IVV vs NKX
iShares Core S&P 500 ETF vs Nuveen California AMT-Free Quality Municipal Income Fund
Quick Verdict
IVV has a lower expense ratio. IVV delivered stronger 1-year returns. IVV offers more diversification with 508 holdings.
Side-by-Side Comparison
| Metric | IVV | NKX | Winner |
|---|---|---|---|
| Expense Ratio | 0.03% | 4.02% | |
| AUM | $907.0B | - | |
| Dividend Yield | 1.10% | 7.71% | |
| Holdings | 508 | 214 | |
| YTD Return | +12.71% | +2.14% | |
| 1Y Return | +21.89% | +11.04% | |
| 3Y Return (annualized) | +22.08% | +10.60% | |
| 5Y Return (annualized) | +12.96% | -0.38% | |
| Volatility (annualized) | 15.1% | 13.5% | |
| Max Drawdown | -56.5% | -49.0% | |
| Fund Family | iShares by BlackRock (US) | Nuveen | |
| Category | Equity | Tax Preferred | |
| Inception | May 15, 2000 | Nov 22, 2002 |
IVV vs NKX Performance
iShares Core S&P 500 ETF (IVV) is a ETF from iShares by BlackRock (US) and Nuveen California AMT-Free Quality Municipal Income Fund (NKX) is a ETF from Nuveen. Over the past year IVV returned +21.89% while NKX returned +11.04%. Year to date, IVV is up 12.71% versus a gain of 2.14% for NKX.
Over three years, IVV compounded at +22.08% per year against +10.60% for NKX; over five years the annualized figures are +12.96% and -0.38% respectively. Across the full 24-year window we track, IVV has the edge at +7.00% annualized vs +0.43%. 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 13.5% for NKX. 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 -49.0% for NKX. 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 0.28. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
IVV charges 0.03% per year while NKX charges 4.02%. On a $10,000 position that is $3 vs $402 annually, a gap of $399 per year that compounds over a long holding period. On income, IVV currently yields 1.10% against 7.71% for NKX.
Holdings Overlap
IVV and NKX share 0 holdings out of 606 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 NKX?
IVV has an expense ratio of 0.03% while NKX charges 4.02%. IVV is the cheaper option. On a $10,000 investment, that is $399 per year of difference.
Which performed better, IVV or NKX?
Over the past year IVV returned +21.89% vs +11.04% for NKX, so IVV leads on 1-year performance. Over the longest common window we track (24 years), IVV annualized +7.00% vs +0.43% for NKX. Past performance does not guarantee future results.
Which is riskier, IVV or NKX?
IVV has been the more volatile fund at 15.1% annualized versus 13.5% for NKX. Worst drawdown: IVV -56.5% vs NKX -49.0%.
Should I hold both IVV and NKX?
IVV and NKX have a monthly-return correlation of 0.28, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between IVV and NKX?
IVV and NKX share 0 common holdings with a 0.0% weight overlap. Combined, they hold 606 unique securities.
Which pays a higher dividend, IVV or NKX?
IVV yields 1.10% while NKX yields 7.71%, so NKX currently pays the higher dividend yield.
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