NPCT vs. SPXX

Last updated Jul 14, 2026

NPCT (Nuveen Core Plus Impact Fund) and SPXX (Nuveen S&P 500 Dynamic Overwrite Fund) are both mutual funds - NPCT is a Intermediate Core-Plus Bond fund actively managed by Nuveen, while SPXX is a S&P 500 fund actively managed by Nuveen. Both are actively managed. Over the past 5 years, NPCT returned -3.39%/yr vs 7.75%/yr for SPXX. At a 0.37 correlation, their price movements are largely independent. NPCT charges 5.08%/yr vs 0.89%/yr for SPXX.

Performance

NPCT vs. SPXX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Nuveen Core Plus Impact Fund (NPCT) 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, NPCT achieves a 3.14% return, which is significantly lower than SPXX's 6.85% return.

NPCT

• 1D: -0.70%
• 1M: 0.20%
• 6M: 2.64%
• YTD: 3.14%
• 1Y: -0.92%
• 3Y*: 11.38%
• 5Y*: -3.39%
• 10Y*: —

SPXX

• 1D: -0.70%
• 1M: 3.83%
• 6M: 5.22%
• YTD: 6.85%
• 1Y: 12.01%
• 3Y*: 14.06%
• 5Y*: 7.75%
• 10Y*: 10.20%

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

NPCT vs. SPXX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
NPCT Nuveen Core Plus Impact Fund	3.14%	9.87%	17.23%	7.78%	-37.50%	-4.98%
SPXX Nuveen S&P 500 Dynamic Overwrite Fund	6.85%	9.78%	27.10%	0.85%	-6.92%	13.00%

Correlation

The correlation between NPCT and SPXX is 0.37, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.37
Correlation (3Y) Calculated over the trailing 3-year period	0.38
Correlation (5Y) Calculated over the trailing 5-year period	0.38
Correlation (All Time) Calculated using the full available price history since Apr 28, 2021	0.37

Return for Risk

NPCT vs. SPXX — Risk / Return Rank

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

NPCT

NPCT Risk / Return Rank: 3
NPCT Sharpe Ratio Rank: 3
NPCT Sortino Ratio Rank: 3
NPCT Omega Ratio Rank: 3
NPCT Calmar Ratio Rank: 3
NPCT Martin Ratio Rank: 3

SPXX

SPXX Risk / Return Rank: 19
SPXX Sharpe Ratio Rank: 20
SPXX Sortino Ratio Rank: 21
SPXX Omega Ratio Rank: 19
SPXX Calmar Ratio Rank: 16
SPXX Martin Ratio Rank: 19

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.

NPCT vs. SPXX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Nuveen Core Plus Impact Fund (NPCT) 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.

	NPCT	SPXX	Difference
Sharpe ratio: Return per unit of total volatility	-0.09	0.95	-1.05
Sortino ratio: Return per unit of downside risk	-0.07	1.45	-1.52
Omega ratio: Gain probability vs. loss probability	0.99	1.17	-0.18
Calmar ratio: Return relative to maximum drawdown	-0.14	1.02	-1.15
Martin ratio: Return relative to average drawdown	-0.31	3.45	-3.76

NPCT vs. SPXX - Sharpe Ratio Comparison

The current NPCT Sharpe Ratio is -0.09, which is lower than the SPXX Sharpe Ratio of 0.95. The chart below compares the historical Sharpe Ratios of NPCT 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

NPCT vs. SPXX - Drawdown Comparison

The maximum NPCT drawdown since its inception was -46.77%, smaller than the maximum SPXX drawdown of -52.39%. Use the drawdown chart below to compare losses from any high point for NPCT and SPXX.

Drawdown Indicators

	NPCT	SPXX	Difference
Max Drawdown Largest peak-to-trough decline	-46.77%	-52.39%	+5.62%
Max Drawdown (1Y) Largest decline over 1 year	-6.79%	-11.86%	+5.07%
Max Drawdown (3Y) Largest decline over 3 years	-12.59%	-17.65%	+5.06%
Max Drawdown (5Y) Largest decline over 5 years	-46.77%	-18.09%	-28.68%
Max Drawdown (10Y) Largest decline over 10 years	—	-43.99%	—
Current Drawdown Current decline from peak	-16.26%	-1.02%	-15.24%
Average Drawdown Average peak-to-trough decline	-25.03%	-7.44%	-17.59%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.01%	3.49%	-0.48%

Volatility

NPCT vs. SPXX - Volatility Comparison

The current volatility for Nuveen Core Plus Impact Fund (NPCT) is 2.44%, while Nuveen S&P 500 Dynamic Overwrite Fund (SPXX) has a volatility of 4.61%. This indicates that NPCT 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

	NPCT	SPXX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.44%	4.61%	-2.17%
Volatility (6M) Calculated over the trailing 6-month period	7.48%	9.77%	-2.29%
Volatility (1Y) Calculated over the trailing 1-year period	9.79%	12.69%	-2.90%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.10%	15.74%	-2.64%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.00%	18.43%	-5.43%

NPCT vs. SPXX - Expense Ratio Comparison

NPCT has a 5.08% expense ratio, which is higher than SPXX's 0.89% expense ratio.

Dividends

NPCT vs. SPXX - Dividend Comparison

NPCT's dividend yield for the trailing twelve months is around 12.31%, more than SPXX's 7.77% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
NPCT Nuveen Core Plus Impact Fund	12.31%	13.15%	12.20%	10.28%	11.93%	3.94%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SPXX Nuveen S&P 500 Dynamic Overwrite Fund	7.77%	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 NPCT and SPXX in my portfolio?

NPCT and SPXX have a correlation of 0.37, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NPCT or SPXX?

SPXX has higher volatility (4.61%) compared to NPCT (2.44%). In terms of maximum drawdown, NPCT dropped -46.77% vs SPXX's -52.39%.

Which has better risk-adjusted returns?

SPXX currently has the higher Sharpe Ratio (0.95 vs -0.09), 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.