SPXX vs. FGIYX

Last updated Jul 14, 2026

SPXX (Nuveen S&P 500 Dynamic Overwrite Fund) and FGIYX (Nuveen Global Infrastructure Fund) are both mutual funds - SPXX is a S&P 500 fund actively managed by Nuveen, while FGIYX is a Energy Equities fund managed by Nuveen. Over the past 10 years, SPXX returned 10.20%/yr vs 9.29%/yr for FGIYX. A 0.58 correlation means they provide meaningful diversification when combined. SPXX charges 0.89%/yr vs 0.97%/yr for FGIYX.

Performance

SPXX vs. FGIYX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Nuveen S&P 500 Dynamic Overwrite Fund (SPXX) and Nuveen Global Infrastructure Fund (FGIYX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SPXX achieves a 6.85% return, which is significantly lower than FGIYX's 13.96% return. Over the past 10 years, SPXX has outperformed FGIYX with an annualized return of 10.20%, while FGIYX has yielded a comparatively lower 9.29% annualized return.

SPXX

• 1D: -0.70%
• 1M: 3.83%
• 6M: 5.22%
• YTD: 6.85%
• 1Y: 12.01%
• 3Y*: 14.06%
• 5Y*: 7.75%
• 10Y*: 10.20%

FGIYX

• 1D: 0.31%
• 1M: 1.88%
• 6M: 13.20%
• YTD: 13.96%
• 1Y: 19.45%
• 3Y*: 15.54%
• 5Y*: 10.10%
• 10Y*: 9.29%

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

SPXX vs. FGIYX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SPXX Nuveen S&P 500 Dynamic Overwrite Fund	6.85%	9.78%	27.10%	0.85%	-6.92%	29.03%	-0.37%	25.36%	-13.42%	27.92%
FGIYX Nuveen Global Infrastructure Fund	13.96%	18.08%	10.91%	8.90%	-6.10%	14.85%	-2.55%	36.57%	-7.70%	19.64%

Correlation

The correlation between SPXX and FGIYX is 0.20, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.20
Correlation (3Y) Calculated over the trailing 3-year period	0.32
Correlation (5Y) Calculated over the trailing 5-year period	0.47
Correlation (10Y) Calculated over the trailing 10-year period	0.48
Correlation (All Time) Calculated using the full available price history since Dec 18, 2007	0.58

Over the past year, the correlation between SPXX and FGIYX has dropped to 0.20 - well below their long-term average of 0.58, suggesting their price drivers have been diverging.

Return for Risk

SPXX vs. FGIYX — Risk / Return Rank

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

SPXX

SPXX Risk / Return Rank: 19
SPXX Sharpe Ratio Rank: 20
SPXX Sortino Ratio Rank: 21
SPXX Omega Ratio Rank: 19
SPXX Calmar Ratio Rank: 16
SPXX Martin Ratio Rank: 19

FGIYX

FGIYX Risk / Return Rank: 71
FGIYX Sharpe Ratio Rank: 69
FGIYX Sortino Ratio Rank: 67
FGIYX Omega Ratio Rank: 63
FGIYX Calmar Ratio Rank: 85
FGIYX Martin Ratio Rank: 69

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.

SPXX vs. FGIYX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Nuveen S&P 500 Dynamic Overwrite Fund (SPXX) and Nuveen Global Infrastructure Fund (FGIYX). 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.

	SPXX	FGIYX	Difference
Sharpe ratio: Return per unit of total volatility	0.95	1.83	-0.88
Sortino ratio: Return per unit of downside risk	1.45	2.56	-1.12
Omega ratio: Gain probability vs. loss probability	1.17	1.33	-0.16
Calmar ratio: Return relative to maximum drawdown	1.02	3.24	-2.23
Martin ratio: Return relative to average drawdown	3.45	10.20	-6.75

SPXX vs. FGIYX - Sharpe Ratio Comparison

The current SPXX Sharpe Ratio is 0.95, which is lower than the FGIYX Sharpe Ratio of 1.83. The chart below compares the historical Sharpe Ratios of SPXX and FGIYX, 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

SPXX vs. FGIYX - Drawdown Comparison

The maximum SPXX drawdown since its inception was -52.39%, which is greater than FGIYX's maximum drawdown of -49.18%. Use the drawdown chart below to compare losses from any high point for SPXX and FGIYX.

Drawdown Indicators

	SPXX	FGIYX	Difference
Max Drawdown Largest peak-to-trough decline	-52.39%	-49.18%	-3.21%
Max Drawdown (1Y) Largest decline over 1 year	-11.86%	-5.99%	-5.87%
Max Drawdown (3Y) Largest decline over 3 years	-17.65%	-12.49%	-5.16%
Max Drawdown (5Y) Largest decline over 5 years	-18.09%	-20.92%	+2.83%
Max Drawdown (10Y) Largest decline over 10 years	-43.99%	-38.06%	-5.93%
Current Drawdown Current decline from peak	-1.02%	-0.91%	-0.11%
Average Drawdown Average peak-to-trough decline	-7.44%	-7.00%	-0.44%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.49%	1.90%	+1.59%

Volatility

SPXX vs. FGIYX - Volatility Comparison

Nuveen S&P 500 Dynamic Overwrite Fund (SPXX) has a higher volatility of 4.61% compared to Nuveen Global Infrastructure Fund (FGIYX) at 3.35%. This indicates that SPXX's price experiences larger fluctuations and is considered to be riskier than FGIYX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPXX	FGIYX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.61%	3.35%	+1.26%
Volatility (6M) Calculated over the trailing 6-month period	9.77%	8.89%	+0.88%
Volatility (1Y) Calculated over the trailing 1-year period	12.69%	10.61%	+2.08%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.74%	13.22%	+2.52%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.43%	15.28%	+3.15%

SPXX vs. FGIYX - Expense Ratio Comparison

SPXX has a 0.89% expense ratio, which is lower than FGIYX's 0.97% expense ratio.

Dividends

SPXX vs. FGIYX - Dividend Comparison

SPXX's dividend yield for the trailing twelve months is around 7.77%, less than FGIYX's 14.58% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FGIYX Nuveen Global Infrastructure Fund	14.58%	10.28%	7.74%	2.51%	6.41%	7.48%	1.62%	12.32%	6.62%	6.10%	8.64%	3.31%
SPXX Nuveen S&P 500 Dynamic Overwrite Fund	7.77%	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 SPXX and FGIYX in my portfolio?

SPXX and FGIYX have a correlation of 0.20, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SPXX or FGIYX?

SPXX has higher volatility (4.61%) compared to FGIYX (3.35%). In terms of maximum drawdown, SPXX dropped -52.39% vs FGIYX's -49.18%.

Which has better risk-adjusted returns?

FGIYX currently has the higher Sharpe Ratio (1.83 vs 0.95), 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.