NMZ Nuveen Municipal High Income Opportunity Fund | 7.57% | 7.71% | 6.35% | 5.44% | 7.04% | 5.10% | 5.09% | 4.99% | 6.15% | 5.94% | 6.94% | 6.67% |
SPXX Nuveen S&P 500 Dynamic Overwrite Fund | 8.28% | 7.48% | 6.87% | 7.82% | 7.30% | 5.27% | 6.56% | 6.44% | 7.98% | 5.69% | 5.14% | 7.75% |
Drawdowns
NMZ vs. SPXX - Drawdown Comparison
The maximum NMZ drawdown since its inception was -58.53%, which is greater than SPXX's maximum drawdown of -52.39%. Use the drawdown chart below to compare losses from any high point for NMZ and SPXX.
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Drawdown Indicators
| NMZ | SPXX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -58.53% | -52.39% | -6.14% |
Max Drawdown (1Y)Largest decline over 1 year | -11.04% | -13.00% | +1.96% |
Max Drawdown (5Y)Largest decline over 5 years | -40.03% | -18.09% | -21.94% |
Max Drawdown (10Y)Largest decline over 10 years | -40.03% | -43.99% | +3.96% |
Current DrawdownCurrent decline from peak | -11.86% | -9.24% | -2.62% |
Average DrawdownAverage peak-to-trough decline | -9.44% | -7.51% | -1.93% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.69% | 3.75% | -0.06% |
Volatility
NMZ vs. SPXX - Volatility Comparison
Nuveen Municipal High Income Opportunity Fund (NMZ) and Nuveen S&P 500 Dynamic Overwrite Fund (SPXX) have volatilities of 4.99% and 4.96%, 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.
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Volatility by Period
| NMZ | SPXX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.99% | 4.96% | +0.03% |
Volatility (6M)Calculated over the trailing 6-month period | 6.60% | 9.29% | -2.69% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.73% | 17.96% | -5.23% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 12.90% | 15.80% | -2.90% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.72% | 18.39% | -3.67% |