SPXX vs. NZF

Last updated Jun 3, 2026

SPXX (Nuveen S&P 500 Dynamic Overwrite Fund) and NZF (Nuveen Municipal Credit Income Fund) are both mutual funds - SPXX is a S&P 500 fund actively managed by Nuveen, while NZF is a Municipal Bonds fund tracking the S&P National Municipal Bond Index. SPXX is actively managed, while NZF is passively managed. Over the past 10 years, SPXX returned 10.27%/yr vs 3.65%/yr for NZF. At a 0.23 correlation, their price movements are largely independent. SPXX charges 0.89%/yr vs 1.89%/yr for NZF.

Performance

SPXX vs. NZF - 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 Municipal Credit Income Fund (NZF). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SPXX achieves a 4.38% return, which is significantly higher than NZF's 3.27% return. Over the past 10 years, SPXX has outperformed NZF with an annualized return of 10.27%, while NZF has yielded a comparatively lower 3.65% annualized return.

SPXX

• 1D: 0.38%
• 1M: 4.35%
• YTD: 4.38%
• 6M: 6.80%
• 1Y: 15.70%
• 3Y*: 14.42%
• 5Y*: 8.05%
• 10Y*: 10.27%

NZF

• 1D: 0.16%
• 1M: 0.80%
• YTD: 3.27%
• 6M: 2.86%
• 1Y: 14.62%
• 3Y*: 10.77%
• 5Y*: 0.05%
• 10Y*: 3.65%

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

SPXX vs. NZF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SPXX Nuveen S&P 500 Dynamic Overwrite Fund	4.38%	9.78%	27.10%	0.85%	-6.92%	29.03%	-0.37%	25.36%	-13.42%	27.92%
NZF Nuveen Municipal Credit Income Fund	3.27%	11.78%	10.09%	2.49%	-25.53%	11.19%	3.58%	28.33%	-6.79%	14.48%

Correlation

The correlation between SPXX and NZF is 0.44, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.44
Correlation (3Y) Calculated over the trailing 3-year period	0.37
Correlation (5Y) Calculated over the trailing 5-year period	0.32
Correlation (10Y) Calculated over the trailing 10-year period	0.26
Correlation (All Time) Calculated using the full available price history since Nov 25, 2005	0.23

Over the past year, SPXX and NZF have become more correlated (0.44) than their long-term average of 0.23, meaning their price movements have been converging.

Return for Risk

SPXX vs. NZF — Risk / Return Rank

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

SPXX

SPXX Risk / Return Rank: 17
SPXX Sharpe Ratio Rank: 20
SPXX Sortino Ratio Rank: 19
SPXX Omega Ratio Rank: 18
SPXX Calmar Ratio Rank: 13
SPXX Martin Ratio Rank: 14

NZF

NZF Risk / Return Rank: 26
NZF Sharpe Ratio Rank: 24
NZF Sortino Ratio Rank: 29
NZF Omega Ratio Rank: 26
NZF Calmar Ratio Rank: 22
NZF Martin Ratio Rank: 32

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. NZF - 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 Municipal Credit Income Fund (NZF). 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.

	SPXX	NZF	Difference
Sharpe ratio Return per unit of total volatility	1.32	1.43	-0.10
Sortino ratio Return per unit of downside risk	1.90	2.25	-0.35
Omega ratio Gain probability vs. loss probability	1.23	1.27	-0.05
Calmar ratio Return relative to maximum drawdown	1.27	1.78	-0.51
Martin ratio Return relative to average drawdown	4.34	7.35	-3.02
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SPXX vs. NZF - Sharpe Ratio Comparison

The current SPXX Sharpe Ratio is 1.32, which is comparable to the NZF Sharpe Ratio of 1.43. The chart below compares the historical Sharpe Ratios of SPXX and NZF, 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

	SPXX	NZF	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.32	1.43	-0.10
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.51	0.00	+0.51
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.56	0.28	+0.28
Sharpe Ratio (All Time) Calculated using the full available price history	0.40	0.38	+0.02

Drawdowns

SPXX vs. NZF - Drawdown Comparison

The maximum SPXX drawdown since its inception was -52.39%, which is greater than NZF's maximum drawdown of -48.55%. Use the drawdown chart below to compare losses from any high point for SPXX and NZF.

Drawdown Indicators

	SPXX	NZF	Difference
Max Drawdown Largest peak-to-trough decline	-52.39%	-48.55%	-3.84%
Max Drawdown (1Y) Largest decline over 1 year	-11.86%	-8.11%	-3.75%
Max Drawdown (3Y) Largest decline over 3 years	-17.65%	-15.59%	-2.06%
Max Drawdown (5Y) Largest decline over 5 years	-18.09%	-37.42%	+19.33%
Max Drawdown (10Y) Largest decline over 10 years	-43.99%	-37.42%	-6.57%
Current Drawdown Current decline from peak	0.00%	-3.88%	+3.88%
Average Drawdown Average peak-to-trough decline	-7.47%	-7.77%	+0.30%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.48%	1.96%	+1.52%

Volatility

SPXX vs. NZF - Volatility Comparison

The current volatility for Nuveen S&P 500 Dynamic Overwrite Fund (SPXX) is 2.65%, while Nuveen Municipal Credit Income Fund (NZF) has a volatility of 3.68%. This indicates that SPXX experiences smaller price fluctuations and is considered to be less risky than NZF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPXX	NZF	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.65%	3.68%	-1.03%
Volatility (6M) Calculated over the trailing 6-month period	8.95%	8.11%	+0.84%
Volatility (1Y) Calculated over the trailing 1-year period	11.94%	10.30%	+1.64%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.82%	12.36%	+3.46%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.41%	13.10%	+5.31%

SPXX vs. NZF - Expense Ratio Comparison

SPXX has a 0.89% expense ratio, which is lower than NZF's 1.89% expense ratio.

Dividends

SPXX vs. NZF - Dividend Comparison

SPXX's dividend yield for the trailing twelve months is around 7.31%, less than NZF's 7.58% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
NZF Nuveen Municipal Credit Income Fund	7.58%	7.58%	6.84%	4.51%	5.80%	4.63%	4.74%	4.82%	6.05%	5.86%	6.26%	5.50%
SPXX Nuveen S&P 500 Dynamic Overwrite Fund	7.31%	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 NZF in my portfolio?

SPXX and NZF have a correlation of 0.44, 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 NZF?

NZF has higher volatility (3.68%) compared to SPXX (2.65%). In terms of maximum drawdown, SPXX dropped -52.39% vs NZF's -48.55%.

Which has better risk-adjusted returns?

NZF currently has the higher Sharpe Ratio (1.43 vs 1.32), 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.