QQQX vs. PMT

Last updated Jun 25, 2026

QQQX (Nuveen Nasdaq 100 Dynamic Overwrite Fund) is Derivative Income fund actively managed by Nuveen, while PMT (PennyMac Mortgage Investment Trust) is a stock. Over the past 10 years, QQQX returned 13.17%/yr vs 7.71%/yr for PMT. At a 0.36 correlation, their price movements are largely independent.

Performance

QQQX vs. PMT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Nuveen Nasdaq 100 Dynamic Overwrite Fund (QQQX) and PennyMac Mortgage Investment Trust (PMT). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, QQQX achieves a 5.00% return, which is significantly higher than PMT's -9.00% return. Over the past 10 years, QQQX has outperformed PMT with an annualized return of 13.17%, while PMT has yielded a comparatively lower 7.71% annualized return.

QQQX

• 1D: -2.26%
• 1M: -4.41%
• YTD: 5.00%
• 6M: 5.02%
• 1Y: 21.69%
• 3Y*: 13.96%
• 5Y*: 7.89%
• 10Y*: 13.17%

PMT

• 1D: 4.08%
• 1M: 5.14%
• YTD: -9.00%
• 6M: -9.65%
• 1Y: -0.62%
• 3Y*: 7.58%
• 5Y*: -0.94%
• 10Y*: 7.71%

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

QQQX vs. PMT - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
QQQX Nuveen Nasdaq 100 Dynamic Overwrite Fund	5.00%	14.87%	25.61%	21.68%	-27.39%	25.32%	15.75%	28.83%	-11.68%	39.19%
PMT PennyMac Mortgage Investment Trust	-9.00%	13.23%	-5.38%	36.11%	-18.07%	8.47%	-12.99%	30.33%	28.04%	9.42%

Correlation

The correlation between QQQX and PMT is 0.21, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.21
Correlation (3Y) Calculated over the trailing 3-year period	0.31
Correlation (5Y) Calculated over the trailing 5-year period	0.38
Correlation (10Y) Calculated over the trailing 10-year period	0.34
Correlation (All Time) Calculated using the full available price history since Jul 30, 2009	0.36

The correlation between QQQX and PMT shifts across timeframes, from 0.21 (1 year) to 0.38 (5 years), reflecting how their relationship changes across market environments.

Fundamentals

Market Cap QQQX : $1.39B PMT : $910.88M
EPS QQQX : $7.57 PMT : $1.52
PE Ratio QQQX : 3.75 PMT : 6.88
PEG Ratio QQQX : 0.43 PMT : 0.05
PS Ratio QQQX : 8.63 PMT : 0.86
PB Ratio QQQX : 1.01 PMT : 0.49
Total Revenue (TTM) QQQX : $160.60M PMT : $1.06B
Gross Profit (TTM) QQQX : $152.14M PMT : $946.50M
EBITDA (TTM) QQQX : $369.75M PMT : $966.77M

Return for Risk

QQQX vs. PMT — Risk / Return Rank

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

QQQX

QQQX Risk / Return Rank: 37
QQQX Sharpe Ratio Rank: 30
QQQX Sortino Ratio Rank: 29
QQQX Omega Ratio Rank: 30
QQQX Calmar Ratio Rank: 43
QQQX Martin Ratio Rank: 52

PMT

PMT Risk / Return Rank: 40
PMT Sharpe Ratio Rank: 42
PMT Sortino Ratio Rank: 36
PMT Omega Ratio Rank: 36
PMT Calmar Ratio Rank: 42
PMT Martin Ratio Rank: 42

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.

QQQX vs. PMT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Nuveen Nasdaq 100 Dynamic Overwrite Fund (QQQX) and PennyMac Mortgage Investment Trust (PMT). 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.

	QQQX	PMT	Difference
Sharpe ratio: Return per unit of total volatility	1.43	-0.02	+1.45
Sortino ratio: Return per unit of downside risk	2.06	0.16	+1.90
Omega ratio: Gain probability vs. loss probability	1.26	1.02	+0.24
Calmar ratio: Return relative to maximum drawdown	2.39	-0.02	+2.41
Martin ratio: Return relative to average drawdown	10.00	-0.06	+10.05

QQQX vs. PMT - Sharpe Ratio Comparison

The current QQQX Sharpe Ratio is 1.43, which is higher than the PMT Sharpe Ratio of -0.02. The chart below compares the historical Sharpe Ratios of QQQX and PMT, 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

QQQX vs. PMT - Drawdown Comparison

The maximum QQQX drawdown since its inception was -57.25%, smaller than the maximum PMT drawdown of -75.90%. Use the drawdown chart below to compare losses from any high point for QQQX and PMT.

Drawdown Indicators

	QQQX	PMT	Difference
Max Drawdown Largest peak-to-trough decline	-57.25%	-75.90%	+18.65%
Max Drawdown (1Y) Largest decline over 1 year	-9.11%	-26.14%	+17.03%
Max Drawdown (3Y) Largest decline over 3 years	-22.80%	-26.14%	+3.34%
Max Drawdown (5Y) Largest decline over 5 years	-29.33%	-39.81%	+10.48%
Max Drawdown (10Y) Largest decline over 10 years	-35.96%	-75.90%	+39.94%
Current Drawdown Current decline from peak	-7.75%	-17.31%	+9.56%
Average Drawdown Average peak-to-trough decline	-8.01%	-11.59%	+3.58%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.18%	10.77%	-8.59%

Volatility

QQQX vs. PMT - Volatility Comparison

The current volatility for Nuveen Nasdaq 100 Dynamic Overwrite Fund (QQQX) is 6.42%, while PennyMac Mortgage Investment Trust (PMT) has a volatility of 10.82%. This indicates that QQQX experiences smaller price fluctuations and is considered to be less risky than PMT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	QQQX	PMT	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.42%	10.82%	-4.40%
Volatility (6M) Calculated over the trailing 6-month period	12.62%	23.38%	-10.76%
Volatility (1Y) Calculated over the trailing 1-year period	15.32%	27.87%	-12.55%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.97%	29.80%	-9.83%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.12%	45.28%	-24.16%

Dividends

QQQX vs. PMT - Dividend Comparison

QQQX's dividend yield for the trailing twelve months is around 8.65%, less than PMT's 20.37% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PMT PennyMac Mortgage Investment Trust	20.37%	12.75%	12.71%	10.70%	14.61%	10.85%	8.64%	8.43%	10.10%	11.70%	11.48%	14.15%
QQQX Nuveen Nasdaq 100 Dynamic Overwrite Fund	8.65%	7.85%	6.73%	7.26%	9.66%	5.85%	6.00%	6.49%	8.40%	5.95%	7.54%	7.23%

Frequently Asked Questions

Can I hold both QQQX and PMT in my portfolio?

QQQX and PMT have a correlation of 0.21, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, QQQX or PMT?

PMT has higher volatility (10.82%) compared to QQQX (6.42%). In terms of maximum drawdown, QQQX dropped -57.25% vs PMT's -75.90%.

Which has better risk-adjusted returns?

QQQX currently has the higher Sharpe Ratio (1.43 vs -0.02), 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.