QQQX vs. SPXX

Last updated Jun 5, 2026

QQQX (Nuveen NASDAQ 100 Dynamic Overwrite Fund) and SPXX (Nuveen S&P 500 Dynamic Overwrite Fund) are both mutual funds - QQQX is a Large Cap Growth Equities fund tracking the Nasdaq 100 Index, while SPXX is a S&P 500 fund actively managed by Nuveen. QQQX is passively managed, while SPXX is actively managed. Over the past 10 years, QQQX returned 13.33%/yr vs 10.16%/yr for SPXX. A 0.65 correlation means they provide meaningful diversification when combined. QQQX charges 0.92%/yr vs 0.89%/yr for SPXX.

Performance

QQQX vs. SPXX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Nuveen NASDAQ 100 Dynamic Overwrite Fund (QQQX) 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, QQQX achieves a 11.14% return, which is significantly higher than SPXX's 4.21% return. Over the past 10 years, QQQX has outperformed SPXX with an annualized return of 13.33%, while SPXX has yielded a comparatively lower 10.16% annualized return.

QQQX

• 1D: -0.61%
• 1M: 2.18%
• YTD: 11.14%
• 6M: 14.21%
• 1Y: 32.80%
• 3Y*: 15.49%
• 5Y*: 9.44%
• 10Y*: 13.33%

SPXX

• 1D: 0.38%
• 1M: 4.18%
• YTD: 4.21%
• 6M: 6.63%
• 1Y: 14.84%
• 3Y*: 14.38%
• 5Y*: 7.85%
• 10Y*: 10.16%

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

QQQX vs. SPXX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
QQQX Nuveen NASDAQ 100 Dynamic Overwrite Fund	11.14%	14.87%	25.61%	21.68%	-27.39%	25.32%	15.75%	28.83%	-11.68%	39.19%
SPXX Nuveen S&P 500 Dynamic Overwrite Fund	4.21%	9.78%	27.10%	0.85%	-6.92%	29.03%	-0.37%	25.36%	-13.42%	27.92%

Correlation

The correlation between QQQX and SPXX is 0.79, 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	0.79
Correlation (3Y) Calculated over the trailing 3-year period	0.76
Correlation (5Y) Calculated over the trailing 5-year period	0.73
Correlation (10Y) Calculated over the trailing 10-year period	0.66
Correlation (All Time) Calculated using the full available price history since Feb 2, 2007	0.65

The correlation between QQQX and SPXX shifts across timeframes, from 0.65 (all time) to 0.79 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

QQQX vs. SPXX — Risk / Return Rank

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

QQQX

QQQX Risk / Return Rank: 68
QQQX Sharpe Ratio Rank: 57
QQQX Sortino Ratio Rank: 60
QQQX Omega Ratio Rank: 57
QQQX Calmar Ratio Rank: 79
QQQX Martin Ratio Rank: 88

SPXX

SPXX Risk / Return Rank: 17
SPXX Sharpe Ratio Rank: 19
SPXX Sortino Ratio Rank: 19
SPXX Omega Ratio Rank: 17
SPXX Calmar Ratio Rank: 14
SPXX Martin Ratio Rank: 16

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. SPXX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Nuveen NASDAQ 100 Dynamic Overwrite Fund (QQQX) 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.

	QQQX	SPXX	Difference
Sharpe ratio: Return per unit of total volatility	2.24	1.25	+0.99
Sortino ratio: Return per unit of downside risk	3.25	1.81	+1.45
Omega ratio: Gain probability vs. loss probability	1.42	1.21	+0.20
Calmar ratio: Return relative to maximum drawdown	3.61	1.26	+2.36
Martin ratio: Return relative to average drawdown	16.87	4.27	+12.60
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

QQQX vs. SPXX - Sharpe Ratio Comparison

The current QQQX Sharpe Ratio is 2.24, which is higher than the SPXX Sharpe Ratio of 1.25. The chart below compares the historical Sharpe Ratios of QQQX 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

	QQQX	SPXX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.24	1.25	+0.99
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.48	0.50	-0.02
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.63	0.55	+0.08
Sharpe Ratio (All Time) Calculated using the full available price history	0.48	0.39	+0.09

Drawdowns

QQQX vs. SPXX - Drawdown Comparison

The maximum QQQX drawdown since its inception was -57.25%, which is greater than SPXX's maximum drawdown of -52.39%. Use the drawdown chart below to compare losses from any high point for QQQX and SPXX.

Drawdown Indicators

	QQQX	SPXX	Difference
Max Drawdown Largest peak-to-trough decline	-57.25%	-52.39%	-4.86%
Max Drawdown (1Y) Largest decline over 1 year	-9.11%	-11.86%	+2.75%
Max Drawdown (3Y) Largest decline over 3 years	-22.80%	-17.65%	-5.15%
Max Drawdown (5Y) Largest decline over 5 years	-29.33%	-18.09%	-11.24%
Max Drawdown (10Y) Largest decline over 10 years	-35.96%	-43.99%	+8.03%
Current Drawdown Current decline from peak	-2.36%	-0.16%	-2.20%
Average Drawdown Average peak-to-trough decline	-8.02%	-7.47%	-0.55%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.95%	3.48%	-1.53%

Volatility

QQQX vs. SPXX - Volatility Comparison

Nuveen NASDAQ 100 Dynamic Overwrite Fund (QQQX) has a higher volatility of 4.31% compared to Nuveen S&P 500 Dynamic Overwrite Fund (SPXX) at 2.65%. This indicates that QQQX's price experiences larger fluctuations and is considered to be riskier than SPXX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	QQQX	SPXX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.31%	2.65%	+1.66%
Volatility (6M) Calculated over the trailing 6-month period	11.58%	8.90%	+2.68%
Volatility (1Y) Calculated over the trailing 1-year period	14.71%	11.94%	+2.77%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.82%	15.81%	+4.01%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.06%	18.41%	+2.65%

QQQX vs. SPXX - Expense Ratio Comparison

QQQX has a 0.92% expense ratio, which is higher than SPXX's 0.89% expense ratio.

Dividends

QQQX vs. SPXX - Dividend Comparison

QQQX's dividend yield for the trailing twelve months is around 7.40%, which matches SPXX's 7.33% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
QQQX Nuveen NASDAQ 100 Dynamic Overwrite Fund	7.40%	7.85%	6.73%	7.26%	9.66%	5.85%	6.00%	6.49%	8.40%	5.95%	7.54%	7.23%
SPXX Nuveen S&P 500 Dynamic Overwrite Fund	7.33%	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 QQQX and SPXX in my portfolio?

QQQX and SPXX have a correlation of 0.79, 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 SPXX?

QQQX has higher volatility (4.31%) compared to SPXX (2.65%). In terms of maximum drawdown, QQQX dropped -57.25% vs SPXX's -52.39%.

Which has better risk-adjusted returns?

QQQX currently has the higher Sharpe Ratio (2.24 vs 1.25), 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.