IVV vs NAZ
iShares Core S&P 500 ETF vs Nuveen Arizona 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 | NAZ | Winner |
|---|---|---|---|
| Expense Ratio | 0.03% | 3.72% | |
| AUM | $865.2B | - | |
| Dividend Yield | 1.09% | 6.80% | |
| Holdings | 508 | 219 | |
| YTD Return | +14.50% | +8.29% | |
| 1Y Return | +22.02% | +11.95% | |
| 3Y Return (annualized) | +21.80% | +12.39% | |
| 5Y Return (annualized) | +13.37% | +0.12% | |
| Volatility (annualized) | 15.1% | 12.3% | |
| Max Drawdown | -56.5% | -49.5% | |
| Fund Family | iShares by BlackRock (US) | Nuveen | |
| Category | Equity | Tax Preferred | |
| Inception | May 15, 2000 | Nov 19, 1992 |
IVV vs NAZ Performance
iShares Core S&P 500 ETF (IVV) is a ETF from iShares by BlackRock (US) and Nuveen Arizona Quality Municipal Income Fund (NAZ) is a ETF from Nuveen. Over the past year IVV returned +22.02% while NAZ returned +11.95%. Year to date, IVV is up 14.50% versus a gain of 8.29% for NAZ.
Over three years, IVV compounded at +21.80% per year against +12.39% for NAZ; over five years the annualized figures are +13.37% and +0.12% respectively. Across the full 26-year window we track, IVV has the edge at +7.07% annualized vs +0.65%. 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 12.3% for NAZ. 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 -49.5% for NAZ. 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 0.22. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
IVV charges 0.03% per year while NAZ charges 3.72%. On a $10,000 position that is $3 vs $372 annually, a gap of $369 per year that compounds over a long holding period. On income, IVV currently yields 1.09% against 6.80% for NAZ.
Holdings Overlap
IVV and NAZ share 0 holdings out of 544 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 NAZ?
IVV has an expense ratio of 0.03% while NAZ charges 3.72%. IVV is the cheaper option. On a $10,000 investment, that is $369 per year of difference.
Which performed better, IVV or NAZ?
Over the past year IVV returned +22.02% vs +11.95% for NAZ, so IVV leads on 1-year performance. Over the longest common window we track (26 years), IVV annualized +7.07% vs +0.65% for NAZ. Past performance does not guarantee future results.
Which is riskier, IVV or NAZ?
IVV has been the more volatile fund at 15.1% annualized versus 12.3% for NAZ. Worst drawdown: IVV -56.5% vs NAZ -49.5%.
Should I hold both IVV and NAZ?
IVV and NAZ have a monthly-return correlation of 0.22, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between IVV and NAZ?
IVV and NAZ share 0 common holdings with a 0.0% weight overlap. Combined, they hold 544 unique securities.
Which pays a higher dividend, IVV or NAZ?
IVV yields 1.09% while NAZ yields 6.80%, so NAZ currently pays the higher dividend yield.
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