QQQX vs. SPY

Last updated Jun 23, 2026

QQQX (Nuveen Nasdaq 100 Dynamic Overwrite Fund) and SPY (State Street SPDR S&P 500 ETF) are both funds - QQQX is a Derivative Income fund actively managed by Nuveen, while SPY is a S&P 500 fund tracking the S&P 500 Index. QQQX is actively managed, while SPY is passively managed. Over the past 10 years, QQQX returned 13.67%/yr vs 15.70%/yr for SPY. A 0.73 correlation means they provide meaningful diversification when combined. QQQX charges 0.89%/yr vs 0.09%/yr for SPY.

Performance

QQQX vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Nuveen Nasdaq 100 Dynamic Overwrite Fund (QQQX) and State Street SPDR S&P 500 ETF (SPY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with QQQX having a 9.72% return and SPY slightly higher at 9.74%. Over the past 10 years, QQQX has underperformed SPY with an annualized return of 13.67%, while SPY has yielded a comparatively higher 15.70% annualized return.

QQQX

• 1D: -0.42%
• 1M: -0.11%
• YTD: 9.72%
• 6M: 10.69%
• 1Y: 29.13%
• 3Y*: 15.64%
• 5Y*: 8.85%
• 10Y*: 13.67%

SPY

• 1D: -0.31%
• 1M: 0.09%
• YTD: 9.74%
• 6M: 9.27%
• 1Y: 26.65%
• 3Y*: 21.27%
• 5Y*: 13.51%
• 10Y*: 15.70%

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

QQQX vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
QQQX Nuveen Nasdaq 100 Dynamic Overwrite Fund	9.72%	14.87%	25.61%	21.68%	-27.39%	25.32%	15.75%	28.83%	-11.68%	39.19%
SPY State Street SPDR S&P 500 ETF	9.74%	17.72%	24.89%	26.18%	-18.18%	28.73%	18.33%	31.22%	-4.57%	21.71%

Correlation

The correlation between QQQX and SPY is 0.82, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.82
Correlation (3Y) Calculated over the trailing 3-year period	0.82
Correlation (5Y) Calculated over the trailing 5-year period	0.81
Correlation (10Y) Calculated over the trailing 10-year period	0.76
Correlation (All Time) Calculated using the full available price history since Feb 1, 2007	0.73

The correlation between QQQX and SPY has been stable across timeframes, ranging from 0.73 to 0.82 - a consistent structural relationship.

Return for Risk

QQQX vs. SPY — Risk / Return Rank

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

QQQX

QQQX Risk / Return Rank: 62
QQQX Sharpe Ratio Rank: 52
QQQX Sortino Ratio Rank: 51
QQQX Omega Ratio Rank: 51
QQQX Calmar Ratio Rank: 75
QQQX Martin Ratio Rank: 81

SPY

SPY Risk / Return Rank: 68
SPY Sharpe Ratio Rank: 69
SPY Sortino Ratio Rank: 66
SPY Omega Ratio Rank: 68
SPY Calmar Ratio Rank: 63
SPY Martin Ratio Rank: 74

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. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Nuveen Nasdaq 100 Dynamic Overwrite Fund (QQQX) and State Street SPDR S&P 500 ETF (SPY). 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	SPY	Difference
Sharpe ratio: Return per unit of total volatility	1.95	2.16	-0.20
Sortino ratio: Return per unit of downside risk	2.77	2.91	-0.14
Omega ratio: Gain probability vs. loss probability	1.36	1.39	-0.03
Calmar ratio: Return relative to maximum drawdown	3.21	3.01	+0.20
Martin ratio: Return relative to average drawdown	13.97	13.54	+0.44

QQQX vs. SPY - Sharpe Ratio Comparison

The current QQQX Sharpe Ratio is 1.95, which is comparable to the SPY Sharpe Ratio of 2.16. The chart below compares the historical Sharpe Ratios of QQQX and SPY, 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. SPY - Drawdown Comparison

The maximum QQQX drawdown since its inception was -57.25%, roughly equal to the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for QQQX and SPY.

Drawdown Indicators

	QQQX	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-57.25%	-55.19%	-2.06%
Max Drawdown (1Y) Largest decline over 1 year	-9.11%	-8.88%	-0.23%
Max Drawdown (3Y) Largest decline over 3 years	-22.80%	-18.76%	-4.04%
Max Drawdown (5Y) Largest decline over 5 years	-29.33%	-24.50%	-4.83%
Max Drawdown (10Y) Largest decline over 10 years	-35.96%	-33.72%	-2.24%
Current Drawdown Current decline from peak	-3.61%	-1.75%	-1.86%
Average Drawdown Average peak-to-trough decline	-8.01%	-9.04%	+1.03%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.09%	1.97%	+0.12%

Volatility

QQQX vs. SPY - Volatility Comparison

Nuveen Nasdaq 100 Dynamic Overwrite Fund (QQQX) has a higher volatility of 5.70% compared to State Street SPDR S&P 500 ETF (SPY) at 4.64%. This indicates that QQQX's price experiences larger fluctuations and is considered to be riskier than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	QQQX	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.70%	4.64%	+1.06%
Volatility (6M) Calculated over the trailing 6-month period	12.36%	9.75%	+2.61%
Volatility (1Y) Calculated over the trailing 1-year period	15.01%	12.43%	+2.58%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.92%	17.14%	+2.78%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.12%	17.99%	+3.13%

QQQX vs. SPY - Expense Ratio Comparison

QQQX has a 0.89% expense ratio, which is higher than SPY's 0.09% expense ratio.

Dividends

QQQX vs. SPY - Dividend Comparison

QQQX's dividend yield for the trailing twelve months is around 8.28%, more than SPY's 1.01% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
QQQX Nuveen Nasdaq 100 Dynamic Overwrite Fund	8.28%	7.85%	6.73%	7.26%	9.66%	5.85%	6.00%	6.49%	8.40%	5.95%	7.54%	7.23%
SPY State Street SPDR S&P 500 ETF	1.01%	1.07%	1.21%	1.40%	1.65%	1.20%	1.52%	1.75%	2.04%	1.80%	2.03%	2.06%

Frequently Asked Questions

Can I hold both QQQX and SPY in my portfolio?

QQQX and SPY have a correlation of 0.82, 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 SPY?

QQQX has higher volatility (5.70%) compared to SPY (4.64%). In terms of maximum drawdown, QQQX dropped -57.25% vs SPY's -55.19%.

Which has better risk-adjusted returns?

SPY currently has the higher Sharpe Ratio (2.16 vs 1.95), 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.