USPRX vs. SPXX

Last updated Jun 4, 2026

USPRX (Victory 500 Index Fund) and SPXX (Nuveen S&P 500 Dynamic Overwrite Fund) are both S&P 500 funds. USPRX is passively managed, while SPXX is actively managed. Over the past 10 years, USPRX returned 15.67%/yr vs 10.21%/yr for SPXX. A 0.71 correlation means they provide meaningful diversification when combined. USPRX charges 0.15%/yr vs 0.89%/yr for SPXX.

Performance

USPRX vs. SPXX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Victory 500 Index Fund (USPRX) 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, USPRX achieves a 11.95% return, which is significantly higher than SPXX's 3.81% return. Over the past 10 years, USPRX has outperformed SPXX with an annualized return of 15.67%, while SPXX has yielded a comparatively lower 10.21% annualized return.

USPRX

• 1D: 0.20%
• 1M: 5.96%
• YTD: 11.95%
• 6M: 11.80%
• 1Y: 28.91%
• 3Y*: 22.97%
• 5Y*: 14.15%
• 10Y*: 15.67%

SPXX

• 1D: -0.54%
• 1M: 4.32%
• YTD: 3.81%
• 6M: 5.93%
• 1Y: 14.74%
• 3Y*: 14.21%
• 5Y*: 7.77%
• 10Y*: 10.21%

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

USPRX vs. SPXX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
USPRX Victory 500 Index Fund	11.95%	17.71%	25.13%	27.12%	-19.30%	27.57%	21.34%	31.29%	-4.54%	21.08%
SPXX Nuveen S&P 500 Dynamic Overwrite Fund	3.81%	9.78%	27.10%	0.85%	-6.92%	29.03%	-0.37%	25.36%	-13.42%	27.92%

Correlation

The correlation between USPRX and SPXX is 0.74, 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	0.74
Correlation (3Y) Calculated over the trailing 3-year period	0.75
Correlation (5Y) Calculated over the trailing 5-year period	0.77
Correlation (10Y) Calculated over the trailing 10-year period	0.70
Correlation (All Time) Calculated using the full available price history since Nov 25, 2005	0.71

The correlation between USPRX and SPXX has been stable across timeframes, ranging from 0.70 to 0.77 - a consistent structural relationship.

Return for Risk

USPRX vs. SPXX — Risk / Return Rank

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

USPRX

USPRX Risk / Return Rank: 72
USPRX Sharpe Ratio Rank: 73
USPRX Sortino Ratio Rank: 66
USPRX Omega Ratio Rank: 66
USPRX Calmar Ratio Rank: 73
USPRX Martin Ratio Rank: 82

SPXX

SPXX Risk / Return Rank: 16
SPXX Sharpe Ratio Rank: 19
SPXX Sortino Ratio Rank: 18
SPXX Omega Ratio Rank: 17
SPXX Calmar Ratio Rank: 13
SPXX Martin Ratio Rank: 15

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.

USPRX vs. SPXX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Victory 500 Index Fund (USPRX) 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.

	USPRX	SPXX	Difference
Sharpe ratio: Return per unit of total volatility	2.49	1.24	+1.26
Sortino ratio: Return per unit of downside risk	3.39	1.79	+1.60
Omega ratio: Gain probability vs. loss probability	1.45	1.21	+0.24
Calmar ratio: Return relative to maximum drawdown	3.34	1.25	+2.09
Martin ratio: Return relative to average drawdown	15.50	4.24	+11.26
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

USPRX vs. SPXX - Sharpe Ratio Comparison

The current USPRX Sharpe Ratio is 2.49, which is higher than the SPXX Sharpe Ratio of 1.24. The chart below compares the historical Sharpe Ratios of USPRX 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.

Sharpe Ratios by Period

	USPRX	SPXX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.49	1.24	+1.26
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.81	0.49	+0.32
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.86	0.56	+0.30
Sharpe Ratio (All Time) Calculated using the full available price history	0.54	0.39	+0.15

Drawdowns

USPRX vs. SPXX - Drawdown Comparison

The maximum USPRX drawdown since its inception was -55.34%, which is greater than SPXX's maximum drawdown of -52.39%. Use the drawdown chart below to compare losses from any high point for USPRX and SPXX.

Drawdown Indicators

	USPRX	SPXX	Difference
Max Drawdown Largest peak-to-trough decline	-55.34%	-52.39%	-2.95%
Max Drawdown (1Y) Largest decline over 1 year	-8.92%	-11.86%	+2.94%
Max Drawdown (3Y) Largest decline over 3 years	-19.62%	-17.65%	-1.97%
Max Drawdown (5Y) Largest decline over 5 years	-26.82%	-18.09%	-8.73%
Max Drawdown (10Y) Largest decline over 10 years	-33.64%	-43.99%	+10.35%
Current Drawdown Current decline from peak	0.00%	-0.54%	+0.54%
Average Drawdown Average peak-to-trough decline	-7.64%	-7.47%	-0.17%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.92%	3.48%	-1.56%

Volatility

USPRX vs. SPXX - Volatility Comparison

Victory 500 Index Fund (USPRX) has a higher volatility of 2.82% compared to Nuveen S&P 500 Dynamic Overwrite Fund (SPXX) at 2.66%. This indicates that USPRX's price experiences larger fluctuations and is considered to be riskier than SPXX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	USPRX	SPXX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.82%	2.66%	+0.16%
Volatility (6M) Calculated over the trailing 6-month period	9.04%	8.92%	+0.12%
Volatility (1Y) Calculated over the trailing 1-year period	11.95%	11.94%	+0.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.49%	15.82%	+1.67%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.36%	18.41%	-0.05%

USPRX vs. SPXX - Expense Ratio Comparison

USPRX has a 0.15% expense ratio, which is lower than SPXX's 0.89% expense ratio.

Dividends

USPRX vs. SPXX - Dividend Comparison

USPRX's dividend yield for the trailing twelve months is around 3.77%, less than SPXX's 7.35% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SPXX Nuveen S&P 500 Dynamic Overwrite Fund	7.35%	7.48%	6.87%	7.82%	7.30%	5.27%	6.56%	6.44%	7.98%	5.69%	5.14%	7.75%
USPRX Victory 500 Index Fund	3.77%	4.21%	3.70%	2.15%	2.90%	5.06%	3.46%	5.06%	3.14%	1.27%	2.43%	1.98%

Frequently Asked Questions

Can I hold both USPRX and SPXX in my portfolio?

USPRX and SPXX have a correlation of 0.74, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, USPRX or SPXX?

USPRX has higher volatility (2.82%) compared to SPXX (2.66%). In terms of maximum drawdown, USPRX dropped -55.34% vs SPXX's -52.39%.

Which has better risk-adjusted returns?

USPRX currently has the higher Sharpe Ratio (2.49 vs 1.24), 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.