NWQIX vs. SPXX

Last updated Jun 4, 2026

NWQIX (Nuveen Flexible Income Fund) and SPXX (Nuveen S&P 500 Dynamic Overwrite Fund) are both mutual funds - NWQIX is a Diversified Portfolio fund managed by Nuveen, while SPXX is a S&P 500 fund actively managed by Nuveen. Over the past 10 years, NWQIX returned 5.68%/yr vs 10.21%/yr for SPXX. A 0.54 correlation means they provide meaningful diversification when combined. NWQIX charges 0.70%/yr vs 0.89%/yr for SPXX.

Performance

NWQIX vs. SPXX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Nuveen Flexible Income Fund (NWQIX) 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, NWQIX achieves a 5.19% return, which is significantly higher than SPXX's 3.81% return. Over the past 10 years, NWQIX has underperformed SPXX with an annualized return of 5.68%, while SPXX has yielded a comparatively higher 10.21% annualized return.

NWQIX

• 1D: 0.15%
• 1M: 1.57%
• YTD: 5.19%
• 6M: 6.53%
• 1Y: 15.18%
• 3Y*: 10.84%
• 5Y*: 4.54%
• 10Y*: 5.68%

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)

NWQIX vs. SPXX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
NWQIX Nuveen Flexible Income Fund	5.19%	12.22%	6.03%	11.61%	-13.64%	4.94%	5.54%	18.57%	-4.07%	9.18%
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 NWQIX and SPXX is 0.65, 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	0.65
Correlation (3Y) Calculated over the trailing 3-year period	0.57
Correlation (5Y) Calculated over the trailing 5-year period	0.58
Correlation (10Y) Calculated over the trailing 10-year period	0.51
Correlation (All Time) Calculated using the full available price history since Jan 5, 2010	0.54

The correlation between NWQIX and SPXX shifts across timeframes, from 0.51 (10 years) to 0.65 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

NWQIX vs. SPXX — Risk / Return Rank

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

NWQIX

NWQIX Risk / Return Rank: 97
NWQIX Sharpe Ratio Rank: 98
NWQIX Sortino Ratio Rank: 98
NWQIX Omega Ratio Rank: 97
NWQIX Calmar Ratio Rank: 93
NWQIX Martin Ratio Rank: 97

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.

NWQIX vs. SPXX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Nuveen Flexible Income Fund (NWQIX) 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.

	NWQIX	SPXX	Difference
Sharpe ratio: Return per unit of total volatility	4.06	1.24	+2.82
Sortino ratio: Return per unit of downside risk	6.50	1.79	+4.71
Omega ratio: Gain probability vs. loss probability	1.93	1.21	+0.71
Calmar ratio: Return relative to maximum drawdown	5.31	1.25	+4.06
Martin ratio: Return relative to average drawdown	25.30	4.24	+21.06
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

NWQIX vs. SPXX - Sharpe Ratio Comparison

The current NWQIX Sharpe Ratio is 4.06, which is higher than the SPXX Sharpe Ratio of 1.24. The chart below compares the historical Sharpe Ratios of NWQIX 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

	NWQIX	SPXX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	4.06	1.24	+2.82
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.80	0.49	+0.31
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.90	0.56	+0.34
Sharpe Ratio (All Time) Calculated using the full available price history	0.77	0.39	+0.37

Drawdowns

NWQIX vs. SPXX - Drawdown Comparison

The maximum NWQIX drawdown since its inception was -23.89%, smaller than the maximum SPXX drawdown of -52.39%. Use the drawdown chart below to compare losses from any high point for NWQIX and SPXX.

Drawdown Indicators

	NWQIX	SPXX	Difference
Max Drawdown Largest peak-to-trough decline	-23.89%	-52.39%	+28.50%
Max Drawdown (1Y) Largest decline over 1 year	-2.94%	-11.86%	+8.92%
Max Drawdown (3Y) Largest decline over 3 years	-4.59%	-17.65%	+13.06%
Max Drawdown (5Y) Largest decline over 5 years	-17.75%	-18.09%	+0.34%
Max Drawdown (10Y) Largest decline over 10 years	-23.89%	-43.99%	+20.10%
Current Drawdown Current decline from peak	0.00%	-0.54%	+0.54%
Average Drawdown Average peak-to-trough decline	-3.01%	-7.47%	+4.46%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.61%	3.48%	-2.87%

Volatility

NWQIX vs. SPXX - Volatility Comparison

The current volatility for Nuveen Flexible Income Fund (NWQIX) is 1.22%, while Nuveen S&P 500 Dynamic Overwrite Fund (SPXX) has a volatility of 2.66%. This indicates that NWQIX 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

	NWQIX	SPXX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.22%	2.66%	-1.44%
Volatility (6M) Calculated over the trailing 6-month period	3.06%	8.92%	-5.86%
Volatility (1Y) Calculated over the trailing 1-year period	3.85%	11.94%	-8.09%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.68%	15.82%	-10.14%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.33%	18.41%	-12.08%

NWQIX vs. SPXX - Expense Ratio Comparison

NWQIX has a 0.70% expense ratio, which is lower than SPXX's 0.89% expense ratio.

Dividends

NWQIX vs. SPXX - Dividend Comparison

NWQIX's dividend yield for the trailing twelve months is around 5.93%, less than SPXX's 7.35% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
NWQIX Nuveen Flexible Income Fund	5.93%	6.52%	5.20%	7.84%	7.02%	4.39%	4.82%	5.71%	6.23%	5.67%	5.52%	5.70%
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 NWQIX and SPXX in my portfolio?

NWQIX and SPXX have a correlation of 0.65, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NWQIX or SPXX?

SPXX has higher volatility (2.66%) compared to NWQIX (1.22%). In terms of maximum drawdown, NWQIX dropped -23.89% vs SPXX's -52.39%.

Which has better risk-adjusted returns?

NWQIX currently has the higher Sharpe Ratio (4.06 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.