IVV vs NAC
iShares Core S&P 500 ETF vs Nuveen California Quality Municipal Income Fund
Quick Verdict
IVV has a lower expense ratio. IVV delivered stronger 1-year returns. IVV offers more diversification with 505 holdings.
Side-by-Side Comparison
| Metric | IVV | NAC | Winner |
|---|---|---|---|
| Expense Ratio | 0.03% | 3.79% | |
| AUM | $865.2B | - | |
| Dividend Yield | 1.09% | 7.49% | |
| Holdings | 508 | 346 | |
| YTD Return | +13.43% | +4.43% | |
| 1Y Return | +22.61% | +13.12% | |
| 3Y Return (annualized) | +21.47% | +11.20% | |
| 5Y Return (annualized) | +13.26% | -0.28% | |
| Volatility (annualized) | 15.1% | 13.0% | |
| Max Drawdown | -56.5% | -53.7% | |
| Fund Family | iShares by BlackRock (US) | Nuveen | |
| Category | Equity | Tax Preferred | |
| Inception | May 15, 2000 | May 26, 1999 |
IVV vs NAC Performance
iShares Core S&P 500 ETF (IVV) is a ETF from iShares by BlackRock (US) and Nuveen California Quality Municipal Income Fund (NAC) is a ETF from Nuveen. Over the past year IVV returned +22.61% while NAC returned +13.12%. Year to date, IVV is up 13.43% versus a gain of 4.43% for NAC.
Over three years, IVV compounded at +21.47% per year against +11.20% for NAC; over five years the annualized figures are +13.26% and -0.28% respectively. Across the full 26-year window we track, IVV has the edge at +7.03% annualized vs +0.26%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
IVV has been the more volatile fund, with annualized monthly volatility of 15.1% compared with 13.0% for NAC. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -56.5% for IVV and -53.7% for NAC. Drawdown depth is worth weighing if you expect to sell during market stress rather than ride it out.
The two funds' monthly returns correlate at 0.24. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
IVV charges 0.03% per year while NAC charges 3.79%. On a $10,000 position that is $3 vs $379 annually, a gap of $376 per year that compounds over a long holding period. On income, IVV currently yields 1.09% against 7.49% for NAC.
Holdings Overlap
IVV and NAC share 0 holdings out of 645 unique holdings combined, representing a 0.0% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Frequently Asked Questions
Which is cheaper, IVV or NAC?
IVV has an expense ratio of 0.03% while NAC charges 3.79%. IVV is the cheaper option. On a $10,000 investment, that is $376 per year of difference.
Which performed better, IVV or NAC?
Over the past year IVV returned +22.61% vs +13.12% for NAC, so IVV leads on 1-year performance. Over the longest common window we track (26 years), IVV annualized +7.03% vs +0.26% for NAC. Past performance does not guarantee future results.
Which is riskier, IVV or NAC?
IVV has been the more volatile fund at 15.1% annualized versus 13.0% for NAC. Worst drawdown: IVV -56.5% vs NAC -53.7%.
Should I hold both IVV and NAC?
IVV and NAC have a monthly-return correlation of 0.24, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between IVV and NAC?
IVV and NAC share 0 common holdings with a 0.0% weight overlap. Combined, they hold 645 unique securities.
Which pays a higher dividend, IVV or NAC?
IVV yields 1.09% while NAC yields 7.49%, so NAC currently pays the higher dividend yield.
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