SPXX vs. SPY
Compare and contrast key facts about Nuveen S&P 500 Dynamic Overwrite Fund (SPXX) and State Street SPDR S&P 500 ETF (SPY).
SPXX is an actively managed fund by Nuveen. It was launched on Nov 23, 2005. SPY is a passively managed fund by State Street that tracks the performance of the S&P 500 Index. It was launched on Jan 22, 1993.
Performance
SPXX vs. SPY - Performance Comparison
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SPXX vs. SPY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SPXX Nuveen S&P 500 Dynamic Overwrite Fund | -7.83% | 9.78% | 27.10% | 0.85% | -6.92% | 29.03% | -0.37% | 25.36% | -13.42% | 27.92% |
SPY State Street SPDR S&P 500 ETF | -3.65% | 17.72% | 24.89% | 26.18% | -18.18% | 28.73% | 18.33% | 31.22% | -4.57% | 21.71% |
Returns By Period
In the year-to-date period, SPXX achieves a -7.83% return, which is significantly lower than SPY's -3.65% return. Over the past 10 years, SPXX has underperformed SPY with an annualized return of 9.25%, while SPY has yielded a comparatively higher 14.06% annualized return.
SPXX
- 1D
- 1.43%
- 1M
- -6.59%
- YTD
- -7.83%
- 6M
- -3.93%
- 1Y
- 3.85%
- 3Y*
- 9.58%
- 5Y*
- 7.13%
- 10Y*
- 9.25%
SPY
- 1D
- 0.75%
- 1M
- -4.28%
- YTD
- -3.65%
- 6M
- -1.42%
- 1Y
- 18.14%
- 3Y*
- 18.48%
- 5Y*
- 11.86%
- 10Y*
- 14.06%
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SPXX vs. SPY - Expense Ratio Comparison
SPXX has a 0.89% expense ratio, which is higher than SPY's 0.09% expense ratio.
Return for Risk
SPXX vs. SPY — Risk / Return Rank
SPXX
SPY
SPXX vs. SPY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Nuveen S&P 500 Dynamic Overwrite Fund (SPXX) 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.
| SPXX | SPY | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.22 | 0.96 | -0.74 |
Sortino ratioReturn per unit of downside risk | 0.44 | 1.49 | -1.05 |
Omega ratioGain probability vs. loss probability | 1.06 | 1.23 | -0.17 |
Calmar ratioReturn relative to maximum drawdown | 0.32 | 1.53 | -1.21 |
Martin ratioReturn relative to average drawdown | 1.11 | 7.27 | -6.16 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| SPXX | SPY | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.22 | 0.96 | -0.74 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.45 | 0.70 | -0.24 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.50 | 0.79 | -0.28 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.36 | 0.56 | -0.20 |
Correlation
The correlation between SPXX and SPY is 0.71, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.
Dividends
SPXX vs. SPY - Dividend Comparison
SPXX's dividend yield for the trailing twelve months is around 8.28%, more than SPY's 1.13% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SPXX Nuveen S&P 500 Dynamic Overwrite Fund | 8.28% | 7.48% | 6.87% | 7.82% | 7.30% | 5.27% | 6.56% | 6.44% | 7.98% | 5.69% | 5.14% | 7.75% |
SPY State Street SPDR S&P 500 ETF | 1.13% | 1.07% | 1.21% | 1.40% | 1.65% | 1.20% | 1.52% | 1.75% | 2.04% | 1.80% | 2.03% | 2.06% |
Drawdowns
SPXX vs. SPY - Drawdown Comparison
The maximum SPXX drawdown since its inception was -52.39%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for SPXX and SPY.
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Drawdown Indicators
| SPXX | SPY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -52.39% | -55.19% | +2.80% |
Max Drawdown (1Y)Largest decline over 1 year | -13.00% | -12.05% | -0.95% |
Max Drawdown (5Y)Largest decline over 5 years | -18.09% | -24.50% | +6.41% |
Max Drawdown (10Y)Largest decline over 10 years | -43.99% | -33.72% | -10.27% |
Current DrawdownCurrent decline from peak | -9.24% | -5.53% | -3.71% |
Average DrawdownAverage peak-to-trough decline | -7.51% | -9.09% | +1.58% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.75% | 2.54% | +1.21% |
Volatility
SPXX vs. SPY - Volatility Comparison
The current volatility for Nuveen S&P 500 Dynamic Overwrite Fund (SPXX) is 4.96%, while State Street SPDR S&P 500 ETF (SPY) has a volatility of 5.35%. This indicates that SPXX experiences smaller price fluctuations and is considered to be less risky than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SPXX | SPY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.96% | 5.35% | -0.39% |
Volatility (6M)Calculated over the trailing 6-month period | 9.29% | 9.50% | -0.21% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.96% | 19.06% | -1.10% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.80% | 17.06% | -1.26% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.39% | 17.92% | +0.47% |