TIEIX vs. SPY

Last updated Jun 23, 2026

TIEIX (Nuveen Equity Index Fund Class I) and SPY (State Street SPDR S&P 500 ETF) are both funds - TIEIX is a Large Cap Blend Equities fund tracking the Russell 3000 Index, while SPY is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, TIEIX returned 14.85%/yr vs 15.70%/yr for SPY. With a 0.98 correlation, they move nearly in lockstep. TIEIX charges 0.09%/yr vs 0.09%/yr for SPY.

Performance

TIEIX vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Nuveen Equity Index Fund Class I (TIEIX) and State Street SPDR S&P 500 ETF (SPY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TIEIX achieves a 10.43% return, which is significantly higher than SPY's 9.74% return. Over the past 10 years, TIEIX has underperformed SPY with an annualized return of 14.85%, while SPY has yielded a comparatively higher 15.70% annualized return.

TIEIX

• 1D: 1.13%
• 1M: 0.82%
• YTD: 10.43%
• 6M: 9.68%
• 1Y: 27.05%
• 3Y*: 20.52%
• 5Y*: 12.88%
• 10Y*: 14.85%

SPY

• 1D: -0.31%
• 1M: 0.09%
• YTD: 9.74%
• 6M: 9.27%
• 1Y: 26.65%
• 3Y*: 21.27%
• 5Y*: 13.51%
• 10Y*: 15.70%

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

TIEIX vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TIEIX Nuveen Equity Index Fund Class I	10.43%	17.04%	23.71%	25.92%	-19.18%	25.64%	20.82%	30.89%	-5.27%	19.05%
SPY State Street SPDR S&P 500 ETF	9.74%	17.72%	24.89%	26.18%	-18.18%	28.73%	18.33%	31.22%	-4.57%	21.71%

Correlation

The correlation between TIEIX and SPY is 0.99 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.99
Correlation (3Y) Calculated over the trailing 3-year period	0.99
Correlation (5Y) Calculated over the trailing 5-year period	0.99
Correlation (10Y) Calculated over the trailing 10-year period	0.99
Correlation (All Time) Calculated using the full available price history since Jun 14, 1999	0.98

The correlation between TIEIX and SPY has been stable across timeframes, ranging from 0.98 to 0.99 - a consistent structural relationship.

Return for Risk

TIEIX vs. SPY — Risk / Return Rank

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

TIEIX

TIEIX Risk / Return Rank: 64
TIEIX Sharpe Ratio Rank: 61
TIEIX Sortino Ratio Rank: 56
TIEIX Omega Ratio Rank: 56
TIEIX Calmar Ratio Rank: 69
TIEIX Martin Ratio Rank: 79

SPY

SPY Risk / Return Rank: 68
SPY Sharpe Ratio Rank: 69
SPY Sortino Ratio Rank: 66
SPY Omega Ratio Rank: 68
SPY Calmar Ratio Rank: 63
SPY Martin Ratio Rank: 74

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.

TIEIX vs. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Nuveen Equity Index Fund Class I (TIEIX) 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.

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.

	TIEIX	SPY	Difference
Sharpe ratio: Return per unit of total volatility	2.11	2.16	-0.04
Sortino ratio: Return per unit of downside risk	2.87	2.91	-0.04
Omega ratio: Gain probability vs. loss probability	1.38	1.39	-0.01
Calmar ratio: Return relative to maximum drawdown	3.06	3.01	+0.05
Martin ratio: Return relative to average drawdown	13.64	13.54	+0.11

TIEIX vs. SPY - Sharpe Ratio Comparison

The current TIEIX Sharpe Ratio is 2.11, which is comparable to the SPY Sharpe Ratio of 2.16. The chart below compares the historical Sharpe Ratios of TIEIX and SPY, 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

TIEIX vs. SPY - Drawdown Comparison

The maximum TIEIX drawdown since its inception was -55.55%, roughly equal to the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for TIEIX and SPY.

Drawdown Indicators

	TIEIX	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-55.55%	-55.19%	-0.36%
Max Drawdown (1Y) Largest decline over 1 year	-8.84%	-8.88%	+0.04%
Max Drawdown (3Y) Largest decline over 3 years	-19.29%	-18.76%	-0.53%
Max Drawdown (5Y) Largest decline over 5 years	-25.06%	-24.50%	-0.56%
Max Drawdown (10Y) Largest decline over 10 years	-34.90%	-33.72%	-1.18%
Current Drawdown Current decline from peak	-1.15%	-1.75%	+0.60%
Average Drawdown Average peak-to-trough decline	-10.28%	-9.04%	-1.24%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.97%	1.97%	0.00%

Volatility

TIEIX vs. SPY - Volatility Comparison

Nuveen Equity Index Fund Class I (TIEIX) and State Street SPDR S&P 500 ETF (SPY) have volatilities of 4.84% and 4.64%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TIEIX	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.84%	4.64%	+0.20%
Volatility (6M) Calculated over the trailing 6-month period	10.07%	9.75%	+0.32%
Volatility (1Y) Calculated over the trailing 1-year period	12.78%	12.43%	+0.35%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.41%	17.14%	+0.27%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.44%	17.99%	+0.45%

TIEIX vs. SPY - Expense Ratio Comparison

TIEIX has a 0.09% expense ratio, which is lower than SPY's 0.09% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

TIEIX vs. SPY - Dividend Comparison

TIEIX's dividend yield for the trailing twelve months is around 2.17%, more than SPY's 1.01% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SPY State Street SPDR S&P 500 ETF	1.01%	1.07%	1.21%	1.40%	1.65%	1.20%	1.52%	1.75%	2.04%	1.80%	2.03%	2.06%
TIEIX Nuveen Equity Index Fund Class I	2.17%	2.39%	1.63%	1.47%	1.83%	2.08%	1.43%	1.99%	2.45%	0.52%	2.45%	1.27%

Frequently Asked Questions

Can I hold both TIEIX and SPY in my portfolio?

With a correlation of 0.99, TIEIX and SPY move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, TIEIX or SPY?

TIEIX has higher volatility (4.84%) compared to SPY (4.64%). In terms of maximum drawdown, TIEIX dropped -55.55% vs SPY's -55.19%.

Which has better risk-adjusted returns?

SPY currently has the higher Sharpe Ratio (2.16 vs 2.11), 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.