SPIAX vs. SPXX

Last updated Jun 4, 2026

SPIAX (Invesco S&P 500 Index A) and SPXX (Nuveen S&P 500 Dynamic Overwrite Fund) are both S&P 500 funds. SPIAX is passively managed, while SPXX is actively managed. Over the past 10 years, SPIAX returned 15.05%/yr vs 10.21%/yr for SPXX. A 0.71 correlation means they provide meaningful diversification when combined. SPIAX charges 0.54%/yr vs 0.89%/yr for SPXX.

Performance

SPIAX vs. SPXX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco S&P 500 Index A (SPIAX) 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, SPIAX achieves a 11.48% return, which is significantly higher than SPXX's 3.81% return. Over the past 10 years, SPIAX has outperformed SPXX with an annualized return of 15.05%, while SPXX has yielded a comparatively lower 10.21% annualized return.

SPIAX

• 1D: 0.13%
• 1M: 5.76%
• YTD: 11.48%
• 6M: 11.48%
• 1Y: 28.36%
• 3Y*: 22.11%
• 5Y*: 13.68%
• 10Y*: 15.05%

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)

SPIAX vs. SPXX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SPIAX Invesco S&P 500 Index A	11.48%	17.23%	24.34%	25.63%	-18.56%	27.99%	17.84%	30.78%	-4.97%	21.13%
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 SPIAX and SPXX is 0.75, 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	0.75
Correlation (3Y) Calculated over the trailing 3-year period	0.77
Correlation (5Y) Calculated over the trailing 5-year period	0.78
Correlation (10Y) Calculated over the trailing 10-year period	0.71
Correlation (All Time) Calculated using the full available price history since Nov 25, 2005	0.71

The correlation between SPIAX and SPXX has been stable across timeframes, ranging from 0.71 to 0.78 - a consistent structural relationship.

Return for Risk

SPIAX vs. SPXX — Risk / Return Rank

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

SPIAX

SPIAX Risk / Return Rank: 71
SPIAX Sharpe Ratio Rank: 72
SPIAX Sortino Ratio Rank: 65
SPIAX Omega Ratio Rank: 64
SPIAX Calmar Ratio Rank: 71
SPIAX Martin Ratio Rank: 81

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.

SPIAX vs. SPXX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco S&P 500 Index A (SPIAX) 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.

	SPIAX	SPXX	Difference
Sharpe ratio Return per unit of total volatility	2.47	1.24	+1.23
Sortino ratio Return per unit of downside risk	3.36	1.79	+1.57
Omega ratio Gain probability vs. loss probability	1.45	1.21	+0.23
Calmar ratio Return relative to maximum drawdown	3.27	1.25	+2.03
Martin ratio Return relative to average drawdown	15.21	4.24	+10.97
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SPIAX vs. SPXX - Sharpe Ratio Comparison

The current SPIAX Sharpe Ratio is 2.47, which is higher than the SPXX Sharpe Ratio of 1.24. The chart below compares the historical Sharpe Ratios of SPIAX 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

	SPIAX	SPXX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.47	1.24	+1.23
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.81	0.49	+0.32
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.84	0.56	+0.28
Sharpe Ratio (All Time) Calculated using the full available price history	0.46	0.39	+0.07

Drawdowns

SPIAX vs. SPXX - Drawdown Comparison

The maximum SPIAX drawdown since its inception was -55.47%, which is greater than SPXX's maximum drawdown of -52.39%. Use the drawdown chart below to compare losses from any high point for SPIAX and SPXX.

Drawdown Indicators

	SPIAX	SPXX	Difference
Max Drawdown Largest peak-to-trough decline	-55.47%	-52.39%	-3.08%
Max Drawdown (1Y) Largest decline over 1 year	-8.97%	-11.86%	+2.89%
Max Drawdown (3Y) Largest decline over 3 years	-18.84%	-17.65%	-1.19%
Max Drawdown (5Y) Largest decline over 5 years	-24.81%	-18.09%	-6.72%
Max Drawdown (10Y) Largest decline over 10 years	-33.84%	-43.99%	+10.15%
Current Drawdown Current decline from peak	0.00%	-0.54%	+0.54%
Average Drawdown Average peak-to-trough decline	-10.78%	-7.47%	-3.31%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.92%	3.48%	-1.56%

Volatility

SPIAX vs. SPXX - Volatility Comparison

Invesco S&P 500 Index A (SPIAX) has a higher volatility of 2.82% compared to Nuveen S&P 500 Dynamic Overwrite Fund (SPXX) at 2.66%. This indicates that SPIAX'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

	SPIAX	SPXX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.82%	2.66%	+0.16%
Volatility (6M) Calculated over the trailing 6-month period	8.99%	8.92%	+0.07%
Volatility (1Y) Calculated over the trailing 1-year period	11.90%	11.94%	-0.04%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.91%	15.82%	+1.09%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.09%	18.41%	-0.32%

SPIAX vs. SPXX - Expense Ratio Comparison

SPIAX has a 0.54% expense ratio, which is lower than SPXX's 0.89% expense ratio.

Dividends

SPIAX vs. SPXX - Dividend Comparison

SPIAX's dividend yield for the trailing twelve months is around 0.91%, less than SPXX's 7.35% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SPIAX Invesco S&P 500 Index A	0.91%	1.01%	1.08%	1.04%	1.07%	1.90%	1.26%	1.93%	2.59%	1.28%	1.28%	1.53%
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 SPIAX and SPXX in my portfolio?

SPIAX and SPXX have a correlation of 0.75, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SPIAX or SPXX?

SPIAX has higher volatility (2.82%) compared to SPXX (2.66%). In terms of maximum drawdown, SPIAX dropped -55.47% vs SPXX's -52.39%.

Which has better risk-adjusted returns?

SPIAX currently has the higher Sharpe Ratio (2.47 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.