UTG vs. QQQX

Last updated Jul 21, 2026

UTG (Reaves Utility Income Trust) is a stock, while QQQX (Nuveen Nasdaq 100 Dynamic Overwrite Fund) is Derivative Income fund actively managed by Nuveen. Over the past 10 years, UTG returned 9.54%/yr vs 12.86%/yr for QQQX. At a 0.40 correlation, their price movements are largely independent.

Performance

UTG vs. QQQX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Reaves Utility Income Trust (UTG) and Nuveen Nasdaq 100 Dynamic Overwrite Fund (QQQX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, UTG achieves a 11.50% return, which is significantly higher than QQQX's 8.69% return. Over the past 10 years, UTG has underperformed QQQX with an annualized return of 9.54%, while QQQX has yielded a comparatively higher 12.86% annualized return.

UTG

• 1D: -0.18%
• 1M: -5.42%
• 6M: 7.65%
• YTD: 11.50%
• 1Y: 14.08%
• 3Y*: 20.38%
• 5Y*: 9.97%
• 10Y*: 9.54%
• ALL TIME*: 10.92%

QQQX

• 1D: -0.05%
• 1M: -1.35%
• 6M: 9.69%
• YTD: 8.69%
• 1Y: 22.25%
• 3Y*: 15.25%
• 5Y*: 8.37%
• 10Y*: 12.86%
• ALL TIME*: 10.91%

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

UTG vs. QQQX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
UTG Reaves Utility Income Trust	11.50%	23.24%	28.10%	2.84%	-13.38%	14.26%	-5.25%	33.65%	1.84%	6.74%
QQQX Nuveen Nasdaq 100 Dynamic Overwrite Fund	8.69%	14.87%	25.61%	21.68%	-27.39%	25.32%	15.75%	28.83%	-11.68%	39.19%

Correlation

The correlation between UTG and QQQX is 0.41, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.41
Correlation (3Y) Calculated over the trailing 3-year period	0.36
Correlation (5Y) Calculated over the trailing 5-year period	0.41
Correlation (10Y) Calculated over the trailing 10-year period	0.39
Correlation (All Time) Calculated using the full available price history since Feb 1, 2007	0.40

Fundamentals

Market Cap UTG : $3.62B QQQX : $1.39B
EPS UTG : $22.08 QQQX : $7.57
PE Ratio UTG : 1.79 QQQX : 3.75
PEG Ratio UTG : 0.01 QQQX : 0.43
PS Ratio UTG : 6.77 QQQX : 8.63
PB Ratio UTG : 0.90 QQQX : 1.01
Total Revenue (TTM) UTG : $532.00M QQQX : $160.60M
Gross Profit (TTM) UTG : $478.68M QQQX : $152.14M
EBITDA (TTM) UTG : $2.08B QQQX : $369.75M

Return for Risk

UTG vs. QQQX — Risk / Return Rank

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

UTG

UTG Risk / Return Rank: 67
UTG Sharpe Ratio Rank: 71
UTG Sortino Ratio Rank: 63
UTG Omega Ratio Rank: 62
UTG Calmar Ratio Rank: 70
UTG Martin Ratio Rank: 69

QQQX

QQQX Risk / Return Rank: 47
QQQX Sharpe Ratio Rank: 37
QQQX Sortino Ratio Rank: 39
QQQX Omega Ratio Rank: 38
QQQX Calmar Ratio Rank: 62
QQQX Martin Ratio Rank: 59

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.

UTG vs. QQQX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Reaves Utility Income Trust (UTG) and Nuveen Nasdaq 100 Dynamic Overwrite Fund (QQQX). 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.

	UTG	QQQX	Difference
Sharpe ratio: Return per unit of total volatility	0.80	1.40	-0.60
Sortino ratio: Return per unit of downside risk	1.14	2.04	-0.90
Omega ratio: Gain probability vs. loss probability	1.14	1.26	-0.11
Calmar ratio: Return relative to maximum drawdown	1.22	2.45	-1.23
Martin ratio: Return relative to average drawdown	2.51	9.31	-6.80

UTG vs. QQQX - Sharpe Ratio Comparison

The current UTG Sharpe Ratio is 0.80, which is lower than the QQQX Sharpe Ratio of 1.40. The chart below compares the historical Sharpe Ratios of UTG and QQQX, 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

UTG vs. QQQX - Drawdown Comparison

The maximum UTG drawdown since its inception was -67.77%, which is greater than QQQX's maximum drawdown of -57.25%. Use the drawdown chart below to compare losses from any high point for UTG and QQQX.

Drawdown Indicators

	UTG	QQQX	Difference
Max Drawdown Largest peak-to-trough decline	-67.77%	-57.25%	-10.52%
Max Drawdown (1Y) Largest decline over 1 year	-11.59%	-9.11%	-2.48%
Max Drawdown (3Y) Largest decline over 3 years	-15.03%	-22.80%	+7.77%
Max Drawdown (5Y) Largest decline over 5 years	-26.54%	-29.33%	+2.79%
Max Drawdown (10Y) Largest decline over 10 years	-47.91%	-35.96%	-11.95%
Current Drawdown Current decline from peak	-7.93%	-4.51%	-3.42%
Average Drawdown Average peak-to-trough decline	-8.72%	-7.99%	-0.73%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.62%	2.39%	+3.23%

Volatility

UTG vs. QQQX - Volatility Comparison

The current volatility for Reaves Utility Income Trust (UTG) is 5.57%, while Nuveen Nasdaq 100 Dynamic Overwrite Fund (QQQX) has a volatility of 6.34%. This indicates that UTG experiences smaller price fluctuations and is considered to be less risky than QQQX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UTG	QQQX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.57%	6.34%	-0.77%
Volatility (6M) Calculated over the trailing 6-month period	13.70%	13.52%	+0.18%
Volatility (1Y) Calculated over the trailing 1-year period	17.65%	15.97%	+1.68%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.07%	20.07%	-3.00%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.67%	21.15%	+0.52%

Dividends

UTG vs. QQQX - Dividend Comparison

UTG's dividend yield for the trailing twelve months is around 6.08%, less than QQQX's 8.36% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
QQQX Nuveen Nasdaq 100 Dynamic Overwrite Fund	8.36%	7.85%	6.73%	7.26%	9.66%	5.85%	6.00%	6.49%	8.40%	5.95%	7.54%	7.23%
UTG Reaves Utility Income Trust	6.08%	6.42%	7.19%	8.53%	8.07%	6.35%	6.59%	5.69%	6.86%	6.21%	9.02%	6.86%

Frequently Asked Questions

Can I hold both UTG and QQQX in my portfolio?

UTG and QQQX have a correlation of 0.41, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, UTG or QQQX?

QQQX has higher volatility (6.34%) compared to UTG (5.57%). In terms of maximum drawdown, UTG dropped -67.77% vs QQQX's -57.25%.

Which has better risk-adjusted returns?

QQQX currently has the higher Sharpe Ratio (1.40 vs 0.80), 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.