USA vs. SPXX

Last updated Jun 13, 2026

USA (Liberty All-Star Equity Fund) is a stock, while SPXX (Nuveen S&P 500 Dynamic Overwrite Fund) is S&P 500 fund actively managed by Nuveen. Over the past 10 years, USA returned 12.13%/yr vs 10.24%/yr for SPXX. A 0.65 correlation means they provide meaningful diversification when combined.

Performance

USA vs. SPXX - Performance Comparison

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

Returns By Period

In the year-to-date period, USA achieves a -3.46% return, which is significantly lower than SPXX's 2.91% return. Over the past 10 years, USA has outperformed SPXX with an annualized return of 12.13%, while SPXX has yielded a comparatively lower 10.24% annualized return.

USA

• 1D: -0.52%
• 1M: 0.17%
• YTD: -3.46%
• 6M: -1.58%
• 1Y: -4.32%
• 3Y*: 7.82%
• 5Y*: 1.42%
• 10Y*: 12.13%

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%

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

USA vs. SPXX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
USA Liberty All-Star Equity Fund	-3.46%	0.09%	20.81%	23.17%	-25.20%	33.76%	12.89%	39.70%	-5.06%	34.66%
SPXX Nuveen S&P 500 Dynamic Overwrite Fund	2.91%	9.78%	27.10%	0.85%	-6.92%	29.03%	-0.37%	25.36%	-13.42%	27.92%

Correlation

The correlation between USA and SPXX is 0.67, 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	0.67
Correlation (3Y) Calculated over the trailing 3-year period	0.65
Correlation (5Y) Calculated over the trailing 5-year period	0.67
Correlation (10Y) Calculated over the trailing 10-year period	0.63
Correlation (All Time) Calculated using the full available price history since Nov 23, 2005	0.65

The correlation between USA and SPXX has been stable across timeframes, ranging from 0.63 to 0.67 - a consistent structural relationship.

Return for Risk

USA vs. SPXX — Risk / Return Rank

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

USA

USA Risk / Return Rank: 27
USA Sharpe Ratio Rank: 27
USA Sortino Ratio Rank: 23
USA Omega Ratio Rank: 24
USA Calmar Ratio Rank: 33
USA Martin Ratio Rank: 29

SPXX

SPXX Risk / Return Rank: 17
SPXX Sharpe Ratio Rank: 18
SPXX Sortino Ratio Rank: 18
SPXX Omega Ratio Rank: 17
SPXX Calmar Ratio Rank: 14
SPXX Martin Ratio Rank: 16

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.

USA vs. SPXX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Liberty All-Star Equity Fund (USA) and Nuveen S&P 500 Dynamic Overwrite Fund (SPXX). 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.

	USA	SPXX	Difference
Sharpe ratio: Return per unit of total volatility	-0.36	0.95	-1.31
Sortino ratio: Return per unit of downside risk	-0.43	1.40	-1.82
Omega ratio: Gain probability vs. loss probability	0.95	1.17	-0.21
Calmar ratio: Return relative to maximum drawdown	-0.32	0.97	-1.29
Martin ratio: Return relative to average drawdown	-0.76	3.30	-4.06

USA vs. SPXX - Sharpe Ratio Comparison

The current USA Sharpe Ratio is -0.36, which is lower than the SPXX Sharpe Ratio of 0.95. The chart below compares the historical Sharpe Ratios of USA and SPXX, 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

USA vs. SPXX - Drawdown Comparison

The maximum USA drawdown since its inception was -69.15%, which is greater than SPXX's maximum drawdown of -52.39%. Use the drawdown chart below to compare losses from any high point for USA and SPXX.

Drawdown Indicators

	USA	SPXX	Difference
Max Drawdown Largest peak-to-trough decline	-69.15%	-52.39%	-16.76%
Max Drawdown (1Y) Largest decline over 1 year	-15.28%	-11.86%	-3.42%
Max Drawdown (3Y) Largest decline over 3 years	-17.69%	-17.65%	-0.04%
Max Drawdown (5Y) Largest decline over 5 years	-34.05%	-18.09%	-15.96%
Max Drawdown (10Y) Largest decline over 10 years	-47.07%	-43.99%	-3.08%
Current Drawdown Current decline from peak	-8.65%	-1.41%	-7.24%
Average Drawdown Average peak-to-trough decline	-11.52%	-7.46%	-4.06%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.43%	3.49%	+2.94%

Volatility

USA vs. SPXX - Volatility Comparison

The current volatility for Liberty All-Star Equity Fund (USA) is 3.16%, while Nuveen S&P 500 Dynamic Overwrite Fund (SPXX) has a volatility of 3.42%. This indicates that USA experiences smaller price fluctuations and is considered to be less risky than SPXX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	USA	SPXX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.16%	3.42%	-0.26%
Volatility (6M) Calculated over the trailing 6-month period	10.42%	9.14%	+1.28%
Volatility (1Y) Calculated over the trailing 1-year period	13.64%	12.14%	+1.50%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.26%	15.81%	+4.45%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.56%	18.41%	+4.15%

Dividends

USA vs. SPXX - Dividend Comparison

USA's dividend yield for the trailing twelve months is around 11.85%, more than SPXX's 7.42% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
USA Liberty All-Star Equity Fund	11.85%	10.67%	10.22%	9.56%	12.11%	9.67%	9.13%	9.75%	12.64%	8.89%	9.30%	9.53%

Frequently Asked Questions

Can I hold both USA and SPXX in my portfolio?

USA and SPXX have a correlation of 0.67, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, USA or SPXX?

SPXX has higher volatility (3.42%) compared to USA (3.16%). In terms of maximum drawdown, USA dropped -69.15% vs SPXX's -52.39%.

Which has better risk-adjusted returns?

SPXX currently has the higher Sharpe Ratio (0.95 vs -0.36), 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.