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SPXX vs. QQQI
Performance
Return for Risk
Drawdowns
Volatility
Dividends

SPXX vs. QQQI

Last updated Jun 13, 2026

SPXX (Nuveen S&P 500 Dynamic Overwrite Fund) and QQQI (NEOS Nasdaq-100 High Income ETF) are both funds - SPXX is a S&P 500 fund actively managed by Nuveen, while QQQI is a Nasdaq-100 fund actively managed by Neos. Both are actively managed. Over the past year, SPXX returned 12.87% vs 27.00% for QQQI. A 0.74 correlation means they provide meaningful diversification when combined. SPXX charges 0.89%/yr vs 0.68%/yr for QQQI.

Performance

SPXX vs. QQQI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Nuveen S&P 500 Dynamic Overwrite Fund (SPXX) and NEOS Nasdaq-100 High Income ETF (QQQI). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, SPXX achieves a 2.91% return, which is significantly lower than QQQI's 10.58% return.

SPXX

1D
0.11%
1M
2.13%
YTD
2.91%
6M
5.89%
1Y
12.87%
3Y*
13.08%
5Y*
6.90%
10Y*
10.24%

QQQI

1D
0.70%
1M
0.70%
YTD
10.58%
6M
11.20%
1Y
27.00%
3Y*
—
5Y*
—
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

SPXX vs. QQQI - Yearly Performance Comparison

2026 (YTD)20252024
SPXX
Nuveen S&P 500 Dynamic Overwrite Fund		2.91%9.78%26.18%
QQQI
NEOS Nasdaq-100 High Income ETF		10.58%18.62%19.44%

Correlation

The correlation between SPXX and QQQI is 0.73, 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

0.73

Correlation (All Time)
Calculated using the full available price history since Jan 30, 2024

0.74

The correlation between SPXX and QQQI has been stable across timeframes, ranging from 0.73 to 0.74 - a consistent structural relationship.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Nuveen S&P 500 Dynamic Overwrite Fund

NEOS Nasdaq-100 High Income ETF

Often compared with SPXX:
SPXX vs. FXAIXSPXX vs. ADXSPXX vs. NVDASPXX vs. XLESPXX vs. PQIPXSPXX vs. RQISPXX vs. GPIX
Often compared with QQQI:
QQQI vs. JEPQQQQI vs. QQQQQQI vs. SPYIQQQI vs. GPIQQQQI vs. JEPIQQQI vs. SCHDQQQI vs. QQQY

Return for Risk

SPXX vs. QQQI — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
SPXX
SPXX Risk / Return Rank: 1717
Overall Rank
SPXX Sharpe Ratio Rank: 1818
Sharpe Ratio Rank
SPXX Sortino Ratio Rank: 1818
Sortino Ratio Rank
SPXX Omega Ratio Rank: 1717
Omega Ratio Rank
SPXX Calmar Ratio Rank: 1414
Calmar Ratio Rank
SPXX Martin Ratio Rank: 1616
Martin Ratio Rank
QQQI
QQQI Risk / Return Rank: 6565
Overall Rank
QQQI Sharpe Ratio Rank: 6565
Sharpe Ratio Rank
QQQI Sortino Ratio Rank: 5959
Sortino Ratio Rank
QQQI Omega Ratio Rank: 6767
Omega Ratio Rank
QQQI Calmar Ratio Rank: 6262
Calmar Ratio Rank
QQQI Martin Ratio Rank: 7272
Martin Ratio Rank
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. QQQI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Nuveen S&P 500 Dynamic Overwrite Fund (SPXX) and NEOS Nasdaq-100 High Income ETF (QQQI). 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.

SPXXQQQIDifference
Sharpe ratioReturn per unit of total volatility
0.95
1.84

-0.89

Sortino ratioReturn per unit of downside risk
1.40
2.43

-1.04

Omega ratioGain probability vs. loss probability

1.17

1.34

-0.18

Calmar ratioReturn relative to maximum drawdown

0.97

2.70

-1.73

Martin ratioReturn relative to average drawdown

3.30

11.63

-8.33

SPXX vs. QQQI - Sharpe Ratio Comparison

The current SPXX Sharpe Ratio is 0.95, which is lower than the QQQI Sharpe Ratio of 1.84. The chart below compares the historical Sharpe Ratios of SPXX and QQQI, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

SPXX vs. QQQI - Drawdown Comparison

The maximum SPXX drawdown since its inception was -52.39%, which is greater than QQQI's maximum drawdown of -20.00%. Use the drawdown chart below to compare losses from any high point for SPXX and QQQI.

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Drawdown Indicators

SPXXQQQIDifference

Max Drawdown

Largest peak-to-trough decline

-52.39%

-20.00%

-32.39%

Max Drawdown (1Y)

Largest decline over 1 year

-11.86%

-9.61%

-2.25%

Max Drawdown (3Y)

Largest decline over 3 years

-17.65%

—

—

Max Drawdown (5Y)

Largest decline over 5 years

-18.09%

—

—

Max Drawdown (10Y)

Largest decline over 10 years

-43.99%

—

—

Current Drawdown

Current decline from peak

-1.41%

-2.69%

+1.28%

Average Drawdown

Average peak-to-trough decline

-7.46%

-2.21%

-5.25%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.49%

2.23%

+1.26%

Volatility

SPXX vs. QQQI - Volatility Comparison

The current volatility for Nuveen S&P 500 Dynamic Overwrite Fund (SPXX) is 3.42%, while NEOS Nasdaq-100 High Income ETF (QQQI) has a volatility of 6.10%. This indicates that SPXX experiences smaller price fluctuations and is considered to be less risky than QQQI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

SPXXQQQIDifference

Volatility (1M)

Calculated over the trailing 1-month period

3.42%

6.10%

-2.68%

Volatility (6M)

Calculated over the trailing 6-month period

9.14%

11.35%

-2.21%

Volatility (1Y)

Calculated over the trailing 1-year period

12.14%

14.10%

-1.96%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

15.81%

17.34%

-1.53%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

18.41%

17.34%

+1.07%

SPXX vs. QQQI - Expense Ratio Comparison

SPXX has a 0.89% expense ratio, which is higher than QQQI's 0.68% expense ratio.

Dividends

SPXX vs. QQQI - Dividend Comparison

SPXX's dividend yield for the trailing twelve months is around 7.42%, less than QQQI's 13.53% yield.

PositionTTM20252024202320222021202020192018201720162015
QQQI
NEOS Nasdaq-100 High Income ETF		13.53%13.82%12.85%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
SPXX
Nuveen S&P 500 Dynamic Overwrite Fund		5.56%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

SPXX and QQQI have a correlation of 0.73, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

QQQI has higher volatility (6.10%) compared to SPXX (3.42%). In terms of maximum drawdown, SPXX dropped -52.39% vs QQQI's -20.00%.

QQQI currently has the higher Sharpe Ratio (1.84 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.

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